“2024 was a wild ride,” says Charleston’s trusted Lowcountry Real Estate expert, Michelle Alymeyda-Wiedemuth. “For much of the year, the country was facing an uncertain economy, shifting interest (and mortgage) rates, and lower-than-normal inventory nationally. It all made for more a cautious and deliberate real estate market across the country.”
As for the Lowcountry, the affluent real estate market fared pretty well compared to other coastal and resort destinations. The allure of the beaches, oak-lined streets, and Charleston’s rich heritage is stronger than ever, as many individuals and families are craving a Lowcountry retreat, either as a primary or secondary residence. And with some positive signs heading into the New Year, 2025 should be a strong year for Charleston real estate.
A More Balanced Market In 2025
Although the signs are positive and encouraging for a stronger real estate market, there are still uncertainties. This is the time to get with your bank and financial advisor to discuss your parameters and “be ready” to make an offer when the time is right. Equally important, make sure you work with an established realtor who is dialed-in to the locations your desire and responsive—someone who has both the experience and resources to ensure success.
Rates Are Looking Pretty Good
This is good for both buyers and sellers. Mortgage rates came down over the past few weeks—a trend that started right around the Christmas holidays. Already, activity has increased and the market is showing positive signs in early 2025.
Will The Federal Reserve Make More Cuts?
Who’s to say for sure but early indicators (and the Fed itself) suggested more rate cuts—who knows how big or little—and that potentially could lead to a decrease in mortgage rates and an increase in buying activity. This, of course, could means we could see a dramatic uptick in buying activity in the next few months.
A (Somewhat) Stabilized Market
Things are starting to normalize in the market, at least compared to last year. Strong home values and increased inventory are helping, especially in coveted destinations like Charleston and the surrounding barrier islands of Seabrook Island, Kiawah Island, Isle Of Palm, Sullivans Island and Daniel Island. Appreciation rates are projected to be more normalized and steady. A steady appreciation rate contributes to predictability and sustainability for both buyers and sellers.
What Can Buyers & Sellers Expect In 2025?
Buyers will welcome an expected decrease in mortgage rates and an increase in inventory, which could make 2025 a much stronger year for purchasing homes. Improved inventory and market accessibility might present some great opportunities, especially for those who have been put off by higher rates in the past.
Sellers are ready for some good news, as well. An increase in inventory leads to a more balanced market. Sellers who were reluctant to list their properties due to high mortgage rates might find 2025 more conducive to selling. Strong home values in Charleston and the expectation of normal appreciation rates could present a more active market with qualified buyers.
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Put Michelle Almeyda-Wiedemuth To Work For You
“If you are considering listing or purchasing a Lowcountry home in 2025 right now is the time to plan and get strategic. When you work with me, you have an agent who knows the Lowcountry market inside and out. I live in Seabrook Island. I relocated years ago from up north and I know all the in’s-and-out’s of relocating and making things clip along quickly without having you feeling overwhelmed. Above all, I have the resources, database, and marketing support of an international real estate company. At Sotheby’s, we can get sellers more qualified eyeballs on their property and for buyers, we have the latest technology and services to benefit you. We are equipped to help you relocate from one place to another through our extensive network. So whatever your real estate goals are in 2025, I will work hard to help you realize your dreams.” - Michelle Almeyda-Wiedemuth
