Charleston Real Estate Summary
Traditionally the Charleston real estate market slows down from October to February and fires back up in the spring and early summer when the kids are done with school and the weather is warmer. However, this year we have seen a 14% increase in activity compared to this same period in 2014. We will likely surpass 15k residential units sold for the year making this the 3rd busiest year on record in the Charleston real estate market. Many areas around Charleston have seen 8-10% increases in median home values since last year, much higher than the national average which has been hovering around 5%. Overall the Charleston real estate market is one of the healthiest markets in the nation and is poised to continue its positive trend thanks to job growth in the tech, industrial and manufacturing sectors and historically low interest rates.
What Areas Are Hot?
West Ashley – West Ashley has had an excellent year. Rural West Ashley (MLS area 13), had a massive jump in median sales price increasing 74%! Last year around this time median sales prices in rural West Ashley were sitting at $195,000. This year they checked in at $340,000 (through October). West Ashley inside I-526 (MLS Area 11) also jumped over 9% compared to last year. In addition, this entire area also has very low inventory numbers meaning that West Ashley will be in demand for some time until supply catches back up.
North Charleston – The announcements earlier this year by Boeing, Mercedes and Volvo to expand or build new facilities in North Charleston sparked a demand for residential housing there. Specifically, the area in North Charleston that is inside I-526 had a 28% increase in median sales price compared to last year. The area outside I-526 also did well increasing close to 10%. North Charleston’s inventory numbers remain lower than average as homes continue to be gobbled up. Demand is expected to remain strong in this area as result of job growth and proximity to the new manufacturing facilities.
Mount Pleasant – It has been no secret that Mount Pleasant has been on fire. North Mount Pleasant (north of the IOP connector) saw a 10% increase in median sales price compared to 2014. This area was one of the most popular areas in all of Charleston tallying close to 1,200 total home sales, just through October. Even farther north, the Wando and Cainhoy areas continue to sell quickly and currently have the second lowest amount of inventory in the Charleston MLS.
Daniel Island – Daniel Island has become an alternative to the traditional island beach-home for company executives and retirees thanks to its closer proximity to Charleston as well as its golf and tennis amenities. Daniel Island’s median home sales price increased close to 9% from $570,000 in 2014 to $620,000 this year. Inventory in this area remains low thanks to a 13% increase in total home sales compared to last year.
If you are shopping for a new home in Charleston and have questions about the buying process, would like to see a home in the area or have general questions about the Charleston real estate market, don’t hesitate to contact me: [email protected].
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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