Percentage Change in Median Price per Square Foot
After a very exciting Spring and Summer in the Charleston real estate market in which we saw multiple records shattered, we find ourselves in Fall with cooler temperatures and a slower pace activity-wise. Reflecting on the progress that our market has made over the last few months, we can get a feel for which specific areas stood out. One metric that we use in real estate to illustrate this is the median price per square foot. With this data we can get a feel for up-and-coming areas or areas that still have room for appreciation.
The bar graph above shows us the areas around Charleston with the biggest percentage gains in terms of median price per square foot. Overall, most areas around Charleston are up 5-10% on average. Meanwhile, the West Ashley area caught fire early in the summer and continued its upward trend through September. Specifically, West Ashley inside of I-526 saw an astounding 18% jump in median price per square foot increasing from $133 sq/ft to $158 sq/ft. Boeing, Volvo and Mercedes have all announced that they will be expanding or building new production facilities near North Charleston which has fueled a demand for housing around West Ashley and North Charleston.
Mount Pleasant continues to appreciate at a sustainable rate. The Wando and Cainhoy areas saw a 13.2% increase in median price per square foot while also seeing a 35% jump in total sales compared to a year earlier. Island home sales saw a significant increase in what buyers were willing to pay per square foot. Kiawah Island lead the way with a 11.3% jump followed by James Island which checked in with a 10.2% increase and Isle of Palms which grew around 8%.
To see a full report of all median square foot values by Charleston MLS area click on this link: Price per Square Foot PDF.
If you are thinking about selling your Charleston home or just have questions about the buying or selling process, contact me directly to discuss your options or visit our sister site CharlestonListing.com for free home valuation based on current market conditions in Charleston not a broad national average like Zillow or Trulia.
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