Charleston. Oh Charleston. This market has been crazy everyone!
We love sharing the monthly Charleston, S.C. housing statistics with each of you in our monthly emails (if you don’t get them SIGN UP HERE). Searching for homes in the greater Charleston area or selling your beloved home can be scary enough without the rumors and talk of a crazy market; which is why we like to share the trends, stats and position of the housing industry with you, the more you know the better you can make your real estate decisions.
Since we’re approaching the 4th quarter of 2021 (which is seemingly still as chaotic as 2020) we thought we’d take a little peek into the housing market and what some forecasts are.
Year-to-date sales are up 23% (14,252 homes sold in 2021) while median prices continue to increase sitting at 17% higher than last year. The major factor in the market continues to be the inventory shortage. There just aren’t enough homes for sale in greater Charleston to keep up with the current demand. Homes on the market are selling in an average of 44 days on the market – basically a month! Forecasts predict this trend to continue for the next several YEARS based on the growing job force, average affordability and quality of life the Lowcountry provides.
Key Population Stats:
- City of Charleston is home to over 137,000 residents with more than 802,000 people living in the Charleston-North Charleston Metro area.
- Metropolitan area consists of Berkeley, Charleston, and Dorchester counties.
- Last year the population of Charleston-North Charleston grew by 1.5%, while over the last couple of years more than 4,200 people moved to the region.
- Population growth in Charleston was 18.5% between 2008 and 2010, growing nearly 2X as fast as South Carolina and 3X as fast as the U.S. average.
- In fact, each day 26 new people move to the Charleston Region.
- Over the next 10 years the population of the Charleston metro area is expected to grow by more than 25%.
- Median age in Charleston is 34 years vs the state median age of 39.
*Stats courtesy of the Charleston Chamber
If you are looking for some insight into this market, whether you are buying or selling in Charleston, S.C.- I would love chat with you!