Mount Pleasant, SC Residential Real Estate Market Update
The residential real estate market in Mount Pleasant, SC continues to strengthen, as inventory continues to shrink and demand continues strong, fueled by low interest rates, attractive property prices and underlying demand resulting from the perceived quality of the public schools, convenient location close to Downtown Charleston, Boeing and the beaches, and great lifestyle.
The volume of annual sales in Mount Pleasant continues to grow (the number of homes sold per year has grown by about 52% since 2009).
This increased demand, combined with the limited supply (very few new construction homes have been built since 2006) has caused our inventory of available homes to shrink rapidly, going from a strong “Buyer’s Market” - one with more than 16 months’ inventory in 2009, to the current market which shows under 6 months’ inventory (a slight “Seller’s Market”). Inventory and absorption levels do vary by price point, area and subdivision. If you wish to know more detailed information about YOUR price point and subdivision, we'd be happy to prepare a CUSTOMIZED MARKET REPORT for you.
For example, in Belle Hall Plantation, homes under $350,000 are experiencing high demand and short supply, and inventory levels are almost at pre-crash levels, with only 2-3 months’ inventory! This is great news for property owners, since prices in this market segment have started to climb once again…
Another piece of good news for potential home sellers it that because the increased demand and reduction in inventory, homes are not staying as long on the market. The average time on the market for a home in Mount Pleasant is now less than three months, compared with almost four and a half months in 2009.
The strengthening of the residential market has fueled new construction projects that are experiencing brisk sales. These projects include Carolina Park, Tupelo, Oyster Point, Mountrie Park, Lieben Park, Linnen Place and Sweetgrass Village. Contact us to receive additional information on new construction homes in Mount Pleasant, SC.