The Charleston economy is booming, so much so that it has caught the attention of some of the bigger, international manufacturers and producers. The companies that are moving to invest in our industrial market are well established and are looking to grow. They include Volvo Cars North America, Boeing, and most recently Mercedes-Benz. If we focus specifically on industrial market growth in Charleston over the past few years, we can see a clear correlation between it and residential activity.
Mercedes-Benz’s announcement last month includes plans to invest $1 billion in several industrial sites in North Charleston. The plans incorporate a number of manufacturing facilities that will be used for passenger and cargo van production. The addition is expected to produce 5,300 more jobs while also attracting additional automotive vendors who provide support for such facilities.
Automotive suppliers, as well as third-party logistics providers, are expected to flock to the region in an effort to better serve the new automotive manufacturers. Given Charleston’s tight industrial market, a spur in construction activity is expected in both speculative and build-to-suit construction. – Post & Courier
These announcements have caused the industrial market to surge from a 10% vacancy rate last year to just 6.8% as of last quarter. As new businesses clamor for vacancies, so do the people that work for them. The influx of jobs has created a demand for residential homes around Charleston also.
In response, median sales prices for residential property rose to its highest level on record in 2015 as more people moved here from out of town. Most areas continue to be in strong sellers markets due to lower supply and high demand. In fact, North Charleston ranked as the 2nd easiest place to sell a home in South Carolina with homes only staying on the market for 51 days on average. Mount Pleasant, Ladson, Hanahan, Summerville, and Goose Creek all ranked in the top 10 for time on the market in South Carolina as well.
SmartAsset, a New York-based financial technology company, ranked cities in the U.S. by the number of days their homes spend on the market. Seven of the top 10 cities or areas in South Carolina are in the Charleston Metro area. -Post & Courier
Homes for sale in Charleston are in high demand and will continue to be as businesses get settled in over the next few years. In addition, these new industrial and automotive industries will help diversify our local economy which has relied heavily on tourism for the bulk of its revenue.
For more information about the status of the housing market statewide, visit Smart Asset’s handy interactive Healthy Housing Markets map.
If you’re wondering how much your home is worth visit our sister site: Charleston Listing for a free valuation based on current market conditions specific to Charleston, not a broad national average like Zillow or Trulia. Or contact me directly to discuss anything real estate; buying, selling or any questions you might have about the Charleston real estate market.
Post and Courier: 7 of Top 10 cities in S.C. to sell homes quickly sit in Charleston area
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