Back to School: Housing Market Takes a Break

Summer is a very booming season for the real estate industry. While the demand in Charleston is always high the market definitely sees a decrease in activity when school gets back in.
(Who doesn’t need a break after summer!?)

The inventory in Charleston still remains low overall creating the appearance of “off the chart demand” year round despite the actual slow down we do feel within the real estate industry as summer ends.

For July there were 2,170 homes for sale in Charleston County, down 3.5% from last month.
Volume of homes for sale in this real estate market have seen the following changes according to RocketHomes.com:

• number of 1 bedroom homes increased by 9.3%
• the quantity of 2 bedrooms homes went up by 2.7%
• the quantity of 3 bedrooms homes went down by 5.8%
• 4 bedrooms homes inventory decreased by 4.7%
• 5 bedrooms homes inventory decreased by 3.5%

This combined with 30+ new residents each day it’s no wonder we continue to see a strong seller’s market in the lowcountry. {*According to charlestoncountydevelopment.org.}

However, increased interest rates are starting to slow the enthusiasm of those selling their home, as they would have to buy new with a higher interest rate than they (most likely) have. With sellers beginning to get more conservative in their listing decisions and summer on the out it’s likely you will see some headlines discussing a ‘housing crash‘, ‘market downturn‘, or, my favorite, ‘the real estate bubble bursting‘. It’s important with the real estate industry to do your own digging. These headlines may appear true at a glance but it takes looking at the whole picture when it comes to Charleston, SC to determine the housing market standing.

If you are in the market don’t be deterred. Rates aren’t HISTORICALLY high, just higher, refinance is always an option down the road and with the right realtor and some patience the perfect house will happen. If you are needing or, even, wanting to sell your home it’s important for you to have the confidence in this market to list, stage and price correctly. Front Porch Properties SC is here for all of our clients- sellers and buyers, in ALL markets. We will direct you using years of experience and expert (current!) industry knowledge.

Reach out to us today with any concerns or questions you may have- we are here for you.