Charleston SC Real Estate Market Update: Hot Market Continues!
The real estate market here continues to be one of the best in the country. Supply is holding pretty steady and demand is very high. Most listings don’t stay long on the market before they are sold at almost full list price. It’s important to have a well-connected and diligent Buyer's Agent working for you in this market, as he/she may be able to find the home you are looking for before it comes on the market. In the last few months we have sold three homes before they were put in the MLS.
Multiple offer situations are becoming common (once again!). Your Buyer's Agent can help buyers put together an offer that will beat all competing offers, and may also be able to help you get over any appraisal hurdle. Many homes are selling at record prices, but most appraisers seem to be keeping up with the increase in values.
Overall, we are up 18% in terms of transactions for the Charleston Area over the same time period last year. We closed almost 6,000 residential properties through May and may very well sell over 14,000 homes this year. Median sales price is up a very sustainable 3.6% to $228,000. That’s still below the trend line running back to 1991 (according to which we should have a median price of about $250,000 by now) and shows that there is still more room for appreciation. .
Distressed sales (short sales and foreclosures) are now just an insignificant portion of the market. New construction is now very popular in certain areas as builders have ramped up their projects and buyers have a hard time finding what they want in a re-sale. Almost one third of properties currently under contract are for new construction.
Call us today on 843-900-0155 to start the buying process before interest rates go up!