Charleston Real Estate Market Update: March 2024
If you're a homeowner in the Charleston Tricounty Area or considering becoming one, you're in for a treat. In this blog post, we're dishing out the latest scoop on real estate market trends from March 2024.
Market Overview
Let's start with the big picture. In March, the Tricounty area saw around 2 months of supply, indicating a solid seller's market. This metric, known as Months of Supply, measures how long it would take for all houses on the market to sell. Less than 4 months of supply is an indicator of low inventory and will drive prices up across the region. Greater than 6 months supply means inventory is high and this will drive prices down. 4-6 months supply is considered a balanced market.
Price Trends
The average home price in the greater Summerville area bumped up to $411,205, a slight increase from the previous month. This is expected as we are entering the busier spring market and most likely just a sign of normal seasonal changes. However, it's worth noting that home prices vary significantly across the Tricounty area, with Charleston County averaging $809,906 and Berkeley County at $496,814.
List to Sale Price Ratio
Sellers are still enjoying high list to sale price ratios, with homes consistently selling close to their list prices. This trend holds true across all Tricounty areas, including Summerville, indicating strong demand and competitive market conditions.
Days on Market
Properties are still selling very fast in our area, with homes in the greater Summerville area taking an average of 36 days to go under contract in March. This marks a notable decrease from the previous month, signaling the onset of the busy spring season. Similar trends were observed in Charleston and Berkeley Counties, with average days on market ranging from 33 to 39 days.
Interest Rates
While current interest rates range from 5.875% to 7.5%, they're still favorable for buyers despite not being at historical lows. With housing prices continuing to rise, waiting might cost you more in the long run. We recommend consulting with a lender early on for a personalized assessment. As your realtor, we can help you negotiate for purchase contract conditions that could lower your interest rate.
What It All Means
In summary, the real estate market in the Tricounty area remains robust. Rising home prices, low inventory, and high demand indicate a thriving market, especially as we head into the busy spring season. Whether you're buying or selling, it's essential to consider your unique circumstances and explore personalized options to make informed decisions.
Your Next Steps
If you're looking for a precise analysis tailored to your home or want to explore potential opportunities in the market, we're here to help. Reach out to us to request a complimentary market evaluation or schedule a pressure-free consultation with our team. Your journey towards real estate success starts here.
We look forward to assisting you on your real estate journey. Stay tuned for next month's update!
