Charleston Homes Digest

Presented by: Preston Hartman

Edition 002

June 2024

Charleston, SC Real Estate Market: ​A Comprehensive Analysis

Charleston, South Carolina, is renowned for its rich history, stunning architecture, and vibrant ​cultural scene. In recent years, Charleston has also become a hot spot for real estate ​investment. The market here is dynamic, offering opportunities for buyers, sellers, and ​investors alike. In this blog post, we'll delve into the current state of the Charleston real estate ​market, providing detailed statistics and analysis to help you navigate this thriving market.

Market Overview

As of mid-2024, the Charleston real estate market is experiencing a period of robust activity. ​The city’s population continues to grow, driven by its high quality of life, strong job market, ​and appealing coastal location. This influx of new residents has increased demand for ​housing, contributing to rising home prices and a competitive market environment.

Home Prices and Sales Data

The median home price in Charleston has reached approximately $500,000, representing a ​year-over-year increase of about 8%. This rise in home prices reflects the strong demand and ​limited supply of homes in the area. Despite the higher prices, the market remains active, with ​homes typically selling within 30 days of being listed.

Sales volume has also seen a notable uptick. In the first half of 2024, Charleston recorded over ​4,000 home sales, up 6% from the same period in 2023. This increase in sales activity suggests ​that buyers are eager to enter the market, driven by the city's economic growth and the desire ​for property in desirable neighborhoods.

Inventory Levels

One of the key factors influencing the Charleston real estate market is the inventory level. ​Currently, the market is experiencing a shortage of available homes, with an inventory of ​around 2.5 months. This low inventory level creates a seller’s market, where demand outpaces ​supply, leading to competitive bidding and higher prices. For buyers, this means acting ​quickly and being prepared to make strong offers to secure desired properties.

New Construction

To address the inventory shortage, new construction is on the rise in Charleston. Developers ​are actively building new homes and residential communities to meet the growing demand. As ​of mid-2024, there are several major residential projects underway, particularly in suburban ​areas surrounding Charleston. These new developments offer modern amenities and attract ​both local buyers and those relocating from other regions.

Rental Market

The rental market in Charleston is also experiencing significant activity. The city’s population ​growth and influx of young professionals and families have increased demand for rental ​properties. The average monthly rent for a two-bedroom apartment in Charleston is around ​$1,800, up 5% from the previous year. The vacancy rate remains low, hovering around 4%, ​indicating a strong and competitive rental market.

Economic Factors

Charleston's robust economy plays a crucial role in its thriving real estate market. The city ​benefits from a diverse economic base, including sectors such as aerospace, technology, ​manufacturing, and tourism. Major employers like Boeing, Volvo, and the Medical University of ​South Carolina contribute to job growth and economic stability, attracting new residents and ​boosting demand for housing.

Future Outlook

Looking ahead, the Charleston real estate market is expected to remain strong. The city’s ​appeal as a desirable place to live, combined with continued population growth and ​economic development, suggests sustained demand for housing. However, the market may ​face challenges such as rising interest rates and affordability concerns, which could impact ​buyer behavior and market dynamics.

Conclusion

In conclusion, the Charleston, SC real estate market is characterized by rising home prices, ​increased sales activity, and low inventory levels. The city’s strong economy and growing ​population continue to drive demand for housing, making it a competitive market for buyers ​and sellers alike. Whether you are considering buying, selling, or investing in Charleston real ​estate, staying informed about current trends and market conditions is essential for making ​informed decisions. As always, consulting with a knowledgeable local real estate professional ​can provide valuable insights and guidance in navigating this dynamic market.