Charleston, South Carolina: A Hotbed for New Home Construction
If you’re living in or near Charleston, you may have already noticed the boom in new home construction around the city. Well, a recent report has confirmed what many locals suspected—South Carolina is leading the charge in new homebuilding across the nation! According to the latest findings from Realtor.com, South Carolina, along with its neighbor North Carolina and Idaho, ranks among the top states for new home construction, much to the delight of hopeful homebuyers.
The Data Behind the Buzz
The report titled “New Construction Insights” provides valuable insight into the factors making these state’s markets so attractive. It evaluated various metrics including the share of new listings that are newly constructed homes, the difference in price per square foot compared to existing homes, and the number of permits issued for new single-family homes. South Carolina came in strong, placing fourth in new construction as a share of total listings and second when it comes to understanding the premium per square foot for new builds. Not to mention, the state also scored high in permits per capita, making it clear that builders are keen to create more housing options for residents.
“This will come as no surprise as the South and West have the fastest-growing overall levels of inventory,” said Joel Berner, a senior economist at Realtor.com. He noted that for those considering buying a newly constructed home, these states offer plentiful options that are not only more affordable but are also rapidly growing in inventory.
Why Are New Builds So Appealing?
One fascinating point is that South Carolina is one of a select few states where newly constructed homes are actually priced lower than existing homes on a price-per-square-foot basis. This is a golden opportunity for buyers looking to snag modern amenities without breaking the bank. In many areas across the country, finding reasonably priced new builds can feel like searching for a needle in a haystack, making South Carolina feel like a rare gem for prospective homeowners.
What About Other States?
Interestingly, the report did not include California among the top 10, despite it being ranked number one in terms of new construction premium. California’s overall weaker rankings along other metrics like new construction share and permitting likely contributed to its absence from the list.
What Else is Happening in the Charleston Area?
In other exciting news, EventWorks, an event rental company, just announced the acquisition of assets from Marquee Event Group, making waves in the Charleston area. This expansion aims to enhance and broaden their inventory, offering even more options for large-scale events. With locations already established in five states including Charleston, this development is set to create a seamless experience for event planners by unifying their rental systems across different markets.
Then there’s Shaw Circle, a new fintech startup that recently launched operations in Charleston. Founded by recent graduates of the University of South Carolina, it plans to leverage advanced computing and big data to carve its niche in the financial landscape. It’s refreshing to see young talents choosing to innovate in their hometown rather than chasing big city jobs; clearly, innovation is proving to be alive and well in South Carolina.
New Developments on the Horizon
On the housing front, First Continental has closed a massive $9.4 million loan for Auberon Woods, a community in Conway, SC. This project is set to develop 194 single-family homes across 127.6 acres and is expected to wrap up by summer 2025. The larger plan envisions over 1,100 homes and state-of-the-art amenities that will appeal to residents looking for quality and affordability in a new neighborhood.
Overall, Charleston and South Carolina at large are experiencing rapid growth in various sectors, particularly in real estate and event management. As more businesses and homeowners flock to the area, it serves as a testament to the appeal and growth potential that South Carolina holds. Whether you’re considering a new home or looking to launch a business, now might just be the perfect time to dive into the thriving market here in the Palmetto State.
Author: STAFF HERE CHARLESTON
The HERE Charleston Staff Writers are a collaborative team of journalists, editors, and local contributors passionate about delivering accurate, timely information to the Charleston community. As part of the HEREcity.com Network, which powers over 100 U.S. city sites including HEREcolumbia.com, our staff draws on collective experience in South Carolina journalism to cover everything from business sales and real estate developments to dining deals and community initiatives. Our Expertise and Background: Local Roots in Charleston : Our team includes lifelong Charleston residents and SC natives with deep knowledge of the area’s history, economy, and culture. We’ve covered key events like the recent sale of the historic Crofts Block Building, Charleston's equestrian heritage, and growth in local tech and education sectors (e.g., Charleston Technical College programs). Collective Experience: With over 50 combined years in journalism, our staff has backgrounds in print, digital media, and community reporting. We prioritize fact-based stories, drawing from sources like the Charleston Chamber of Commerce, city government records, and on-the-ground interviews. Commitment to Quality: Every article is a group effort, involving research, editing, and verification to ensure reliability. We adhere to journalistic standards, citing credible sources and updating content as new details emerge.
