There aren’t enough flame emojis on the Internet to describe the Charleston housing market. In November 2021, the median single-family home in Charleston County sold for $500,000, a 13.6% jump from the previous year. Yowza. 🔥
For those hoping to dip their toes in the home buying waters soon, it helps to know what trends to expect. Put on your floaties, and let’s hear what the local experts predict.
Look out for the ‘burbs
Owen Tyler, managing broker and broker in charge at The Cassina Group, said the suburbs are viable option for many in light of limited space to build in Charleston. Johns Island, the Awendaw/Mount Pleasant corridor, Cainhoy, Nexton, and Goose Creek are trending + offer a good bang for your buck.
Drew Grossklaus, sales director for William Means, said that areas outside of downtown have been booming with people from New York, California, and Chicago as remote work has risen. Drew doesn’t expect this trend to change anytime soon.
Don’t give up on Charleston
Owen said over the last two decades, the local real estate market has proven to be resilient due to Charleston’s high quality of life. Prices are steady + available properties remain on the low end. “At the end of the day a well-priced property in good condition will always sell, it just takes longer than it did this time last year,” said Owen.
Worth it to wait?
Buyers in the Charleston area may want to take the leap today in light of potentially increasing prices and more options now than there were a few months ago. Both Owen + Drew said that while interest rates have risen lately, they are still historically low. Drew doesn’t see interest rates continuing to increase in 2023.
What about renting?
Rent prices are high right now in the Charleston area. Drew shared that in the last two years, average rents in Charleston have risen almost 34%. “The same factors that make Charleston such a desirable place to live are creating huge demand,” said Drew.
Eyeing places north
According to Owen, “hotspots are in the eye of the beholder.” He said first-time home buyers and investors could take a look at North Charleston, in particular the Dorchester Road area, for easy access to I-526 and I-26. They could check out Goose Creek and Cainhoy for newer construction and more square footage.
The supply + demand problem
Supply is low and demand is high. As we move into the winter season, Owen expects demand to fall and then pick up in the spring. Drew said that supply is increasing and demand has decreased slightly due to interest rates + inflation.
Another trend to watch: Expect the market to normalize moving forward, following the “frenzied” market of 2021, according to Owen.