Charleston SC Real Estate Market Update - February 2016
The real estate market in Charleston continues to rage on. Buying activity was at unprecedented levels through the November through January months, where we normally see a bit of a slowdown. Click on the image to see full-size graph.
2016 will surely set many records. The end of the year numbers for 2015 are in and we had a great year indeed!
- 15,490 homes and condos were sold for a 13.9% rise over 2014 and the 3rd busiest year ever.
- Seven MLS areas were up over 20%.
- Median sales price rose to an all-time high of $235,000, 5.9% above 2014's.
- Eight MLS areas had median prices that increased more than 10% above 2014.
Some of the "drivers" for this growth in our real estate market are:
- Boeing is adding more buildings and seems very happy here in Charleston.
- Volvo noticed that and announced their plans for a new, 4,000-employee plant here. They also bought the rights to the former Family Circle Tennis Cup on Daniel Island, now renamed the Volvo Car Cup.
- Our airport is undergoing additional expansion.
- The software and IT industry is booming and earning Charleston the nickname of "Silicon Harbor".
- New restaurants are opening every day and that Charleston is being noticed in foodie magazines all over the world. Anthony Bourdain featured Charleston in one of his "Parts Unknown" CNN series.
- We were just ranked as the 2nd hottest real estate market in the US and the 2nd most moved-to city in the US.
Things are good here in the "Holy City".
Want a piece of the action? Call/text 843-900-0155 to buy, sell or invest in Charleston, SC real estate.