The Truth About the Future of Our Market
Supply and demand make a big impact on the real estate market.
If you are thinking about buying or selling a home in Charleston, you should know how much supply and demand affect your plans and the market. We have graphed supply and demand from 1991 to now, and the data is very telling.
By looking at the graph at 0:22 in the video above, you can see that demand has been going up and that more people are buying homes in our area. However, in 2007 and 2008, supply went up, so demand went down and prices crashed. Fortunately, the situation in today’s market is completely different.
Buyer demand decreased a little bit in 2022, but it was still the third-highest demand in the history of Charleston. What makes this scenario so different from 2007 and 2008 is that supply is very low. There are not enough homes to satisfy the demand—right now there are only 2,600 homes for sale. This means that prices have gone up.
" Supply and demand greatly affect your plans and the market."
The average home appreciation since 1991 has been 4.5%. However, we have seen prices grow by double digits in the last couple of years, and we don’t expect that to stop. We don’t have a crystal ball, but demand is up and supply is down, so this prediction makes sense.
If you are thinking about selling your home, now is the best time, as you won’t have much competition and could get multiple offers. If you’re a buyer, take advantage of this early spring market, as you’ll have more options if you act quickly.
If you have questions about your specific situation, please reach out to us. You can call us or find out more by visiting our website here. We look forward to working with you!