Where Is the Charleston Market Heading and What Does It Mean for You?

Charleston Real Estate Podcast with Dave Friedman

There are many great Charleston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home,click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at [phone] for a FREE home buying or selling consultation to answer any of your real estate questions.

As the spring market kicks into full swing, we're coming off the best first quarter since 2005! Sales are on fire, inventory is extremely low, and homes are selling a lot faster than what has been typical over the last two or three years.

Because inventory is so low, the Charleston market is very favorable to sellers. If you're a buyer in today's market, you need to be ready to act quickly on a home that you think is desirable, as there will likely be other people who are interested in the home as well. The crazy thing about our inventory levels is that they are about as high as they are going to be for the rest of the year.

Over the past year we've seen an increase in home prices, from a median home price of $215,000 in 2014 to $221,000 this year. Interest rates remain at historic lows, hovering between 3.5% and 4.5%. The Fed has said they plan on increasing interest rates, which will decrease your purchasing power substantially. Rising rates will slow down the buyers who are out purchasing because homes won't be quite as affordable.

Now's the time to get the most out of the Charleston market. Low rates are great for buyers despite a crowded market, and now's the time for sellers to get top dollar, as inventory is incredibly low. If you would like to discuss your options, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to help you out!