We’ve taken a look at the Charleston housing market, and things may be beginning to slow down.
The Charleston market has been hot, but is it starting to cool off? Let’s take a look at how our area’s real estate market is doing.
Charleston County as a whole has seen average sale prices rise to $514,000. I consider $500,000+ as a luxury market, so we can often see our average pricing in that luxury range. In this same county, a home’s average number of days on the market is 60 days.
When you look at Daniel Island, a comparable high-end market, the average price is $941,000 with the average days on market at 78. Downtown sees an average price of $3 million with 90 days on market.
If we look at more affordable areas, such as Johns Island, the average price is $375,000 with 54 days on market. West Ashley has an average price of $348,000 with 37 days on market.
We’ve seen a hike in interest rates recently, and combined with sales prices creeping up, we may see the market begin to slow. As a buyer, this means you’ll have more opportunities. On top of this, homes are being sold at 4% below list price on average. Sellers are able to stick somewhat close to original pricing, but it’s still important to price wisely according to the surrounding market.
If you need guidance in buying or selling a home, have questions, or would like some more information, feel free to contact me. I look forward to helping you.