Market Trends

All markets are different. We’ve written these blogs to inform buyers and sellers about the current trends in Charleston’s real estate market.

Found 28 blog entries about Market Trends.

Selling real estate can be a tough job, and it's much tougher when our clients don't listen to the advice we offer. Whether you're going to be buying or selling a home in the near future, please educate yourself on these suggestions we find ourselves making weekly!

For Home Buyers

what your realtor wishes you knew

The market is probably stronger than you think. Despite constant news headlines, social media articles, and blogs like this one, many Charleston South Carolina home buyers don't realize just how strong our market is. Especially if they're coming from another part of the state or country, it takes some time (and perhaps missed opportunities) before they're brought up to speed. Brand new listings might require a full priced offer depending on the area or neighborhood.

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common myths in real estate

When buyers or sellers enter the real estate market, they come armed with real estate myths that have been circulated many times over from one year to the next. At Keadle Real Estate Group, our expert Charleston real estate professionals frequently hear the same misleading notions about when and how to buy and sell a home. To clear the air, here are 4 of the most common real estate myths and the truths that hide behind the fallacies:

  1. Myth: Your home must be empty in order to garner the highest possible price.

Truth: While your home shouldn’t be cluttered or unkempt, you do not need to move out of your home or live with a bed and a few utensils before you list your home for sale.

  1. Myth: Wait until the spring to list your

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Here you'll see year to date MLS statistics for the tri-county Charleston area:

  • During the month of October, there were 1,258 homes that closed which brings the year to date sales number to 14,872. This is a 10 year record for the MLS. Analysts had predicted 2017 would be the #2 best year in the history of the MLS, but current stats show that it might end up being #1!
  • Closed homes are up 14% over 2015.
  • Buyers are seeing more listings to choose from compared to the last two years, which is great considering the inventory shortage that we’ve experienced. New listings have increased 6% over last year and 11% over 2015.
  • The median sales price is up 5% over last year to currently $253,995. The average sales price is up 5% to currently $343,961.
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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.

charleston sc housing market trends

Home Prices in the Most Desirable Areas are

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charleston sellers real estate market 2017

2017 has become an incredible year so far for Charleston’s real estate market. Last month (April) was the biggest closing month in the history of our market, meaning that more homes closed than any previous month on record. It can be challenging for buyers to wrap their heads around our current market climate, especially if they’re relocating from a part of the country with a slower moving inventory.

Charleston has been a strong sellers’ market for the past few years, but 2017 has made records in terms of number of sales, median sale prices, and a decreasing supply of homes for sale. So why is the market right now as strong as it is? It’s basic supply and demand. In short, there are far more buyers than homes for sale in Charleston.

A perfect

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advice from an experienced charleston realtor

So, you want to be a real estate agent? Markets around the country are performing so strongly that we’re seeing a wave of new agents who are just starting out their real estate careers. The Charleston real estate market is no exception, and our office sees new agent faces monthly. You’ll find entire classes and webinars dedicated to these topics for good reason:

  • Social media marketing
  • Keeping in touch with your Sphere of Influence (sometimes called SOI)
  • Listing presentations
  • Creating a positive mindset
  • Ninja Selling

These subjects are crucial for starting a successful real estate career. However, the best advice I can give to new agents is to NOT be a salesman.

Don’t Be a Salesman

Nobody likes a salesman, saleswoman, or

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why now is the best time to sell a home

Here’s a glimpse into the Charleston real estate market year to date. These MLS stats compare the market this year to 2015, and numbers are pulled as of June 30 for all areas in the MLS:

  • Closed home sales have increased by 8.7%.
  • Median sales price is up by 5.73% (was $225,000 in 2015 and is now $237,900). Keep in mind that this is for the entire MLS, so individual areas will vary.
  • New listings have gone up 4.4%. This means there are actually more listings to choose from now compared to a year ago even though most areas of Charleston are seeing a shortage of homes for sale compared to the demand.
  • The absorption rate for the entire MLS has decreased by 19.96%. This absorption rate shows us how long the current inventory would last if no
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real estate market charleston

For the past few years, we’ve watched Charleston’s real estate market thrive with strong median price increases and diminishing DOM (Days On Market). However, in the past month, our market has kicked up a noticeable notch in regards to buyer activity. Many people are calling this the strongest real estate market Charleston has ever seen.

There are currently more than 3,600 homes under contract. So far this year, there have been 3,174 properties closed. Each of the past 2 weeks has had 400+ homes go under contract, and one of these was the 2nd busiest week in MLS history.

For buyers, this translates to a very fast paced market. For example, there was a new listing on James Island this past week that had 26 showings in 1 day (the most showings

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How is the Charleston, South Carolina housing market doing? Trulia provides substantial information based off of thousands of homes that have been listed during the months of July 2015 and October 2015.

The Charleston Real Estate market has seen a major boost in the third quarter. The median sale price for homes in the city has risen 2.2% on the year, up $5,000 to $230,000. We are also able to see which neighborhoods have the highest average listing prices (which we’ll discuss shortly).

A Look at the Housing Market by the Number of Bedrooms

The number of home sales have actually dropped by 37.2% year on year. But, the prices of homes have increased, which may be the reason for slower sales. During the third quarter, we’ve seen the following price

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Here at the Keadle Group, we share a lot of statistics and charts for the residential Charleston real estate market. However, we wanted to focus this blog on current trends and future forecasts for the Charleston economy as a whole.

Job Market in Charleston

charleston sc economy

Charleston’s economy over the past decade has remained strong compared to similar sized cities around the country because it has varied sources of revenue and job growth. The biggest employers include the Medical University of South Carolina, the Port of Charleston, the Air Force Base and Navy Base, College of Charleston, Roper St. Francis Healthcare, the Charleston International Airport, KapStone Paper and Packaging, MeadWestvaco, and large national corporations (Bosch, Boeing, Google).

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