Charleston's Real Estate Boom: Is It Sustainable?
CHARLESTON REAL ESTATE MARKET:
Is The Recent Boom Sustainable?
The Charleston, SC real estate market here is setting records for buying activity this time of year: We are experiencing record highs for the number of properties going under contract each week, and we may set an all-time record for the whole year.
Year-to-date, median sales price in the Charleston Metro Area went up to $222,000 (an all-time high for the Charleston area and up by 6.5% over 2013). And number of transactions increased to more than 10,000 (up by 6.2% over 2013) in just the first 3 quarters.
Mount Pleasant continues to be the most popular area for buyers with median sales price in the $350,000 range. Inventory is low in Mt. Pleasant and multiple offer situations are becoming more and more common.
The Park Circle area in North Charleston is also quite popular, due to it’s proximity to Boeing and its more reasonable price points.
Some people worry that these price and activity gains are not sustainable. However, these numbers are quite reasonable, as we continue to be below the trend line for the area (going back to 1991), so in our opinion, assuming the market returns to its long-term trend, there should be plenty of room for additional appreciation.
Want to do a quick check on YOUR home value: Visit CharlestonSCRealEstateValues.com
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