Charleston Market Statistics Through July 2017
There has been a general slowdown in sales across the country, and this cannot be blamed on negative economic news. Unemployment remains low and wage growth, though nothing to overly celebrate, has held steady or increased for several years in a row. There is strong demand for home buying, emphasized by higher prices and multiple offers on homes for sale in many submarkets. As has been the case for month after month – and now year after year – low inventory is the primary culprit for any sales malaise rather than lack of offers.
With job creation increasing and mortgage rates remaining low, the pull toward homeownership is expected to continue. Overall, new listings in the area were up 9.8% and the median sales price increased 4% to $260,000.