Charleston remains one of the hottest markets in the country after seeing an 8.1% appreciation in home prices over 2019. Here’s where the market is right now.
Before I get into today’s market update, I first want to introduce you to the newest broker-in-charge of Matt O’Neill Real Estate, Lisa Quick. She’s been a top agent with us for years now and deserves every bit of this promotion. It’s an exciting time in real estate, and she’s eager to lead the best team in Charleston.
An article was recently published that said Charleston was the 14th-fastest appreciating market in the country. In a year where the entire country saw price increases, Charleston home prices stood out and went up by 8.1%.
Since there is a lack of affordability starting to happen as prices go up, we’re not seeing gains that are significant so far in 2020. On average, there are still 36 people per day moving here to Charleston. Many of them are coming from Columbia, Greenville, Atlanta, and even New York.
One of the reasons we saw this price increase is because the Charleston Metro Chamber showed that we need to approve 7,000 new home units a year to keep up with the demand. For the last decade, we’ve only been approving around 5,000. There aren’t enough homes being built for the demand that we have. That may be one of the reasons our appreciation was so high in 2019.
Now is the time to take advantage of this great market whether you’re a buyer or a seller. Although the benefits to sellers are clear, buyers should know that interest rates are really low right now and prices are only going to increase further from what we’ve been seeing.
If you have any questions for us, don’t hesitate to reach out via phone or email. We look forward to hearing from you.
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