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As we head further into 2022, I wanted to share my top three predictions for the real estate market in Charleston this year:
1. The market “bubble” won’t burst in 2022. This is a topic I’m asked about constantly. We are driven by inventory and demand. There are still very few homes for sale and plenty of buyers actively looking for properties in this location. This creates a seller’s market and no likelihood for a bubble burst this year.
2. Housing prices are going to increase. This is another function of a strong seller’s market. Until the inventory situation corrects, prices are only going to go up. They may go up another 10% this year alone.
3. Increased interest in second homes and investment properties. As people are traveling overseas less, we’re seeing beach homes really take off here in Charleston. That short-term rental market will continue to increase, and investors are out buying properties in droves because of the expected appreciation.
Those are my three predictions for the Charleston real estate market in 2022. If you have any questions about them or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
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