Is the Charleston real estate market starting to cool down - The Robertson Team

Is the Charleston real estate 
market starting to cool down?

Charleston real estate is still very much a seller’s market as of reports from mid-March 2022. In late January, Charleston experienced yet another record-breaking month for real estate. That’s because 70 percent of the homes that sold ended in bidding wars. That’s nine percent more than the same period in 2021.

While this is great news for sellers, it underscores the importance of having a skilled realtor if you’re looking to buy. That’s because the best realtors know how to structure offers to make them more attractive to buyers and tactics for how to win if you do find yourself in a bidding war with other buyers.

The threat of increased interest rates is likely fueling the continued hot real estate market in Charleston and other areas throughout the country. As of mid-March 2022, interest rates were the highest they’ve been since May 2019.

Does that mean it’s the wrong time to buy in Charleston? Not necessarily because home prices continue to rise at astonishing rates in the area. The longer you wait to purchase, the more you could pay for the home.

Charleston Real Estate Statistics

As you evaluate the right time to purchase real estate in Charleston, consider these key statistics.
  • As of February 2022, home prices were up 28.4 percent compared to the same time the previous year

  • The average home sale is $495,000

  • Homes sell after an average of 40 days on the market, compared to 67 days during the same time the previous year

  • Only 310 homes sold in February 2022 compared to 363 homes in 2021, showing the struggles with availability

  • Homes in the most popular areas can sell for 3 percent above the list price

  • Charleston homes receive an average of 5 offers

Is the Bubble About to Pop on Charleston Real Estate?

It’s unlikely that the real estate bubble is going to pop any time soon in Charleston as families continue to move to the area and domestic travel has gotten a boost in the wake of the COVID- 19 pandemic.

Charleston is a quaint and desirable area, meaning it's probably going to stay popular. The drastic change in home prices in 2008 still has some people nervous about how high the prices of homes can continue to go before falling and then just how low the prices will fall.

In September 2021, we saw a small drop in the lack of availability of homes. That means that there were more houses on the market and they weren’t selling at the same breakneck pace as they had been. But it was far from a bubble popping and was short-lived with things picking back up within a month or so.
Is the Bubble About to Pop on Charleston Real Estate

How to Protect Your Real Estate Investment and Value

Selecting a timeless and popular city like Charleston is a smart move for ensuring that your real estate purchase holds its value. The more popular a city is long-term, the more likely you’ll be able to get your money back out of the property if you choose to sell it.

Additionally, you’ll want to be picky when evaluating the neighborhood where you’re considering purchasing property. Don’t go too trendy and look for more centrally located properties that will hold their value.

But there are several other steps you should take regardless of how hot or cold the housing market is.
  1. Complete regular maintenance to avoid problems with pests, decay and foundation problems.

  2. Ensure all building projects meet code and are completed by experts. Poorly done home improvements can decrease the value of your real estate fast.

  3. Keep bathrooms and the kitchen in your home up to date. To avoid regular renovations, choose timeless styles instead of trendy designs.

  4. Clean up flowerbeds and ensure your landscaping stays in great shape. Remove dead trees and plants so that prospective buyers wouldn’t be worried about how to handle such tasks.

  5. Protect your home with roof replacement and maintenance. Once a roof leaks, your home might never be the same again. Be proactive in caring for this area of your home.

  6. Avoid areas with loud traffic noise as this can impact salability later.

  7. Fertilize and care for your lawn. You can’t turn around a lawn that’s overgrown with weeds and brown quickly when you decide to sell. It takes several seasons to make a lawn luscious, so do this regularly to ensure your home is desirable when the time comes.

Although the Charleston housing market is not cooling yet, that doesn’t mean it isn’t the right time to purchase a property. Ask the experts at The Robertson Real Estate Team your many questions about purchasing Charleston real estate and prepare for your home shopping experience.
How to Protect Your Real Estate Investment and Value - The Robertson Team

Ready to find your dream home?

Andrew Robertson - Charleston Broker

Andrew Robertson 

Real Estate Broker
(843) 513 7309

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