A look at Our Local Real Estate Market (Statistically)
These days Charleston has lots going on and in so many different ways!
New Businesses…Restaurants…Sports Teams…TV Shows…Resort Islands…and Silicon Harbor (google it).
This has brought much interest to our area and that results in many families looking to call Charleston home!
As a result, our Real Estate market is thriving! As you travel throughout the tri-county area new construction homes are abundant. There are many new home communities being built, from small intimate neighborhoods to large small city communities.
Let’s take a look at our local real estate market in terms of statistics:
- Year to date, we are up 10.5% in transactions over 2015
- The median sales price is up 5% over 2015
- 2016 will likely be the 2nd best year we’ve ever had closing well over 16k transactions.
- The median sales price is at an all-time high of $243k.
People ask if this is another bubble? The local experts say No:
- A 5% increase in median sales price is quite reasonable when the national average is 4%
- We’re a coastal city with a lot going on. We should beat the national average.
- Our median sales price is still below the trend line that we have going back to 1991. So, we’re actually undervalued.
- Lastly, credit is so very much tighter than it was back in 2005-2007.
If you are thinking about buying, selling, up-sizing, or down-sizing, I am here to help you explore the many options of the American Dream...Homeownership!
Call me today for a free Consultation…My free Fall Buyer / Seller Guides are now available!
The Charleston Real Estate Lady
“Serving Charleston One Client at A Time”