3rd Quarter Charleston Market Update
The Charleston Market continues its strong showing for 2018 into the fourth quarter of this year. Year over year statistics are showing price per square foot holding flat or slightly up in most markets. The beaches continue to show strong sales figures and traditional suburban neighborhoods are healthy as well. Interest rates are rising which has significant effects on affordability – and oftentimes, spurs buyer activity – particularly in the lower end and mid-market price points.
Downtown has not seen the explosive price growth of recent years and indicators point to a normalizing market, particularly those which had been seeing rapid appreciation over the past few years. We are still experiencing a tight inventory in the center of the city with fewer year to date sales (at slightly higher prices) downtown below the Crosstown. Some listings at the higher end are racking up days on market due to overly optimistic pricing. Among sold properties over $3M downtown, average sale price is $762 per SqFt (96% of final list price). For active listings at this level, average asking price is $909 per SqFt.
Overall the market remains strong and balanced, as we move into the traditionally slower sales period of the year. These statistics are a helpful benchmark for general information, but nothing replaces a professional, personalized assessment from your favorite realtor. Reach out anytime to check in and see how these numbers may impact you directly!