Charleston South Carolinas Real Estate Market Update for September

🏫 School's Back, Real Estate is in Session! 🏡

Summer may be fading, but exciting times are ahead! As we embrace the return of routines, let's catch up on the real estate scene. 😊
🌞 I'm personally looking forward to the warm days and cool nights ahead. Hopefully, we'll get some low humidity too – a win for everyone's hair game! 💁‍♀️
This summer, the real estate market has been quite the ride. It's different from previous years, with fewer sales, but guess what? Prices are holding strong! 📈 There was talk of a housing price collapse when rates skyrocketed last fall, but that's not what happened. We're still in a robust market.

🏡 Here's a quick update:




Average Sales Price: In July, the average sales price was $555k, up 0.5% from last August. Prices are staying resilient, mainly due to low inventory.

Average Days on Market: Our average days on market for a home is at 30 days, up 57.9% from August last year. Expect this to increase slightly, but well-priced homes in the right areas are still moving fast.

Average Months of Inventory: We have about 1.8 months of inventory, unchanged from last August. We're in a balanced market. Buyers are active, and even rising rates won't stop those who need a new home.

New Listings on the Market: In July, there were 1,975 new listings, down 0.6% from last August. Fewer people are moving if there's no need, especially with the majority having mortgages under 5.5%.

Homes Under Contract: July saw 1,575 homes go pending, up 2.5% from last year. New construction homes are booming, up 48.7%, while the resale market is down 10.7% for July due to enticing incentives.

Closed Homes: In August, 1,585 homes closed, down 3.9% from last year. But new homes were up 27.3%, while resale was down 12.7%. Something to consider as a seller.

So, what's the takeaway? 🤔

Well, predicting the future isn't easy, but here's a tip: a 30-year mortgage, even at 7%, remains a great hedge against inflation. Buying offers stability against rising rent costs.

As for the market, we're likely in this scenario for a while. Next year's an election year, so we'll see. The Fed might not rush to drop rates, as that could lead to a rush of buyers and even higher prices. It's a complex puzzle!
Have questions or want insights? Feel free to reach out. I'm here to help! Until next time, stay onward and upward! 🚀


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