As of late, the housing market has undergone changes in various locations of the country, and this may leave you wondering how these changes are affecting the real estate scene in Charleston County. Will housing prices drop? Is it a buyer’s market or a seller’s market? In light of all of this, our team of Charleston real estate agents would like to offer some additional insights on the changes we’ve noticed to help buyers and sellers better comprehend everything. Here’s what we’ve observed:
Average Median Sale Price
The average median sale price for homes in Charleston has continued to rise, as this has been a consistent trend over the past few years. We’ve noticed that average median prices for single-family homes and townhomes have both gone up. Currently, the sale prices for homes in Charleston are a bit over 3% higher than they were in 2022. With this, the Charleston housing market is still below the national average, which stands at roughly 8%.
Although the median sale price of homes in Charleston is on the rise, many homes aren’t being sold above their listing price. Compared to the previous year, the percentage of homes sold above their listing price has gone down by 23%.
Historically, Charleston is a consistent area for job growth and is not anticipated to drop anytime soon. Due to steady job growth, Charleston has historically been a stable are to invest in real estate. Our dedicated team of Charleston real estate agents are committed and here to offer you guidance and smooth transactions when looking to buy or sell in Charleston County.
If you’re a buyer or seller who wants to understand how the current housing market changes may impact your decisions, reach out to our experts at Charleston Empire Properties. Our team of experienced and trusted Charleston real estate agents specialize in luxury properties, and we have a thorough understanding of the local market. Contact us today to being your home-buying or selling journey!