March Market Update: Charleston's Real Estate Trends & Economic Outlook

A lot of people are curious about the current state of the market compared to last year, and it's showing promising signs. The price per square foot has risen by approximately 10.5%, a remarkable increase, and pending home sales have also seen a surge of around 10%. This marks a significant improvement. The market experienced a slowdown when rates increased, affecting its pace. Additionally, sellers are now achieving around 98% of the asking price on average, down from the previous 100%, indicating a slight shift in negotiation power towards buyers.

While sellers have had the upper hand for some time, it remains a seller's market with continued appreciation, albeit not as aggressive as before. However, if rates decrease further, buyers might find themselves with limited negotiation opportunities once again. Therefore, this is an opportune moment for buyers to capitalize on negotiation possibilities. Anticipated double-digit price appreciation suggests that locking in current prices is advisable. Despite rates hovering around 6.5%, the prospect of refinancing into lower rates in the near future adds to the appeal of purchasing now.

For sellers, there's a new trend in the market, the guaranteed offer program, which simplifies the selling process by providing an upfront offer. This program eliminates the need for showings, open houses, and repairs, offering convenience to sellers. Moreover, sellers can stay in their homes for up to a year after closing, facilitating smoother transitions between properties. Compared to alternatives like bridge loans, this program proves to be more cost-effective and efficient.

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Charleston's robust economy, driven by various industries including technology, manufacturing, and tourism, ensures continued strength in the housing market. Major companies like Google, Battery Manufacturing, Land Rover, Volvo, Boeing, and expansions in sectors like healthcare and education contribute to a diverse and resilient economy. Despite fluctuations in certain sectors, the overall economic stability provides confidence for prospective buyers and sellers in Charleston.

In conclusion, the housing market in Charleston remains favorable for both buyers and sellers. With a strong economy and promising market conditions, now is an opportune time to make informed decisions regarding real estate transactions. If there are any inquiries or feedback regarding the housing market, feel free to reach out. Your input is valued.

If you have any real estate-related questions, don’t hesitate to reach out to via phone or email today.