2018 Real Estate Market Update
The State of Real Estate
Q4 2017 was exciting statistic-wise, for real estate in the Charleston area as both number of sales and median sales price were up from the same time last year. The Charleston Trident Association of Realtors (CTAR) reported that as of November 2017, Year to Date (YTD) figures were strong. 6,381 homes sold in Charleston County, as compared to 6,351 during the same 2016 timeframe. The median price of sold homes (YTD) was $357,598, up 6.0% from $337,508 last year. The CTAR also reported that "the local market is continuing to see a sustainable increase in sales and price," as well as that "mortgage rates have declined to a six-month low." These are all great indicators that the real estate market in Charleston should remain strong for the foreseeable future.
Breaking it Down
In addition to the general information provided for the Charleston area, the CTAR has broken down the January - November 2017 (YTD) numbers even further for some specific areas in Charleston including Mount Pleasant, West Ashley, and James Island.
Mount Pleasant: Approximately 1,750 homes sold at a median price of $503,668.
*All statistics provided by the CTAR and Charleston Regional Business Journal
2018... Off to a Good Start
According to recent statistics published by Inman, the National Association of Realtors believes that buyer traffic in South Carolina is expected to be very strong. Industry experts expect home prices to grow over the upcoming year, with the highest home price growth in the West and Southeast.
Renting vs. Owning
A national study published by Buildium, a property management software firm, predicts markets like Charleston will see an uptick in interest in 2018 as renters, homebuyers, businesses, and investors discover more affordable spaces compared to bigger cities like New York or San Francisco. This is due in part to evolving renter demographics. According to Buildium, "Millennials are entering the housing market, but they aren't becoming homeowners at the smae rate as previous generations. This is due to factors like student debt, tight credit standards, the affordable housing shortage, and the disparity between wage growth and rent growth. Meanwhile, many Baby Boomers are retiring, downsizing, and becoming renters, resulting in a wide range of needs and expectations among today's residents."
Now that we've hopefully given you a better grasp on the current state of the real estate and rental markets in the Charleston area, take a look at some of our featured listings. These are just a few of our currently available properties, and as usual, be sure to check our website frequently for updates!