Over the past 6 months, we’ve watched numerous homes in Downtown Charleston sell within mere hours of being listed. While sellers are enjoying the strong market that works in their favor, the current trend makes our job as buyers’ agents tough. It’s often a hard pill to swallow when Downtown home buyers learn that for certain price ranges and neighborhoods, they’ll have to make a full price (or nearly full price) offer within 1 day of a home hitting the market if they want to secure their top choice. The doubters often have to lose out on an offer or two before they understand the reality of our current market.
Although home buyers understand the appeal of our city, we’re often asked why Downtown Charleston homes sell so quickly – and how sellers of older homes (needing work) particularly are able to get the prices they ask. In response, we’ve put together the 5 main reasons the city sees such high demand for its homes.
Walkability for restaurants, shops, and historic sites
Buyers choose Downtown Charleston because they want to live within walking distance of dining, shopping, museums, parks, music venues, bars, and historic attractions. Whether they want to walk (or bike) for environmental reasons, convenience, exercise, or they simply want to spend less time in the car, the peninsula offers numerous homes within walking distance of just about anything you could want.
No location is more central than the Peninsula
Due to the peninsular geography of Charleston, Downtown is just 15-20 minutes from the beaches at Isle of Palms, Sullivan’s Island, and Folly Beach. For commuters traveling to Mount Pleasant, James Island, West Ashley, or North Charleston, living Downtown puts them adjacent to these adjacent suburbs.
Investors understand the rental market
Downtown Charleston has a very strong rental market because it has 3 large schools within its borders: College of Charleston, the Citadel, and the Medical University of South Carolina. Also, many people who want to purchase a home Downtown but can’t afford the higher prices opt to rent. You’ll also find plenty of renters who are looking for a summer or seasonal home.
High end buyers continue to bring up all prices
Downtown Charleston has some of the highest non-beach real estate in South Carolina. People are willing to pay top dollar for a King Street residence, a photographed home on Rainbow Row, an address on Tradd Street, or a coveted Battery mansion. Even the quaintest of row houses can fetch $2 million plus if it boasts a historical significance. As prices for these high end homes escalate, they bring the median price and dollar per square foot higher for all homeowners.
Downtown Charleston attracts international home buyers
The international appeal of Charleston has grown incredibly in recent years. Few cities on the east coast offer the history, the unique architecture, the artistic appreciation, the water setting, or the cultural charm that Charleston claims. For decades, southern magazines heralded Charleston as a top city to visit and to live, but with recent accolades that name Charleston in the same lists as European destinations, our Holy City has gotten international attention.
Is Downtown Charleston the right lifestyle for you?
Although you might know your way around the sites and restaurants of Charleston, the real estate market is more difficult to navigate. If you’re considering purchasing a home in Downtown Charleston, contact The Keadle Group to view your options!