Earlier this year, Forbes reported that Charleston was ranked #7 for the 10 Hottest Real Estate Markets to Watch in 2017. Year to date statistics show that this prediction is becoming a reality since Charleston is hitting record sales in 2017. We’ve included below MLS stats so that you can see where our local housing market currently stands as of June 30.
This chart is for the entire tri-county area, and you’ll see some areas like St. George, Harleyville, Edisto, and Bonneau that are located so far out that most Charleston residents don’t consider them part of metro Charleston. However, this is the most complete set of housing stats you’ll find. There are two main trends here that we’d like to note.
Home Prices in the Most Desirable Areas are Rising Quickly
Comparing the first 6 months of this year to last year, the median sales price has increased 6% in Charleston County. The most sought after areas tend to perform even better. These areas that see the most demand from home buyers usually have Charleston’s best public schools, plenty of shopping and restaurant options, and a close proximity to Downtown and the beach. For example, James Island saw a 13% increase in median sales price and an 8% increase in homes closed. Mount Pleasant is also a strong contender. The MLS breaks up this area into two sections using the Isle of Palms Connector as the dividing line. Usually buyers want to be south of the Connector because this puts them closer to Downtown and usually results in a shorter commute. However, as the price per square foot continues to increase, we’re seeing many buyers opt to live further out in neighborhoods like Dunes West, Park West, Rivertowne, and Carolina Park where they can get more home for the money. Although the median sales price for Mount Pleasant hasn’t jumped drastically this year, it has still become one of Charleston’s most expensive non-beach areas to live with median prices of $435,000 and $438,757 depending on whether you’re looking north or south of the Connector.
It’s important to note that although housing prices in Charleston are rising, affordability indicators still show Charleston as a relatively affordable metro area to live (for example, look at the Forbes article above). While sellers are enjoying the appreciation on their real estate investments, buyers who are relocating from less expensive markets are having a tough time swallowing the current price pill.
Most Homes are Spending Drastically Less Time on the Market Before Selling
In the far right column of the chart, you’ll notice that most of the numbers are in the negative meaning that listings are on the market for fewer days when comparing 2017 to last year. Across the board, Dorchester County homes are selling 21% faster this year. With a median sales price of $212,000 this is the most popular option for folks wanting to find a more affordable home near Charleston. The real estate options that perform the best tend to be located in Summerville and zoned for the Dorchester Two School District. Summerville’s slower paced lifestyle and small town charm appeal to many buyers, and the public schools rank well for the tri-county area.
So far this year on our blog, we’ve talked extensively about how quickly homes are selling: why Charleston has become such a strong sellers’ market in 2017, why buyers should purchase their new home before selling their old one, and the importance of viewing new listings as soon as they hit the market. The trend of homes spending fewer days on market is not a new one, but these year to date stats show that our housing market is becoming even more fast paced.
Buying a Home in Charleston, SC?
With such a strong sellers’ market, it’s important to have an experienced Realtor to help secure your top pick of homes. The Keadle Real Estate Group is among the highest ranked teams in Charleston because we’re fully dedicated to our clients. See for yourself why so many of our past clients refer their friends and family to us!