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 33 blog entries about Market Trends.

So far in 2023, the Charleston real estate market is performing much stronger than forecasters expected. Ratified contracts in March of 2023 ended up being only 5% shy of the March 2022 figure even though sales were anticipated to be 15% less. In short, the 2023 local real estate market won’t match the stellar, record breaking 2022 sales figures. However, even with higher interest rates and a low supply of homes for sale, Charleston is outpacing the 15 year average each week for written sales. (See this chart which shows 2023 ratified contracts by the green line, 2022 ratifieds by the orange line, and the 15 year average in blue.)

charleston home sales 2023

Last week the Charleston housing market saw 359 properties go under contract which makes it the third best week so far

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We wanted to share a recent Forbes article that is well-written and does a great job of explaining where the housing market is now, how we got here, and where it looks to be going. We’ve also included the local housing market forecast for Charleston South Carolina.

charleston south carolina

To summarize, we had a low inventory of homes before the pandemic and then the combination of increased demand and low interest rates have depleted inventory further. If you have been looking for homes over the last 6 months, you’ve seen the 15% or higher appreciation and how quickly homes are selling, but this rate seems to be at least slowing down a little over the last three months.

No one knows exactly how the market will behave, but this trend seems to be mostly driven by an

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Many home buyers are getting discouraged by the current 2021 Charleston housing market trends. Multiple offer situations have become the norm, and we’ve seen as many as 18 offers on a single listing. It’s hard to compete against a record number of cash buyers who can close quickly and forego an appraisal, even if a lender verified buyer is paying full list price.

However, here are ways that we like to prepare and increase your chances of winning the offer:

  • In today's market you must have a preapproval letter in hand from a reputable lender: No sellers are willing to take their house off the market for a buyer who can’t provide a preapproval letter with their initial offer. More than ever, it’s important to get preapproved before seeing homes
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If there were a few thousand more homes for sale in Charleston South Carolina it would make our jobs as Realtors a lot easier! The post-COVID lockdown housing boom is still in full force here with demand as strong as we’ve ever seen. We’re seeing so many local buyers moving up to get more square footage or a waterfront view. And on top of that, we’re seeing an influx of buyers from pricier markets around the country like New York and California who are paying cash and finding Charleston’s increasing home values very affordable compared to where they’re moving from.

It’s hard for buyers to compete against cash offers with no contingencies who are waiving the appraisal. Multiple offers have become the norm, and the most we’ve seen for a single home in

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Last week Charleston set a new MLS record for properties going under contract with 542 properties in one week! This time of year, we typically see a seasonal slow down as families get ready for the start of school. The chart below shows the 2019 dip in home sales (blue line), and you can compare this year’s orange line. Also note the line showing the start of the COVID 19 concern when Charleston home sales dipped before going back up.

2020 charleston housing market

Last week saw a 77% increase in sales over the same week last year (to put this into perspective, this is the largest year over year increase we’ve seen in a single week). Quite simply, Charleston is seeing its best housing market on record despite COVID 19 as buyers are relocating from larger cities, having more

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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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