February 2016

James Island has one of the strongest housing markets in tri-county Charleston because it sees a steady demand from home buyers each year. For people who want to live close to Downtown Charleston and the beach, James Island gives the closest proximity. Last year alone, there were 16,070 showings among its homes for sale, and its median sales price rose 8.2%. As residents and James Island real estate agents, we’ve included below both the pros and cons of living on the island.

Why Home Buyers Want to Live on James Island

Closest Suburb to Downtown Charleston
Located just across the harbor from Downtown, James Island as a whole is the closest you'll find to all the shopping, sites, and restaurants on the peninsula. Its location makes it ideal for

Over the past 6 months, we’ve watched numerous homes in Downtown Charleston sell within mere hours of being listed. While sellers are enjoying the strong market that works in their favor, the current trend makes our job as buyers’ agents tough. It’s often a hard pill to swallow when Downtown home buyers learn that for certain price ranges and neighborhoods, they’ll have to make a full price (or nearly full price) offer within 1 day of a home hitting the market if they want to secure their top choice. The doubters often have to lose out on an offer or two before they understand the reality of our current market.

Although home buyers understand the appeal of our city, we’re often asked why Downtown Charleston homes sell so quickly – and how sellers

For many home buyers, saving enough money for a down payment is the hardest part of the buying process. Some buyers have to wait years until they’ve saved the 3.5% to 5% needed to put down for a mortgage.

In Charleston, housing appreciation runs roughly 6% a year depending on the area, meaning that prices might be going up faster than a home buyer can save each year. With the low rates that we’re still seeing with mortgages and the ever-increasing home prices, it’s important for serious buyers to pinch their pennies or risk getting priced out of the homes they can afford.

The Importance of Time Frame (How Interest Rates Affect Your Purchasing Power)

As a general rule of thumb, a 1% change in mortgage rates produces a 10% change in your