How's the Market? June 2018

Jun 21

Jun 21 How's the Market? June 2018

How's the market?

“How’s the real estate market in Charleston?” is the question I get asked most frequently. The answer to this question is somewhat complex however, so in today’s post I’ll break down exactly how the Charleston real estate market is in June 2018.

It's a sellers' market?

What does that even mean? A sellers’ market simply means that demand is high and supply is low. Demand is high because the Charleston area has seen a population boom with newer companies adding to our economy and being named consistently a top destination to live. Supply is low because there just aren’t enough homes for sale. Supply depends on a variety of factors. The construction of new homes isn’t at the level the market needs. Current home owners are content with where they live, so people aren’t upgrading and downgrading homes as they usually do.

If you are interested in selling, now is a great time to do so. You can capitalize on the low inventory of homes in the current market and cash in on the equity you've gained as a home owner. Pay attention to the market in your neighborhood. Even though prices are up, you can't expect to price your home at an exorbitant amount and expect it to sell. Working with a realtor can really help you price your home right to seem appealing to buyers.

What does that mean for buyers?

Buyers in a sellers’ market have to be ready to make an offer when they find the right house. In May 2018 the median number of days on the market was 14. With only 14 days to find a house and make an offer, buyers can also predict multiple offer situations. Multiple offers means that your offer has to be competitive against other buyers.

How much is a house right now?

Currently in the entire Charleston Trident Association of Realtors Multiple Listing Service, the median home price for May 2018 is $273,438. This number is up 5.2% from last year. In the current sellers’ market you can expect home prices to continue to rise. The following tables list the median home price from May 2018 of several towns throughout the area.