FAQ: Waterfront Prices in Charleston, Lot Sizes, Zestimates, and More

We’ve included below some of the most frequently asked questions we get from home buyers in case you’ve wondered some these questions yourself!

• Lot sizes in Charleston: Many buyers are surprised to learn that the average lot size for a newer home is about .2 acre unless you’re looking in the $500K plus price range. For older homes built in the 1980’s or before, you’ll find an average lot size of about .4 acre. With the exception of Dunes West, acre sized lots are difficult to find under $1 million unless you look in the rural areas like Johns Island, Wadmalaw, or Rural West Ashley (areas known for their farmland and horse pastures).
• Waterfront homes: Because waterfront properties are the most sought after in Charleston, this demand drives up prices. In Charleston County, you can expect to pay starting around $350K for a waterfront house that is marshfront with no water access. Homes with a dock and boatlift on the marsh will start around $700K. Communities often have man-made ponds that provide privacy and views, so know that these are a more affordable way to buy waterfront real estate in the under $250K range. If you find a price for a waterfront home that seems too good to be true, let’s investigate it to see whether flood zone, insurance, previous termite or water damage, structural damage, or known future road projects (like Interstate 526) might be causing the “great deal”! The Keadle Real Estate Group has waterfront listings in many different communities. We have the resources to help you search for James Island, West Ashley, Isle of Palms and Goose Creek Waterfront Real Estate, plus many more beautiful areas!
• Zillow and Trulia: Our website is updated several times a day and shows all MLS listings. Keep in mind that if you compare to Zillow, you're only seeing 79% of listings, and 36% of these are no longer for sale. Trulia shows only 81% of listings, and 37% of these are no longer active. Sometimes buyers ask us about a listing that they love, not knowing that it closed 10 months ago. If you find a listing elsewhere that you’re interested in, just call or email us to see if it’s still available. If it’s not, we can usually tell you when it went under contract or when it closed (and for how much) based on the MLS!
• Zestimates: Zillow’s website states that for the Charleston market, they have a 7.4% median error in their Zestimate algorithm which can go above or below the actual home value. This means with the current median home price in Charleston ($243,500), the range of error is $18,019 above or below the actual value. This gives a total window of $36,038 of built in error to the Zestimate. Third party researchers have estimated the error to be actually higher than Zillow states (between 11% and 20%). Based on median home price in our Charleston real estate market, this would give a total window of $53,570 to $97,400 error. In short, a Zestimate a great tool to give you the rough idea of a property value but is by no means an assessed value!

If you have questions that are not covered here, just ask us! We’re happy to help and take pride in our local knowledge of Charleston!