What Will Happen to Charleston Home Prices in 2018?
What is the 2018 forecast for home prices in Charleston?
The good news is that the boom is back. The Charleston market has seen steady growth over the last few years, and we can expect more of the same in 2018.
In a recent video, we reported that prices increased by 4.7% in 2017. We think we’re going to have a similar year here in 2018, with about a 4.5% increase in prices.
Inventory is tight, and we are currently in a seller’s market as we head into the early spring months. In 2018, there are a lot of buyers out there. There is a lot of demand to live in Charleston but there aren’t a ton of homes for sale.
The average days on market right now is 40 days, which is not that long. That means that half the homes that hit the market sell in one month or less.
If you’re a home seller, there’s never been a better market in the history of Charleston for you to sell quickly and for the highest price possible. As we mentioned in the last video, prices today are higher than they’ve ever been in Charleston.
The Fed is thinking about increasing interest rates in 2018. Rates are still near historic lows of 4%, but there are some indications that we will see interest rates climb into the upper 4s by the end of the year. That can affect homebuyers and what they can afford.
They also talked about global growth. The stock market is at record highs, and that should continue through 2018. The net worth of consumers has increased by 8%, and with tax reform, consumers should have more money in their pockets each month.
If I had to come up with one theme for 2018, it’s this: If you’re a home seller, this is a really great year to sell a home in Charleston.
If you are a buyer, then inventory is going to be tight. If you see a great home that’s not quite perfect, you’re going to have to move on it quickly. There just aren’t that many homes out there.
If you have any other questions about buying or selling in the 2018 market, just give me a call or send me an email. I would be happy to help you!