Market Update and Upcoming Events

by Susan Gardner

Market Update

Is the market shifting? Yes! Is that a bad thing? No! Nationally the number of homes sold is down about 20%, however in the Charleston area, it is only down about 10%. The number of homes for sale is INCREASING. In the Charleston area homes for sale is up by about 13%, however, Summerville is up 34% mainly due to new construction homes.

Another big question we get frequently is: Is pricing going to be going down? The experts don’t think so. Historically, during a recession pricing goes UP. Out of the last 7 recessions pricing has only dropped during TWO. The last recession price INCREASED by about 20%. Houses have also appreciated about 10% within the last year and a half. The median sales price of a home in the Charleston area was $358k last year and increased to $395k this year. We expect about a 6% increase within the following year.

Homes are also starting to stay on the market for longer, leaving negotiation options open. We are also not seeing multiple offer situations as much anymore. Should you buy? YES! Are the rates going up? Also yes, however, if you buy now and rates go up you have the lowest rate. If rates go down, you can refinance to get a lower rate. Meaning, go ahead and get into your dream house! Contact us today here!

Upcoming Events:

• Third Thursday- September 15- 5:30-8:30- Downtown Summerville- Hutchinson Square, W. Richardson & Short Central- Theme is The Sweetest Week Ever. For more information on the upcoming Third Thursday click here!

• Sweet Tea festival Sponsored by Summerville Dream takes place September 17 from 2-8 pm in Hutchinson Square Downtown Summerville. There will be vendors, music, and even a sweet tea contest. For more information on the Sweet Tea Festival click here!

Below you will find helpful graphics about the current market!