According to the Multiple Listing Service, this has been the busiest spring ever on record in the Charleston real estate market. Typically this time of year represents a slump in sales, but so far we have seen a 15.5% increase in closed sales over January and February last year. The Lowcountry is enjoying the highest median sales prices since the housing bubble burst in 2006, but this time it’s sustainable. Popular areas like Mount Pleasant, Daniel Island, James Island and North Charleston are all thriving thanks to a decreased supply and higher demand.
One area that commonly lags behind are the upscale homes located on the peninsula in historic downtown Charleston due to their premium price and historical prominence. However, even these properties are seeing unprecedented activity with 20 homes selling for $1 million or more from November to January alone. Looking back at 2011, historic downtown Charleston homes had a median sales price of $434,500. Last year, median sales prices closed out at $597,500 which represents a 27% increase in value.
According to Chuck Sullivan, a partner-broker of Carriage Properties, “We are off to a much better start this year ‘pre-spring’….very encouraging. The increase in demand for ‘unrenovated’ properties is a clear sign to me buyers have greater confidence in the future of this particular area. The limited available inventory for ‘turnkey’ homes at $1 million-plus could continue through spring, putting upward pressure on pricing in the near future”.
Another encouraging figure is price per square foot in historic downtown Charleston. “Average prices per square foot climbed as high as $587 in 2009. After falling below $500 for a few years, the prices have bounced back to $567 for the first month-plus of 2015.”
The Charleston real estate market is booming right now and many sellers that I have represented are seeing multiple offers as demand has risen in the last few months. If you already own a home in Charleston and are thinking about selling or are just curious what your home is worth, you can get a free valuation at our sister site www.CharlestonListing.com. If you have questions about the buying or selling process in the Charleston market feel free to contact me anytime: Email Me or call me directly (843) 437-8386.
Search All Charleston Real Estate