Today my daughter and I will give you a quick real estate market update.
Life is crazy with everyone under quarantine, but the market isn’t taking as big a hit as you might think.
Home prices in Charleston are actually steady. Looking at the history of home sales, we’ve found that homes are still consistently selling within 5% of their listing price. Sellers are negotiating a little bit, but not all that much, given the situation.
With everyone self-quarantining, home showings have decreased across the nation. However, there is some good news: the buyers who are looking at homes virtually or in-person are very serious, motivated buyers.
Homes that are under contract tend to be in lower price ranges. Inventory is still very low in Charleston, which is good, but higher-end homes aren’t selling as well—this might change once people can start going out and about once the pandemic has settled.
As a final note, we just wanted to give a huge thank-you to all the doctors and nurses out there on the frontlines who are fighting to keep us all safe and healthy. You are more appreciated than you know.
If you have any questions about the market and how it is being impacted by COVID-19, don’t hesitate to reach out to us.