Charleston Real Estate Market Update - April 2016 Edition
Our real estate market is booming. Activity is extremely high and inventory is low.
Prices are going up, but at a very reasonable pace. Buying activity in January and February was up by 10% over 2015 and prices were up 6.6% year-over-year. Median sales price is above $232,000.
It will be interesting to see if buying activity can exceed the 2005-2006 records.
2015 was the 3rd busiest year ever for us. And 2016 will likely top 2015 (so far 3,500 homes have changed hands in the first three months of the year), but we don’t know if we’ll break the record numbers set in 2005-6.
We would describe the Charleston real estate market as a "healthy" market. Overall, we feel that the pace of home price appreciation is more sustainable, since it is being driven by job creation and retirement relocations, and not so much by speculation as was the case in the last boom.
Charleston is often ranked as the #1 or #2 best city by Conde Nast Travel Magazine, and we also get rated very high by other publications. US News and World Report just ranked us 19th Best Place to Live in the country. Charleston’s suburbs are expanding westward with more growth in Summerville. When the new Volvo plant is up and running in Ridgeville, there will be higher demand for Summerville and Goose Creek. Nexton, Carnes and Cane Bay are well positioned to benefit from increased demand and appreciation.
We need your help! Currently we have lots of buyers and not much to show them! If you are considering selling your home in the next few months to take advantage of these favorable "seller's market" conditions, please call/text 843-900-0155 to schedule a free "how to maximize your sales price" consultation.
Disclaimer: The statistics and analysis are provided herein are meant for high-level guidance only and do not constitute investment advice on a particular real estate investment. Interested buyers, sellers and investors are advised to consult with real estate professionals, tax advisors investment advisors and legal counsel before they decide to invest in a particular property.
Please contact us if you have any questions or comments.