Charleston Area Real Estate Market Update - February 2017
The real estate market here is sizzling hot - January 2017 was the busiest January we’ve ever experienced, and 2016 was the 2nd busiest year ever, second only to 2005 by just a few hundred home sales. We sold over 17,000 houses and that was up over 10% over 2015. The graph shows a 3-month average for closed sales since 2004.
The median sales price was at an all time high of $245,000, but this was only a modest 4.3% gain over 2015.
Many factors are pointing to 2017 being even a better year: We continue to receive good news from every angle. Volvo is going to open their new plant here this year in Ridgeville (Goose Creek/Summerville area). You can still buy a home on that side of town for $100/sq.ft.
Mt Pleasant and Daniel Island continue to be the most desirable options for those with higher budgets, where the average home costs around $200/sq.ft. Charleston's new mayor, John Tecklenburg, seems intent on reviving West Ashley, which offers a great central location to live in and where you can still buy a home for under $150/sq.ft.
New construction is booming on Johns Island (as well as in many other areas), so Johns Island is now on everyone’s radar.
Here's a snapshot of the Charleston Trident Association of Realtors Quick Facts about our real estate market (click image to enlarge). If you wish to receive a PDF copy of the full report, please sign up here.