FAQ About Folly Beach Real Estate
Have prices come down? How much?
Just like most (if not all) coastal regions, real estate prices on Folly Beach have come down significantly. In general, prices have dropped 30% or more.
How are sales this year?
There were only 22 sales in the first 6 months. Since then, there were 8 sales in July and 6 sales in August. Considering the number of contingent/ pending sales, I expect September and October to have similar amount of sales as the previous 2 months. Clearly, buyers are coming back into the market and it appears that a more normal sales volume is being established.
Who is buying?
The buyers are “end users” who are looking for a primary residence or a second home. Buyers want a “deal” but “purely for investment” is very rare.
Have prices bottomed?
Impossible to know until we are well passed the bottom. However, oceanfront properties have been leading the rest of the Folly Beach real estate market. Oceanfront properties have been leading the way up during the boom years and down during the bust. A look at the last five sales of oceanfront homes gives some hope that the market is improving. The last five sales were as follows:
Date Address Price
4/30/08 223 E Arctic $1,061,150.00
8/29/08 409 W Ashley $975,000.00
9/10/08 505 W Ashley $1,025,150.00
6/30/09 407 W Ashley $1,100,000.00
9/4/09 807 W Ashley $1,200,000.00