Some argue that the STR Cap has hurt real estate values on Folly Beach, but by examining the underlying data, a clearer picture emerges. The Folly Beach real estate market, like much of the country, experienced an extraordinary surge during the pandemic. Ultra-low interest rates, surging demand for coastal living, and limited inventory created a temporary bubble where homes sold at record speed and prices spiked.
We must consider the Folly Beach market within a broader context, not just in short-term fluctuations. The pandemic years were an exception, not the rule, and they should not be the benchmark for evaluating Folly real estate.
Folly’s lasting value comes not just from property prices, but from its unique character, a character shaped by the community of people who call Folly home. As your Mayor, I will continue my work to maintain the integrity of the STR Cap and ensure that our resident community continues to thrive.
Now is the time to move forward as a community and address other challenges and opportunities that will keep Folly resilient and livable in the years to come: protecting our beaches, managing flooding, and strengthening infrastructure.
The data below shows that Folly Beach can maintain the balance between short-term rentals and its year-round resident community, ensuring both remain strong.
Key Takeaways
- Pandemic Spike vs. Long-Term Stability: The rapid appreciation and lightning-fast sales of 2020–21 were outliers, not the norm. The current market reflects a healthy correction back toward historical patterns.
- Sustained Value: Both single-family and condo prices remain well above their pre-2020 averages, signaling long-term strength.
- Balanced Market: Days on Market numbers are returning to historical averages.
Longer DOM (Days on Market) and more negotiation room do not mean weakness; they indicate a more sustainable, balanced market where buyers and sellers meet on fairer terms.
Folly Beach Real Estate Market Profile (2017–2025)
Single-Family Homes
Prices:
After years of steady growth, single-family homes surged to a peak median price of $1.37M in 2021, nearly double pre-2020 levels. By 2025, prices eased back to $1.3M, still well above the historical averages of the last decade, underscoring the long-term value of Folly Real Estate.
Since 2019:
Median prices are up nearly 97.7%, while average prices more than doubled with a 107.8% gain.
Days on Market (DOM):
Homes once sold in just 24 days during 2021’s boom, but in 2025 DOM rose to 88 days, closer to historic norms. This signals a return to a more normal market pace rather than a decline in demand.
Homes are taking longer to sell than in recent summers, and the gap between attractive listings that sell and others that linger is growing. Listings that sold in July did so in 24 days, six days slower than last year but just one day longer than the pre-pandemic average for July. However, the median lifespan of all listings on Zillow is 60 days, four more than the pre-pandemic average. The gap between those two figures is the largest for any July in Zillow data, which began being collected in 2018.
zillow.com July 2025 Market Report
% of Asking Price Received:
Sellers enjoyed near-perfect leverage in 2020–21, with homes selling for 97–98% of the asking price.
In 2025, that number settled around 90%, aligning more with pre-pandemic norms where negotiation was part of the process.
Condos & Multi-Family
Prices:
Condos show steadier appreciation, rising from $442K in 2017 to $620K in 2023, before settling at $615K in 2025. Even with recent fluctuations, condo values remain well above their historic averages, showing consistent resilience.
Since 2019:
Median prices increased by 50.0%, with average prices climbing 47.4%.
Days on Market (DOM):
The condo market mirrored single-family trends, reaching a low of 19 days in 2021, then normalizing to 82 days in 2025, again more in line with long-term averages.
% of Asking Price Received:
Peaked at nearly 100% during 2021–22, when buyers had little room to negotiate.
In 2025, sales averaged 93% of the asking price, signaling a return to balance between buyer and seller expectations.
The STR Cap is in place, protecting our resident community, and the data shows Folly Beach’s real estate remains both strong. As mayor, I will continue to make protecting the Cap a top priority, while moving Folly forward by focusing on resilience, livability, and preserving our unique character.
Source Data: CTAR Market Reports
12/17 | 12/18 | 12/19 | 12/20 | 12/21 | 12/22 | 12/23 | 12/24 / 7/25
