Charleston, SC Metro Area Residential Real Estate Market Trends
Until 2019, Charleston's Median Home Sales Price trendline was below the 4.3% annual compound rate trendline.
The rapid appreciation in 2020 and 2021 made the actual line cross and we are now above the trendline, just like in 2005.
Unless supply catches up with demand, a reversal of these trends is unlikely in the short to medium term.
The gap between demand and supply is still growing. At the current rate of demand we would need about 6,000 active listings in the MLS to "balance" the market.
We have 1,000!
Are we in a real estate bubble?
These trend lines show that this time around home appreciation is much more driven by real demand (in 2005 it was driven more by speculation).
In addition lending standards are very different than those in the 2005 boom.
What do YOU think?
Is it a bubble?
Will Charleston be "sheltered" from a drastic real estate downturn in the U.S.?
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