Real Estate Market Update for Charleston, SC - August 2015
Of course, with all the international kudos, awards and positive press, people around the world have found us and many are moving here. So, our real estate market is one of the best in the US.
Through the first half of 2015 we are up by 17.5% in number of transactions over the same time period from 2014. We will easily sell over 14,000 homes this year and it will be the 3rd most active year ever.
Meanwhile, prices are rising, albeit at a lower, sustainable rate. Our median sales price is up 3.3% over the same period from 2014.
Our median home sales price is over $230,000 - the highest ever for Charleston. However, prices per square foot have not yet recovered to the pre-crash levels achieved in 2006/07. And overall, our median sales price is still below the level predicted by the regression analysis trend line, which shows that, based on all the sales going back to 1991, we should have a median sales price now of over $250,000.
So, it appears there is still plenty of room for price appreciation. In addition, demand is strong due to employment creation (not so much because of speculation) and mortgage lending guidelines are still tight (compared to the madness of 2005/06, where "stated income" and "no-doc" loans where the norm). For these reasons, we believe that our growth is sustainable and that we are not in a "bubble" like the one we had in 2006/07.
To buy, sell or invest in real estate in the Charleston, SC Area, please call/text 843-900-0155.