Prices for Charleston homes are skyrocketing

Home prices in the Charleston region are increasing@Explore Charleston

There's a rising demand for homes in the Charleston region, with pricing continuing to rise even while the housing inventory is still lacking.

Preliminary data from the Charleston Trident Association of Realtors shows that 2,458 homes were sold in June at a median price of $353,544.

Although the inventory of homes in the Charleston region has increased for the first time in more than a year, it is still not enough to keep up with demand.

“It’s been going crazy, and with the lack of inventory out there, the prices have sky-rocketed,” said Joshua Perry, a realtor with Matt O’Neill Real Estate told Live5 News. “With the buyer’s demand as high as it is, it’s turned into a bidding war especially at certain price points, it has gone through the roof.”

The real-estate brokerage Redfin found that nearly 83% of their agents’ offers in Charleston faced competition this June.  The city came in second for the highest bidding-war rates on a list of 52 U.S. metropolitan cities.

Prices are sky rocketing@explore Charleston

An offer is considered part of a bidding war if a Redfin agent reported that it faced at least one competing bid. This data is subject to revision.

The housing market has been losing steam in recent weeks following months of relentless competition and surging prices that were driven by an intensifying housing shortage and a pandemic moving spree made possible by remote work. 

Buyer fatigue is likely one factor pushing down the competition rate, with some house hunters moving to the sidelines after losing bidding war after bidding war and/or getting priced out. An improving supply situation may also be making a difference, with new listings up 4% year over year. That means there are more properties hitting the market for buyers to bid on.

Meanwhile, U.S. News and World Report recently published a list of the 150 best places to live in the United States, placing the Charleston region in the top third.

The survey analyzed the 150 most populous metropolitan areas to rank them based on good value, being a desirable place to live, having a strong job market and a high quality of life.

Charleston, which has been named at the top numerous times by companies such as Travel & Leisure, and Conde Nast Traveler, ranked 42nd place in the study.

Three other South Carolina communities, however, beat Charleston; Spartanburg came in 24th in the survey, making it the best place to live in South Carolina. It ranked 18th in cheapest places to live.

Who wouldn't want to live in Charleston?@Explore Charleston

Myrtle Beach ranked 35th place for best places to live, but came in first for fastest-growing places.

Greenville was close behind, with a 38th place ranking. The study ranked it as the 16th cheapest place to live.

“Whether it’s Spanish moss dangling from oak trees or the smell of shrimp and grits wafting downtown, Charleston is sure to charm you,” the study states.

It listed Charleston’s average annual salary at $47,800, which U.S. News and World Report listed as less than the average American, while its cost of living is higher than the national average, “which makes Charleston a difficult place to live for those on a budget.”

According to the survey, Boulder, Colorado, is the top spot.

Follow me to see more articles like this.

...

Follow

This is original content from NewsBreak’s Creator Program. Join today to publish and share your own content.