Did you know that
Charleston, South Carolina real estate is booming? It is becoming one of the fastest markets in the US, drawing in working professionals and those seeking to raise a family in a thriving community with coastal ties.
Why is the Charleston Market Booming?
According to the Charleston Regional Business Journal, Charleston can expect significant growth as the city currently offers both social and economic development. What does this mean? It means that while some cities have seen the impact of inflation in housing prices, the Charleston market continues to remain steady and stable but also affordable. This is great for first-time homebuyers who are looking to settle down.
The Average Cost of a Home
In 2021, the average cost of a single-family home in Charleston was approximately $366,00. This price range has remained relative to previous years. Given the market and how it can at times be competitive, potential buyers have been willing to spend an upward of 2% over asking. In 2021, of the 538 homes sold, only 7% were sold under asking.
Work-Life Balance in Charleston
A move to Charleston means living with beaches, golf courses, parks, and city life all-in-one. The technology and innovation scene is booming in Charleston, which is excellent for anyone in that industry. There is also a large demographic of individuals working in construction and manufacturing. The vastness of sectors and occupations available in and around the Charleston area makes for the perfect mix of work-life balance.
Buying in Charleston – What to Know
For anyone looking to relocate or buy in
Charleston, there are a few things to consider. Firstly, the City of Charleston has 137,000 residents, with another 800,000 more in the neighboring Charleston-North and Charleston Metro. Second, it is expected that within the next 10 years, Charleston can expect a growth of 25%.
Creek Point, Charleston, has been dubbed one of the most affordable neighborhoods, with the average home costing $229,000. Charleston is the place to be for young professionals or those looking to buy their first home without breaking the bank. With stunning homes, a welcoming community, and plenty of things to see and do, it truly is no wonder that many are reporting that Charleston has become a desirable place to move to.
What Does This Mean for You?
There is no time like the present when it comes to
purchasing a home in Charleston. With competitive (and reasonable) family homes, it's no wonder that Charleston is seen as a major real estate hot spot. To take advantage of the booming real estate bubble in Charleston, make sure you have your finances in order. Once you have that begin your search by reaching out to a local Charleston real estate agent. They will be able to guide you from start to finish when it comes to starting your new life in Charleston. Remember, working with a real estate agent, even speaking with one, can be a great asset in navigating a hot market like Charleston.
