Charleston Real Estate Market Update: April 2024
Are you a homeowner in the Charleston Tricounty Area or considering becoming one? In this blog post, I'll provide you with a comprehensive update on the latest real estate market trends from April 2024. Whether you're looking to buy or sell, read till the end to uncover hidden opportunities in the market.
High-Level Market Overview - Month of Supply: In April, the Tricounty area saw approximately 2 months of housing supply. This remained consistent across counties: Berkeley County had 2.3 months, Charleston County had 2.2 months, and Dorchester County had 1.8 months of supply. These numbers indicate a solid seller's market, with low inventory levels continuing to drive prices upward.
Average Price: The average home price in the greater Summerville area held steady at $416,000. However, there were notable changes in Berkeley and Charleston Counties. Berkeley County witnessed a modest increase from $497,000 to $517,000, while Charleston County saw a significant jump from $810,000 to $971,000. Despite this surge, it's likely influenced by a few high-priced sales, and a correction may follow in the upcoming months. Nonetheless, these figures support a robust housing market with prices on the rise.
List to Sale Price Ratio: Across all areas, the list to sale price ratio remained high, ranging from the 96th to 97th percentile. This indicates that homes are selling close to their list prices, reflecting a competitive market environment.
Days on Market: In March, the average days on market for homes in the greater Summerville area was 43 days, a slight increase from the previous month but consistent with the same period last year. Similar trends were observed in Charleston (30 days) and Berkeley Counties (42 days), highlighting the persistent demand in the Charleston area housing market.
Interest Rates: Interest rates averaged between 6.5% and 7.5% last month, with a slight increase on the lower end. However, overall rates have remained relatively stable. It's essential to keep in mind that there are various factors such as loan terms, seller incentives, and individual borrower qualifications that determine your exact rate.
Market Trends Insight: The market in the Charleston area continues to exhibit strong growth and price stability. With interest rates leveling out and not expected to change significantly in the near future, waiting to buy a home may result in missed opportunities. It's crucial to take proactive steps and explore purchasing options with a mortgage lender or real estate professional to capitalize on the current market conditions.
Conclusion: Our commitment is to provide you with honest insights to empower you in making informed decisions tailored to your needs. If you're interested in further discussing your real estate goals or exploring available opportunities, feel free to reach out to us. Otherwise, check back next month for an update, and don't hesitate to explore our other content for valuable information.
If you're ready to take the next step in your real estate journey, reach out to us via text or email. We're here to assist you in navigating the dynamic Charleston real estate market.
