Our 2020 Outlook on the State of Our Local and National Economies
What is the outlook for both the local and national housing markets? Today I’ll share the details.
The Charleston Trident Association of Realtors just released their 2020 outlook for both South Carolina’s economy and the nation’s as a whole—here’s what we learned:
In 2019, we saw a growth in home prices and new jobs, but that growth came at a slower pace. We expect this trend to continue throughout 2020, meaning we have a good outlook for both our local and national economies.
Why is our market experiencing slowed growth? It’s because there’s a shortage of people to work the new jobs. Our unemployment rate is currently at 2.4%; there are more jobs hiring than there are great people available to be hired, which puts a cap on how much our economy can grow.
This isn’t a terrible thing—but what does it mean for our housing market specifically?
In 2019, we saw the median home price in Charleston go up by 4%, and we expect the same increase in 2020. More than half of our 2019 sales were for $300,000 or more, which is a significant increase from where we were just a few years ago. One out of five home sales were for $500,000 or more.
Currently, the metro Charleston market consists of 800,000 people. By the year 2029, we expect a 25% population growth to around 1 million people. That means we can expect the Charleston housing market to be strong for many years to come. In fact, we were just named as the fifth-best job economy in the entire country!
All in all, we think 2020 is going to be a fantastic year for our housing market. If you have any questions about the market or real estate in general, don’t hesitate to reach out to us. Let us help you make the most of the market!