Charleston SC Market Update

Posted by Scott Campbell on Wednesday, August 2nd, 2017 at 10:39am.

Travel and Leisure Magazine named Charleston as the best city in the US for the fifth consecutive year and they also named us the 2nd best city in the World.

Southern Living Magazine named Charleston the #1 Best City in the South.

Food and Wine Magazine ranked Charleston in their list of the Top 10 Most Exciting Food Cities in the World.

Of course, with all this going on, the real estate market continues to move forward nicely. Year to date, transactions are up 7.7% over the same period from 2016. 2017 will likely be the busiest year in Charleston history. We may sell over 18,000 properties. Median sales price is up a modest and sustainable 3.9%. Median sales price is at an all-time high of $253k. However, according to my analyst regression analysis of prices back to 1991, we are still undervalued. We should have a median price of about $270k right now. Mt Pleasant continues to be a very attractive area with median prices in the $225/sqft range. However, Park Circle in N Charleston and Hanahan and Daniel Island have become hot spots for Boeing employees. And now Summerville and Goose Creek are seeing a boom with the coming of Volvo.

In business news Volvo and Mercedes plants moving in have begun to have a ripple effect here. IFA, a German Automotive supplier, plans to expand by adding a new 234,000 square foot plant in Berkeley County. The company presently makes about 2 million drive shafts a year at its Ladson facility. Knapheide is building a 75,000 square foot facility in Charleston County to provide and install van interiors and bodies for the Mercedes plant located down the road. T-Mobile will renovate the former Rivers Ave Kmart store in North Charleston to create the largest call center for the carrier adding 400 new jobs.

As we move into late summer and then fall, this is an ideal time to pop down to Charleston and shop for real estate. The spring rush is over and sellers are more willing to negotiate. If we can help your family with your plans, please don’t hesitate to give us a call at 843-259-9913.

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