We’re seeing a bit of a slowdown in our market as 2019 nears its end.
What’s the latest news from our Charleston market as we near the end of 2019?
Charleston’s market has been strong throughout the year, but we’re seeing signs of a slowdown. However, there are still many detached homes going under contract. As of the recording of this video, there are 4,012 active listings and 2,319 listings under contract. In other words, 36% of all listings are under contract. In the condo market, things are a bit slower: There are 1,097 active listings and 419 listings under contract (or 27% of all listings).
Basically, homes are selling very quickly in the lower end of the market. Similarly, homes in the lower end of our rental market are being rented out quicker. To clarify, anything below $300,000 is what we generally consider to be the “lower end.”
The “higher end,” meanwhile, is anything above $500,000, and that’s where homes are selling slower. However, this can vary depending on your area. If your home is $500,000 and it’s the least expensive in your area, it will probably sell quickly.
Between now and the end of 2019, there are plenty of excellent buys you can make. Specifically, I’m advising buyers to look at new construction. If a new home builder has a lot of inventory they need to sell and get off their books before 2020, odds are you’ll be able to negotiate a good deal for those homes. All-cash deals close quickly, but I know plenty of loan officers who can help you close before the end of the year if you buy soon.
If you have any more questions about our Charleston market or you’re thinking of selling your home soon, don’t hesitate to reach out to me. I’d love to help you.