2021 was a big year for us at Front Porch Properties and Staging Charleston, as well as for the entire real estate industry {especially in Charleston}. With inventory down 6%, median sales prices up 18% with most listings getting 2.7% of asking and selling in 52.7% less time Charleston county is a real estate force not to be reckoned with. Zillow predicts home prices will end 2021 a whopping 19.5% higher than the end of 2020. Who knew a pandemic would be such a boom for the market?! I mean, there’s your glass half full, am I right?
What does the market look like going into 2022? Looks like we may be in the seller’s season a bit longer. Interest rates will creep back up just a tad and the inventory is slowly increasing but overall it appears the demand for Charleston homes paired with continued labor & supply shortages will allow this surge to continue into the new year.
“Zillow predicts continued rapid price growth for 2022, though slower than the previous year, at 13.6%. A part of this is likely due to the return to some more traditional patterns in the real estate market, including the seasonality of heightened interest in spring and summer, with waning homebuyer activity and fewer home sales toward the end of the year.” – U.S. News.
Looking to buy or sell in 2022? I would love to chat!