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.

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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Before relocating to a new area, it is wise to research the cost of living associated with a particular community, town, or city, as well as the career prospects available to new residents. The real estate professionals of the Keadle Real Estate Group often answer detailed questions from clients inquiring about how affordable it is to live in Charleston and how the job market is faring compared to the rest of the country.

Depending on your finances, Charleston can be an exceptionally affordable place to live. Exploring a greater variety of communities in the local areas will open up the doors to a multitude of appealing properties that fit your income level. For example, certain areas will have higher taxes and insurance, which will increase the cost

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charleston sc housing market 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
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These MLS statistics show Charleston’s housing market performance for January through September of 2014. Most areas of Charleston in the under $250K price range are a strong sellers’ market with an average 3 month absorption rate. In other words, if no new listings were to come onto the market, it would take only 3 months to sell the current inventory based on the rate of homes selling. The hottest markets like James Island, Mt. Pleasant, and Daniel Island have a 1 to 2 month absorption rate.

The $250-500K price range also indicates a sellers’ market with an average 4 month absorption rate. In price ranges higher than $500K, the area determines whether it is a buyers’ or sellers’ market.

charleston sellers market statistics charleston real estate stats 2014

In terms of supply and demand, this chart helps to give a

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Charleston housing market appreciation

In a decade that saw enormous real estate appreciation and also a historic slow down, it’s important for buyers and current homeowners to take a step back and consider large scale trends in our Charleston real estate market. This final chart compares the median sales price in 2004 to 2013 and gives the percentage of appreciation for each of the main areas.

Because we work with a lot of local real estate investors (and invest in the market ourselves), we know that real estate offers one of the highest returns on investment over a long period of time. This is partly because of its leveraging power. For example, let’s say that an investor has $30,000 in cash and is weighing the options of stocks, real estate, mutual funds, etc. If he or she were to put

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So far this year, 6,093 homes have closed on the Charleston MLS with an additional 3,284 homes under contract. As Charleston real estate agents, we couldn’t be busier with this strong sellers’ market known for its multiple offer situations and relatively low inventory of homes for sale.

Charleston real estate market stats

First, let’s look at MLS activity broken down by area. These stats are from January through May of 2014.

Keep in mind that for Days on Market, this time clock starts the day the home is listed and stops the day of closing (so it includes the 30 to 45 days that it generally takes once the contract is ratified until it gets to the closing table).

Right now the best homes in the most popular areas are often getting ratified contracts within a week or two of getting

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