After the holiday festivities and the New Years resolutions have been made, we are left reflecting on what 2014 meant to the real estate industry. Over the last year the Charleston real estate market has roared back to life, and 2014 has shaped up to be one of the best years on record. Buying activity remained strong late into the fall, with the number of sales in the tri-county area reaching a record high.
Historic Downtown Charleston fared particularly well with 2014 showing a 16% increase in average sales price over 2013. Downtown also saw a 23% drop in number of days on the market and 5% fewer sales. The upper peninsula (above the crosstown) saw even greater growth over the last year, with over 19% increase in sales prices year over year. These numbers reflect the overarching trend we see across the greater Charleston area as we close out 2014 –
Inventory is Low, and Prices are Rising.
This is good news for sellers as it makes this spring the perfect time to put your house up for sale. Here at Daniel Ravenel Sotheby’s International Realty, we are well versed in using the market conditions to maximize your home value. Have a look at our E-Book below to find out how these market conditions manifest themselves in your area.
Click here for the Year End Market Report