Duke Energy Carolinas
Duke Energy Carolinas, a subsidiary of Duke Energy Corporation, is a leading electric power holding company serving customers in North Carolina and South Carolina. Established through the consolidation of several regional utilities, its roots trace back to the early 20th century, with its modern form developing through mergers and acquisitions over the decades. The company was formally named Duke Energy Carolinas in 2011 following the reorganization of Duke Energy’s Carolina operations. It provides reliable electricity to over 2.4 million customers, emphasizing sustainable energy initiatives and modernization of the electric grid. With a rich history of innovation and community service, Duke Energy Carolinas is committed to delivering clean, affordable energy while supporting economic growth and environmental stewardship across its service area.
News Summary
The South Carolina housing market is seeing notable price adjustments, with 21% of homes listed for sale in April experiencing price reductions. This trend, particularly prominent in Horry County and Myrtle Beach area, highlights a disconnect between seller expectations and market realities. Rising inventory and mortgage rates are influencing these changes. Additionally, South Carolina is witnessing a decline in gas prices and a reduction in electric rates from Duke Energy Carolinas, which will lower monthly bills significantly. Overall, the market is adjusting as buyers find more options and sellers are urged to reconsider pricing strategies.
Columbia, South Carolina – The South Carolina housing market is experiencing significant price adjustments, with data indicating that nearly 21% of homes for sale in April 2025 underwent price cuts. This trend positions South Carolina as the seventh highest state in the U.S. for the percentage of homes discounted. Horry County and the Myrtle Beach metro area both reported a price-reduced share of 21.4% during the same period.
Danielle Hale, Chief Economist at Realtor.com, attributes this growing need for price reductions to many sellers not aligning their asking prices with current market realities. This situation has been more pronounced in the South and West regions of the United States, where rising inventory and increased mortgage rates are creating a tougher landscape for sellers.
As of April 2025, South Carolina’s average gas prices have also experienced a decline, decreasing by 11.2 cents to $2.72 per gallon, marking the lowest average seen so far this year. Compared to the previous month, gas prices are down by 3.4 cents and have dropped 19 cents since last year. The variation in gas prices continues, with the lowest available at $2.41 per gallon and the highest reaching $3.39.
National trends mirror South Carolina’s situation, where the average gas price saw a slight decline of 3.5 cents to $3.04, reflecting a 1.4-cent drop compared to the previous month and a 10.3-cent decrease over the last year.
In addition to overall price cuts in the housing market, there is also significant news regarding utility costs. Duke Energy Carolinas has announced a 12.7% reduction in electric rates for residential customers, set to commence on November 1. This reduction, part of an annual fuel cost adjustment, will lower average monthly bills by approximately $19.52, bringing the typical charge down from $154.29 to $134.77, fueled by a decrease in natural gas prices.
Looking ahead, Zillow forecasts a 1.9% decline in U.S. home values over the upcoming year, a revision from their earlier expectation of a 0.6% increase. In South Carolina, despite a year-over-year increase of 1.5% in home values, projections indicate a potential decrease in values in 12 out of 15 metropolitan areas studied. Specifically, Bennettsville is projected to see the largest drop, with values falling by 10% by March 30, 2026. Conversely, Hilton Head is expected to experience the smallest increase at just 1.0%.
Market assessments indicate that cities such as Charleston, Greenville, Columbia, Myrtle Beach, and Florence are also likely to witness home value decreases, with Charleston anticipating a modest decline of 0.3%. The outlook for South Carolina home sales shows a slight decrease in activity, with 19,237 sales recorded in Q1 2025, marking a decrease of 0.2% from the same period last year.
This combination of increased market supply, rising mortgage rates, and a shift toward realistic pricing is altering the dynamics for buyers across the state. Consumers are finding more options and ample time for consideration, compelling sellers to adjust their prices to attract potential buyers. As the market adjusts, both sellers and buyers are navigating a new reality where pricing strategies must align closely with current market conditions.
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Additional Resources
- Myrtle Beach Online
- Live 5 News
- The State
- Greenville Online
- WRDW
- Wikipedia: South Carolina
- Google Search: South Carolina housing market
- Google Scholar: South Carolina real estate
- Encyclopedia Britannica: South Carolina
- Google News: South Carolina economic news
