Charleston Real Estate Market Update - March 2016 Edition
All the great events, restaurants and accolades have put Charleston on the national and international radar, so many people and businesses are moving here. Our real estate market continues to outperform many others and it is on a sustainable growth path, as demand is being generated by employment creation and baby boomers retiring, not by speculation.
Last year was our 3rd busiest year ever, and our median sales price was the highest ever. We sold over 15,000 homes with a median sales price of $235,000. So far in 2016, each week has been slightly better than the same week from last year. So, this year looks like it may end up being a record-setting year for Charleston real estate.
About 40% of all properties currently under contract are new construction. Much of this new construction activity is taking place in the Summerville/Goose Creek area, where prices are more affordable and a buyer can find new homes for an average of $95/sq.ft. This areas will become even more popular with the building of the new Volvo plant in Ridgeville, which will employ about 4,000 people.
There are a number of new construction projects in Mt. Pleasant, one of the area's more affluent and sought after areas. It is increasingly difficult to find a single family, detached home in Mt Pleasant for under $300,000.
Daniel Island and North Charleston, on opposite ends of the price scale, are extremely popular because of their proximity to Boeing and Joint Base Charleston.
Johns Island also is seeing a major boom of new construction and is only 20 minutes to Downtown Charleston. West Ashley continues to be highly demanded due to its central location and affordability.
As of last week, the "hottest" MLS Areas in Charleston (defined by absorption, or Months of Inventory) were: Hanahan, West Ashley Outside I-526,Downtown Charleston Peninsula outside the Crosstown and James Island. Buyers of well-priced homes in these areas can expect tough competition and multiple offers. Click on the chart to magnify.
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