Charleston Housing Update: Inventory Up 16%, Prices Up 12%

By Mikki Ramey

Mikki Ramey, a trailblazer in the world of real estate, has carved an inspiring path marked by dedication, expertise, and a profound commitment to her clients’ well-being.

Are you curious about what’s shaking up Charleston’s real estate market? After years of an inventory crisis, with homes for sale scarcer than a parking spot downtown, things are finally looking up. Inventory has jumped by 16% this year—buyers now have more choices. Conversely, sellers might need to sell closer to their list price or even consider a price reduction. Here’s why:

On home prices. Home values have increased. Compared to last year, the average home price is up 12%. So, prices are steadily rising even with more homes on the market.

On the impact of interest rates. Typically, higher rates indicate a slower market. However, many people want to move to the Charleston area, which creates a strong demand and a positive impact on our real estate market.

If you’re listing your home for sale, it’s crucial to consider showings and days on the market. Our days on the market have remained reasonably steady at about 30 days from when a home is listed until it goes under contract. The highest number of showings in our area is six between listing and contract, slightly down from last year. Every showing must count, so ensure you’re showing your home in its best light. For buyers, this means you often look at fewer homes and make decisions more quickly.

If you have any questions about what’s happening in your specific neighborhood or area of Charleston, call me at (843) 701-9186. We’d love to discuss the market and help you manage these changes.