As we head fast into the spring market, many, both around the nation and in Charleston, are trying to gauge what the economy will look like and what we can expect from the spring real estate market. The Charleston market, like everywhere in South Carolina, remains red-hot with some areas experiencing a double-digit explosion in home values. In December of last year, the average home in South Carolina was valued at about $301k, which is up nearly 18% from year to year. Forecasts are that home prices will continue to steadily rise over the next twelve months or more, with projections for the third quarter higher than at the same time last year.
What Are the Best Predictions Available?
Zillow recently released forecasts that in December, seven of 15 metropolitan areas in South Carolina are predicted to see a gain in home prices from November 2022 to this November. In Charleston, SC, alone, home prices are estimated to begin to flatten and stay steady. The other eight metropolitan areas are likely to see a decline in home prices, but they will be minuscule, projected to be about 0.1% to 3.8%.
The South Carolina Housing Market in a Nutshell
There were over 21k homes in South Carolina for sale in December of last year, which is down over 2% from the previous year. Newly listed homes were likewise down nearly 30% year over year. Other statistics to pay attention to are:
- The median number of days on the market was 63, which is 10 more days than last year
- Home prices in December 2022 were up over 10% when compared to last year, with a median price of $370k
- The number of homes sold is down nearly 35% when compared to last year; nearly 5,000 were sold in December 2022, which is down from the height of 7,630 in December of last year
- The sale-to-list price was 97.8%
- 15.2% of South Carolina homes sold above listing price
Will the Charleston Housing Market Crash?
There are plenty of naysayers who are speculating that the housing market in Charleston is headed for a crash. The local numbers, however, do not support that prediction. The monthly figures do indicate that things might experience a slowdown, even if it is just 11%. The number of homes available has also decreased by 34%, while the properties for sale have decreased by 2.2%, meaning that there still aren’t enough listed homes to meet demand.
So, Is Now a Good Time to List or Buy in Charleston?
Unfortunately, even among Realtors, there is no such thing as a crystal ball. Those of us who have deep ties to the community, however, have many indicators and experiences that allow us to forecast what the market will do. Even if there is a slowdown, that does not mean that there will be a market crash any time soon. Charleston is one of the most popular relocation areas in the nation. If you intend to buy or sell in Charleston over the next twelve months or so, it is a good idea to pull the trigger now, rather than waiting.
Conclusion and Final Comments
Never before has South Carolina, specifically Charleston, real estate been such a hot commodity, and although there are always those who will project doom and gloom, what we are seeing is that even if there is a slowdown, that doesn’t mean that home buying and selling is out! Jackie Moore is a professional in the area who is committed to the best customer service experience, limiting stress and helping to find your forever home today! Contact her to get started!
