Seabrook Island & The Greater Charleston Market
The question I get the most from sellers is: will increased rates negatively impact my home’s value? And the question I get most from prospective buyers is: will rising interest rates cause home prices to drop? After the past year—that witnessed escalating month-over-month rates and rising home values (at least for the first of 2022)—it was predominately a seller’s market. Buyers were faced with limited inventory, as well as increased competition (across much of the nation), causing many eager home buyers to make offers on homes they hadn’t even seen. Part of the hysteria was created by the media, who have a tendency to sensationalize market numbers in order to grab attention. The net result for many was an acute sense of anxiety. Fortunately, the state of the market is not all gloom and doom. In fact, for Seabrook Island particularly—and for Charleston SC, generally—we are actually entering a more stable and balanced market that is sure to witness increased activity over the next few months.
Home Values On Seabrook Island Remain Strong
When the national news makes a sweeping claim that “home values are dropping,” that is not necessarily true across the country. A lot of that is determined by location, and even particular neighborhoods. For instance, home values in Pittsburgh, Pennsylvania are not reacting in the same way as home prices in Charleston, SC. It’s not apples to apples. Charleston is a desirable 2nd-home and retirement destination that has seen home values retain their value. That’s especially true in highly coveted, master-planned communities like Seabrook Island. The fact that the community is private— and oceanfront—ensures that home values will remain strong, likely increasing year over year.
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CONSIDER SOME NUMBERS
Seabrook Island Homes continue to hold value,
even ticking up in 2022, despite an uncertain market economy:
2022
Avg. price single-family home: $1,392,691
(Homeowners received 97.33% of their list price)
2021
Avg price for a single-family home: $964,680
(Homeowners received 97.39% of their list price)
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Interest Rates Have Likely Plateaued
As of this writing, interest rates are hovering around 6%, even dipping into the 5’s on occasion. The general consensus by many is that the worst is over, in terms of rising rates, that ticked up continuously in 2022. And though some prospective buyers (and sellers) are fearing a potential for a flooded market, that is simply not the case. There are, in fact, fewer homes on the market right now than there were in the pre-pandemic days. Even if that number increases over the spring/summer, the market should remain quite strong—with more opportunities for buyers than in the past 12 months. And the fact is, the number of available homes on Seabrook island has dropped each of the last four months (since fall 2022).
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Number of Homes for Sale (Sept 2022 vs Present):
Sept 2022:
18 Homes Available
Current 2023:
10 Homes Available and 9 proposed construction listings
Current Avg Price Single-Family Home:
$2,395,693
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Now’s The Time On Seabrook Island
With home values remaining strong and interest rates having dropped recently, the next couple of months should be the best opportunity for buyers in some time. It’s not like Charleston SC is going to become less popular in the coming months and years. It is only going to grow in popularity and appeal. After all, with all the accolades the city garners for tourism and southern hospitality, it will continue to be sought out by families and empty nesters looking for a vacation or primary home. A private community like Seabrook Island—which features a dream beachfront setting, premier amenities, and an elevated living experience—is only going to increase in value as the region itself becomes increasingly more coveted each year.
Let’s Talk!
If you have questions or simply want to know more about selling your current property or buying/building a new Lowcountry home, please contact me at your convenience. I look forward to helping you realize your real estate dreams in the Charleston area.
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