AgentOwned Real Estate Trend: Builders Respond to Demand for More Affordable Homes in Charleston

In the realm of Real Estate, especially in the charming locale of Charleston, SC, affordability has emerged as a pivotal concern for homebuyers. Factors like higher mortgage rates and escalating home prices due to limited inventory have spurred a shift in focus towards more budget-friendly options. This trend has found a promising solution in newly constructed homes, which now constitute a substantial portion of available listings.

Recent data from the Census paints a compelling picture: in June, a higher proportion of newly built homes sold were in lower price brackets compared to 2022. Just last year, a mere 58% of new homes fell below the $500,000 mark. Fast forward to June, and this figure surged to 65%. This indicates a significant surge in the acquisition of more economical, freshly constructed homes in the face of ongoing affordability concerns.

Builders have astutely acknowledged this shift and are taking proactive steps. As George Ratiu, Chief Economist at Keeping Current Matters, notes, "Builders are also responding to this shift by bringing slightly smaller homes to market in an effort to meet lower price points..." The Census data reaffirms this trend, showcasing a recent dip in the median sales price of newly built homes. Mikaela Arroyo, Director of the New Home Trends Institute at John Burns Real Estate Consulting, underscores how this trend is opening avenues for prospective homeowners, stating, "...it is creating opportunities for people to be able to afford an entry-level home in an area... if you get that size down, that automatically will make it a more affordable home. The [builders] that are decreasing [size] the most are probably the ones that try to build more of an affordable product."

In this dynamic landscape, an expert real estate agent from AgentOwned Realty can be your guiding light. They possess an intimate understanding of the local market, especially when it comes to the best places to live in Charleston, SC. By teaming up with an AgentOwned professional, you gain access to a treasure trove of knowledge on newly built homes and those still in construction. This partnership equips you with insights on builder reputations, contracts, and negotiations, ensuring a seamless homebuying process.

In the face of the ever-changing Real Estate market, finding your dream home within budget can be challenging. That's why connecting with an AgentOwned Realty expert is a crucial step. With their unparalleled knowledge of the Charleston area and the top-rated real estate agents in the region, you'll have a trusted advisor by your side, ready to help you navigate every step of the journey. Whether it's schools, jobs, or the climate in South Carolina, your AgentOwned agent is your go-to source for all things Charleston, SC.

If you’re looking for your dream home, or if you need to sell your existing home, we can certainly help, our agents are ready and able! Agent Owned is a full service brokerage that can assist you in getting pre-qualified to loan approval. We can help you with title insurance, home insurance and the warranties you need to protect your most valuable asset. At AgentOwned, we have helped thousands of people buy and sell their homes, we have been in business for over 30 years and know what it takes to get the job done right the first time. 

Each agent has access to a team of qualified professionals from attorneys to mortgage specialists and access to a knowledge base of highly experienced Brokers that can handle any situation. Find the right agent now at: https://www.agentowned.com/all-agents 

To learn more about South Carolina including schools, employment and more see: https://www.agentowned.com/moving-to-south-carolina 

If you’re interested specifically in the Greater Charleston area see: https://www.agentowned.com/moving-to-charleston-sc 

If you’re looking for information about Manning, Sumter and the Lakes Area, see: https://www.agentowned.com/moving-to-manning-sumter 

And if you’re interested in the greater Anderson area see: https://www.agentowned.com/moving-to-anderson