The Key Word is "Normalize" When Looking at the Current Market

Just weeks ago, the national headlines were reading an imminent real estate decline and perhaps a re-do of the 2008 housing nightmare. Yet the weeks go on here in Charleston and real estate values continue to hold strong. So strong, in fact, that the region is up 16% in value year-over-year. 

CTAR’s recently-released June data shows a median sales price of $420,000 with 10% fewer sales compared to last year’s blockbuster numbers. While the number of sales are slightly down, inventory has ticked up 20%, much to the delight of buyers. 

“While sales volume is still lower than last year’s record-breaking pace, the great news is that we’ve seen inventory increase over the last month. While higher interest rates have reduced some consumer’s buying power, there’s no shortage of buyers interested in our market and we continue to see demand remain stable” said 2022 CTAR President Jon Stroud.

Even with an increase in rates, Charleston remains a hot spot and gains new residents by the day. These prospective buyers know that home values remain solid here and a slight market charge is just a movement back to normal. 

Contact me today to learn about our local real estate market.