Charleston Real Estate Market Update - May 2016 Edition
Our real estate market here is the busiest it’s ever been, busier than 2005-6. Through March we are up 7.3% in transactions over the same period from 2015. And median sales price is up to $235k, which is up about 5% over the same period from 2015. (Click the graphs to view larger images)
Prices are up, so short sales and foreclosures are almost non-existent and we are deeply in a "sellers' market" in most MLS areas.
New construction is abundant in many areas. Buyers can still find new homes in the area with upgrades like granite counters and hardwood floors for under $110 per square foot.
Mortgage rates are still very low. The 15-year mortgage is quoting now close to 3%.