My Charleston Real Estate Market Predictions
How the current supply and demand will affect the future market.
Here are the three factors that are making an impact on the Charleston real estate market that every buyer and seller should know:
1. Supply: The Federal Reserve raised interest rates in April, and we’ve seen the supply of homes on the market double in the last three months. When we have a higher inventory of homes prices start to decrease.
2. Demand: Demand has dropped by 33% because people can’t afford the same home with the interest rates going up. They’re frozen in fear and wondering what’s going to happen to the market.
3. My market forecast: I predict that as we enter Winter 2022, there will be a slight reduction in home prices, possibly by 5% because of higher interest rates. However, we live in one of the most desirable locations in the country, so I think prices will rebound by next Spring and be just as high as they are right now by next summer.
If you’re a seller, it’s probably a good idea to get your house on the market now because prices may slightly go down this Fall. On the buyer’s side, it’s good news since you don’t have to compete with multiple offers as much, and there are more homes for you to choose from.
If you have more questions about the Charleston real estate market, don’t hesitate to call or email us. We’d be happy to help!