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Market Conditions
Home » South Carolina » Charleston Real Estate » Market ConditionsPosted by Your Guide on May 10, 2006 5:24 PM
The real estate market in Charleston is moving at a fast pace with homes staying on the market for between 50 and 90 days. The majority of home sales are because of relocations, but move-ups are also becoming more and more popular.
The average price of a home in the Charleston area is around $375,000, but residences at all price points are offered around the city. Sellers have been receiving their asking price as much as 98% of the time, indicating that it is a seller’s market. In fact, it is not unusual for a property to receive several offers at or above the asking price.
But you’d be surprised to know that it is also a buyer’s market as the interest rates are still considerably lower than typical. The home prices are slowly but steadily increasing as the population and job market increases, making real estate a popular investment in the Charleston area.
Because the homes are selling so quickly in Charleston, new construction homes are becoming fewer and farther between. Many of these homes are pre-selling at a rapid rate. However, plans for several new neighborhood developments are in the works as well as shopping centers and commercial properties throughout all the areas of Charleston. The benefit to the lay out of the city is that all of the new developments will still be in close proximity of all the popular attractions in the Charleston area.
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