Charleston Real Estate Market Update: Still Booming!
The Charleston real estate market is one of the best in the country right now. Buying activity is at record levels (see closed sales graph below).
Transactions are up year to date 19.4% over the same time period in 2014. We will probably see North of 14,000 home sold this year, the biggest number we've seen since 2007. This is not surprising, given all the good publicity and the repeated accolades that Charleston has received, the job growth in the area and the attractiveness of our charming, coastal, restaurant-rich city.
- Boeing is getting bigger and bigger.
- Bennett Hospitality has announced a $101M hotel project for Marion Square that could add 350 jobs.
- Alaska Airlines is starting to offer non-stop flights between Charleston and Seattle.
- Volvo has announced that they are building their first North American manufacturing plant in Berkeley County, which will employ 4,000 people.
We are so lucky to live here. Our median home price is at an all-time record of $225,000. But then again, prices per square foot have not fully recovered from the downturn. According to our regression analysis (see our blog post from May 29th, 2015), our current prices are still below the trend line, so we are still undervalued and have lots of room for more appreciation.
Interested in buying, selling or investing in real estate in Charleston, SC? Call us on 843-900-0155.