With price volatility in some of the major urban markets in the U.S., many residential real estate buyers and investors want to know what the home price forecast is for our Charleston, SC area.
So, here is the historical data and my own guesstimate:
The graph above shows the actual numbers and the compounded growth trend line, showing a 4.6% compounded growth rate per year since 1991.
In the next few years our market will probably return back towards the trend line, so median price appreciation is likely to decelerate.
Last year the annualized median home price in the Charleston, SC area grew by 4.1% year-over-year (see graph below):
Even though mortgage rates are predicted to stay between 6% and 7% this year, our area's population is still growing and demand is still outstripping supply.
My educated guess is that median home price will grow between 3.5% and 4.0% in 2025, a little slower than last year.
We'll see how this pans out!
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