Michelle Sees Opportunity Ahead
A lot has been going on in the Charleston real estate market lately. There’s been a bit of a correction, or balancing act, going on that should please both buyers and sellers. According to a recent article in the Post & Courier (August 31, 2024) that presents data from the Charleston Trident Association of Realtors (CTAR), there has been an uptick in available product: “a spike of 17% in listings this year means way more inventory for prospective buyers to choose from.” How much inventory? More than 2,500 additional houses are on the market today compared to just two years ago. “Today, the inventory has crossed the 4,000 threshold in a market that requires about 4,500 listings for a natural supply-demand balance.”
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Michelle’s Forecast: Optimism Ahead
“Things are looking pretty good this fall in the Charleston Lowcountry. With the increased inventory, the half-point Federal rate cut earlier in September, and the fact that home values continue to go up year over year at Seabrook Island and Kiawah, I expect to see a very active market for buyers and sellers.”
--Michelle Alymeyda-Wiedemuth,
Charleston’s Most Trusted Realtor
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2025 Charleston Real Estate Market Snapshot
Inventory: Active listings are rising, with homes sitting on the market longer. Median days on market have increased to over 50 days.
Pricing: Correct pricing is crucial. Price reductions are becoming more common as sellers adjust to current market dynamics.
Market Outlook: With a more balanced market emerging, both buyers and sellers need to be prepared. For buyers, getting pre-approved and understanding loan options is essential. Sellers should expect offers contingent on inspections and be open to repairs and improvements.
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DID YOU KNOW?
Home Values Remain Strong Nationally
Despite market slowdowns throughout the past year, home prices have continued to show strength. CoreLogic forecasts a 2.2% rise over the next year and some prognosticators are suggesting a cumulative 20% appreciation over the next five years.
“Contrary to some markets across the United States, Charleston has not witnessed a drop in home prices. Instead, the market exhibits resilience with prices steadily climbing. This trend aligns with Charleston’s growing popularity and economic development.” (NORDA Real Estate Investments)
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U.S NEWS & WORLD REPORT
CHARLESTON AMONG FASTEST GROWING CITIES IN U.S.
CHARLESTON, SOUTH CAROLINA
Best Places 2024-2025 Rank: 13
Population: 175,795
Median Age: 39
Median Home Price: $510,515
Median Household Income: $92,032
Net Migration: 2.95%
“Streets lined with colorful buildings, Spanish moss, oak trees and cobblestone roads make Charleston the epitome of Southern charm. Rich in history, natural wonders and fine dining, the Holy City has started to grow in resident population, increasing by 2.95% due to net migration between 2021 and 2022. It’s also home to the College of Charleston, which gives the city’s nightlife a little pep in its step.”
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LET’S TALK
“In today’s Lowcountry real estate market it is more important than ever to stay attuned and diligent. Be cautious and strategic. Watch to see how rates, home values, and inventory are trending. Above all, stay diligent and be prepared to act when the time is right. The current data regarding mortgage rates, general economy, federal rate cuts, and home prices offer a more promising outlook for buyers, sellers, and investors, alike. Now’s the time to speak with your realtor and lender so you can be ready to act.”
--Michelle Almeyda-Wiedemuth,
Your Seabrook Island Neighbor & Trusted Local Realtor
