The real estate market here just had its busiest buying week in history. We had 397 homes go under contract in one week. Anything over 200 is good and 300 is great. Almost every week this year has been over 300. Prices are rising nicely, but doesn’t seem uncontrolled. Most homes are not quite back to their 2006/7 values yet. Very close, but not all the way. At that time, those prices were wrong. We got well above the trend line. Now we are actually below the trend line and have lots of room for appreciation. Houses are not staying on the market long, because demand is so high. High demand is also keeping inventory in check. The good news is that inventory is not going down and that will keep prices from skyrocketing. Also, the process of getting a loan is pretty difficult these days. That’s a lot different than it was in 2006/7 years. Charleston continues to gets lots of great press and people are moving here in droves.
Owner, Broker Associate
Prestige Real Estate Group