To summarize the Columbia market in October in one line: rents have slightly decreased, while the burden of buying a home has increased due to interest rates.

The key point this month is that while renters and buyers are experiencing opposite trends, they are both feeling the impact. Let's break it down with some numbers.

First, regarding rent. According to the November report released by Apartment List at the end of October, the median rent for the entire city of Columbia is $1,230.

This figure represents a 1.0% decrease over the month of October. Compared to a year ago, it is still 0.5% higher.

During the same period, the entire state of South Carolina saw a 1.0% increase, while the national average rose by 0.1%. Columbia's rent has increased less than the state average but slightly more than the national average, placing it right in the middle.

It is not unusual for rents to dip in the fall in this area. This typically happens after the demand for moving before the school year ends, leading into the off-season.

Therefore, it is premature to interpret this decline as a trend reversal. However, the fact that the annual increase is only 0.5% can be seen as a sign that the rental market has stabilized considerably.

For renters, this is a favorable time. If you are approaching a lease renewal, it might be worth negotiating rather than simply accepting the increase.

On the other hand, for those who own investment properties and rely on rental income, this could be a burden. Even a slight increase in vacancy can quickly erase the gains from the past year.

Now, let's discuss sales. In fact, the most significant movement in October was not in home prices but in mortgage rates.

According to Freddie Mac's weekly survey, the 30-year fixed mortgage rate surpassed 7% for the first time since January 2025 at the end of September. The announcement on October 1 showed it had risen to 7.28%.

On October 8 and 15, it remained steady at 7.40% for two consecutive weeks. It slightly decreased to 7.32% in the announcement on the 22nd.

A year ago, at the same time, the rate was 6.19%. This means it has increased by over 1 percentage point in just one year, which honestly surprised me when I first saw the number.

To illustrate, let's do a simple calculation. Assuming a $285,000 home with a 10% down payment and a 30-year fixed mortgage.

At a rate of 6.19%, the principal and interest would be about $1,569 per month. At 7.32%, it rises to $1,762, which is an additional $193 each month.

This does not include property taxes and homeowners insurance, so the actual burden is likely to be even higher.

So, what about home prices? Unfortunately, the sales statistics for Columbia for the month of October have not yet been released at the time of this posting.

According to the latest available data, Zillow estimates the typical home value in Columbia at $230,191 as of the end of August, which is a 1.2% increase from a year ago.

Redfin's mid-year metro data shows a similar trend. From January to June, the average monthly median sales price was $285,002, up 1.5% from the previous year.

In the same data, the number of listings increased by 9.3% to 4,617, and the inventory was at 3.5 months. The median days on the market also increased to 51.7 days, which is 7.1 days longer than a year ago.

The difference in figures between the two companies is due to one measuring city boundaries and the other measuring metro areas, as well as differences in methodology. Rather than which is correct, it is important to note that they are showing the same direction.

In summary, home prices are neither dropping significantly nor rising sharply, maintaining a slight upward trend. However, with more listings and longer selling times, there is room for negotiation.

Thus, in Columbia right now, both buying and renting have clear pros and cons. Buyers have gained negotiating power, but rising interest rates are significantly eroding that advantage.

Renters may find stability in rents for now, but the opportunity to build assets is being pushed further back. This is why it is difficult to definitively say which option is better.

If you are considering moving from another state, spending the first year renting to get a feel for the neighborhood and school districts can be a good approach. There is also the option to refinance when rates drop, but no one can guarantee when that will happen.

Personally, I would choose to take my time selecting properties that could yield seller concessions like closing cost assistance or rate buy-downs, rather than rushing into a purchase.

In November, the October transaction statistics will be released. As contracts during the period when rates exceeded 7% are reflected, the next point of interest will be how much the transaction volume has decreased.

The figures in this article are based on the Apartment List November report, Freddie Mac's October 22 announcement, Zillow's August data, and Redfin's mid-year data. Since calculations can vary greatly depending on personal circumstances, it is advisable to consult with a loan officer for confirmation.