Category: Market Statistics

In a much anticipated move, The Federal Reserve cut interest rates for the first time in more than a decade at the close of its July meeting . While it was stated this will not be an ongoing trend, it is seen as a precaution for what the future holds. Regardless of further cuts, the U.S. market remains favorable with a strong labor market, solid consumer spending and relatively high stock valuations.

Closed Sales +6.5% | Median Sales Price +4.1% |  Months Supply -7.7%

Market Statistics by Area

• Downtown Charleston
• Upper Charleston Peninsula
• Upper Mount Pleasant
• Lower Mount Pleasant
• Daniel Island
• Folly Beach
• Isle of Palms/Wild Dunes
• Sullivans Island
• Kiawah Island
• Seabrook Island
• James Island
• West Ashley
• Johns Island
• North Charleston

Featured Property

JUST REDUCED $100,000! 410 Patriot Street, Sullivan’s Island
This beautifully appointed coastal home was thoughtfully planned featuring 6 bedrooms and 4.5 baths, heart of pine floors, an extra-wide screened porch and stunning rooftop deck with some of the best panoramic views of the island!

Upcoming Events in Charleston

Charleston Summer Wine Festival  August 17
Sip the night away as Charleston Wine Festivals hosts the first Charleston Summer Wine Festival at Memminger Auditorium on Saturday, August 17, 2019, 6pm-10pm. Enjoy over 50 wines, mimosas, beer, live music & DJ.

2019 Grape Stomp Festival  August 24
The 2019 Stomp Festival promises to be THE event of the year at Deep Water Vineyard. Join us Saturday, August 24th from 10am- 5pm.

SC Reggae Jerk & Wine Festival   August 25
It doesn’t get much better than Jamaican Jerk foods paired with wine, reggae music, and a stroll around beautiful Magnolia Gardens – all while benefiting a good cause! Sunday, August 25th, 12-7pm

Lowcountry Jazz Festival   August 31 – September 1
South Carolina’s premiere annual Smooth Jazz event returns to the Charleston Gaillard Center Saturday, August 31st and Sunday, September 1st with a stellar lineup of superstar artists and up and coming instrumentalists and vocalists.

Overall the economy is performing well due to factors such as low unemployment and solid retail sales. An interest rate reduction seems likely in 2019 and would, especially in the Charleston market, be a welcome opportunity for growth.

Closed Sales -1.3% | Median Sales Price +7.3% | Months Supply -5.1%

Market Statistics by Area

• Downtown Charleston
• Upper Charleston Peninsula
• Upper Mount Pleasant
• Lower Mount Pleasant
• Daniel Island
• Folly Beach
• Isle of Palms/Wild Dunes
• Sullivans Island
• Kiawah Island
• Seabrook Island
• James Island
• West Ashley
• Johns Island
• North Charleston

Featured Property

Pool party anyone? 😎🍹 This stunning marshfront home on Sullivan’s Island recently underwent a whole-house renovation by Renaissance South Construction where no expense was spared! Enjoy gorgeous marsh views from the unbelievable outdoor area with spacious deck, infinity-edge pool, large hot tub, and cabana area complete with a grill, bar and sitting area perfect for relaxing and entertaining! For more information, visit www.2402Raven.com

We Did It Again!

Did you hear the news? For the 7th consecutive year, the readers of Travel + Leisurehave named Charleston the No. 1 city in the US. I can’t say we’re surprised, but we’ll take it! To read the full article visit: bit.ly/ChasNo1USCity

Where to Eat in Charleston, July 2019

Baker and Brewer

Baker and Brewer   |   Downtown Charleston
Located at the former home of DeSano Pizza Bakery, Baker and Brewer is the hottest new pizzeria and brewpub from the makers of EVO Pizzeria and Holy City Brewing.

Dashi   |   North Charleston
Fans of Dashi’s foodtruck (myself included) are thrilled to finally see a brick-and-morter restaurant, serving up Asian and Latin cuisines – now with an expanded menu!

The Salty Dog

The Salty Dog Cafe   |   Bohicket Marina
After a long wait, The Salty Dog has opened in Bohicket Marina (right next to our Kiawah/Seabrook office!) offering waterfront dining with some pretty great views.

Maison  |   Downtown Charleston
Brought to you by Carlton “Vandy” Vanderwarker, the former chef de cuisine at The Ordinary, and former Fish bartender, Will Love, Maison is a french inspired bistro sure to please!

As we hit the mid-year mark, we are starting to notice a reoccurring trend – low inventory and steadily increasing home sales. In addition to this, we are currently seeing a slight rise in days on market (up 8.5% from this time last year), which is most likely due to schools being out for the summer causing buyers to wait to make those large purchase. That being said, markets across the country are starting to level off, meaning more wiggle room for buyers which is always a good sign. As long as the weather works in our favor, we anticipate a healthy real estate market for the Charleston area.

Closed Sales +3.0% | Median Sales Price +4.0% | Months Supply -2.6%

Market Statistics by Area

Spring has SPRUNG and eager buyers are out in full force this season. With beautiful weather and new listings up 4.2%, it’s no wonder competition is fierce for well-priced homes in the Charleston area. Although inventory is still a factor, sellers are poised to make quite a profit in the coming months. With the the national unemployment rate dropping to 3.6% during April 2019 (the lowest level since 1969) we anticipate a positive affect on the real estate market.

Closed Sales -2.6% | Median Sales Price 0.0% | Months Supply 0.0%

Market Statistics by Area

Despite mixed weather patterns across much of the U.S. in the first quarter, prices in the Charleston,SC market moved higher as the Median Sales Price was up 5.8 percent. Many home buyers and sellers are sighing in relief as the Federal Reserve announced there will be no further interest rate hikes planned for 2019. This is great news for the area and we anticipate increasing numbers reflected not only in home sales, but in terms of mortgage rates as well, which typically follow suit.

Closed Sales -9.1% | Median Sales Price + 5.8% | Months Supply -2.6%

Market Statistics by Area

Despite early predictions of a housing market slump, February numbers indicate a resilient market, even with inclement weather in other parts of the country deterring some buyers. While it is too early to predict how the rest of the year will pan out, we do anticipate an active market as the weather gets better and more buyers flock to the city to find their forever homes.

Closed Sales +9.4% |  Median Sales Price + 2.9% | Months Supply -5.4%

Market Statistics by Area

January brought out a new crop of buyers with a renewed enthusiasm in a new calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Despite home affordability continuing to be an issue, early signs suggest the market is beginning to improve, with more homes coming on the market just in time for the summer months.

Closed Sales -16% |  Median Sales Price + 2.7% | Months Supply 0%

Market Statistics by Area

The facts of residential real estate have remained consistent in 2018. In year-over year comparisons, inventory is lower in most locales, and yet homes sales continue to rise. Although the Federal Reserve’s latest rate hike deterred some buyers at the end of 2018, 2019 looks a little more promising with the Fed Reserve indicating half the amount of hikes, thus in theory creating a more balanced market. With unemployment rates low and wages starting to increase, we are hopeful inventory will increase, although, the biggest concern continues to be affordability.

2017 vs. 2018 Quick Stats:  Closed Sales -4.8% |  Median Sales Price +5.1% | Days On Market -6.8%

Market Statistics by Area

New residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy.  Some markets have had increases in signed contracts, but the vast majority of the nation continues to experience fewer closed sales and lower inventory compared to last year at this time. Despite there being fewer homes for sale, buyer demand has remained strong enough to keep prices on the rise, which should continue for the foreseeable future.

Market Statistics by Area

The three most prominent national market trends for residential real estate are the ongoing lack of abundant inventory, the steadily upward movement of home prices and year-over-year declines in home sales. Sales declines are a natural result of there being fewer homes for sale, but higher prices often indicate higher demand leading to competitive bidding. Markets are poised for increased supply, so there is hope that more sellers will take advantage of what appears to be a ready and willing buyer base.

Market Statistics by Area