What are the latest trends in our Charleston market? I’ll tell you in today’s update.
The market environment here in Charleston has been pretty diverse. Given the fact that buyer affordability is a major issue, conditions still heavily favor sellers in our lower price ranges, meaning homes priced below $300,000 are going fast.
Whether you’re a buyer or seller, it’s important to pay close attention to the market and price point the home is in. Homes on the lower end of the pricing spectrum are receiving multiple offers, but it’s another story for those in the middle and upper price ranges.
There, the market leans toward buyers. Median-range homes in areas like James Island, Mount Pleasant, Isle of Palms, Johns Island haven’t been seeing a lot of buyer activity, and that segment of the market has remained static.
At the higher end, it’s taking even longer for homes to sell, and sellers in this price point are having to adapt by coming off their desired price a bit. There are exceptions: Homes with beautiful remodeling work or that are in pristine condition can still command a high price across all price points.
To recap everything, the lower end of the Charleston market is a seller’s market, while the higher end is in favor of buyers.
If you have any specific questions about the price ranges for your local area or neighborhood or about real estate in general, please contact me and my team. We’d be happy to help!