Charleston Housing Market Update 2015

Year to date, we’ve seen a 17.5% increase in the number of transactions when comparing the same months in 2014. This year it is estimated that 14,000 homes should sell by December 31, making it the 3rd busiest recorded in Charleston's history. Here are some stats as of August 15 for the current Charleston real estate market:

• Days spent on market: 84 (this is a 17% drop compared to last year); some of the hottest markets like James Island are seeing a 31% drop in days on market; West Ashley inside Interstate 526 is seeing a 33% decrease in time spent on market
• Median sales price: $243,500 (compare to $230,000 the year before)
• Properties sold so far this year: 8,587 closed (this is the 17.5% increase year over year); 2,008 homes are currently under contract

Although the tri-county average for days on market is 84, keep in mind that this number is much smaller for new listings that are: priced well from the start, in good condition, newer, located closer to Downtown Charleston and the beaches, and zoned for good public schools. The listings that are most desirable often go under contract within just a few days for close to full list price.

What does this housing market mean for buyers?

If you plan on purchasing by the end of the year, it’s important that you go ahead and talk with a lender because including a pre-approval letter with your offer really strengthens our negotiating power. (We can recommend a lender if you need one!) If you already live in Charleston and see a new listing that you would like to view, contact us ASAP so that we can make the appointment!

Or if you’re out of town, let us know in advance when you’re planning a trip so that we can schedule a time to meet with you! In order to make the most of your visit, please also tell us:

• Where you’ll be staying; it’s a good idea to choose a hotel in the area where you’d like to purchase so that you can test drive it for a few days and check out local restaurants and shopping. If you’d like a hotel recommendation, we can help!
• Will you be flying in or driving? In other words, will we need to pick you up, or will you have a car?
• How familiar are you with Charleston? Are we comparing different areas or honing in on particular neighborhoods?
• Do you have a home to sell first? Most sellers won’t accept this type of contingency, but some builders do!
• What is your time frame for making an offer? Do we need to prepare to make an offer this trip, or are we just getting a feel for neighborhoods, etc?
• Have you been approved by a lender, or do you need a good recommendation to get started?

The better we can plan your trip, the more helpful we can be! We want to make the most of our time together, especially in such a strong sellers’ market so that you can see all of your options and find the best home suited for you. Contact us to get started or check out our Charleston Real Estate Guide. Ready to start your search online, don't miss our on all the beautiful homes listed on our Charleston Real Estate MLS.