News Summary
Charleston’s housing market experienced a remarkable 13.7% surge in home sales this past December, with 1,382 residential properties sold. This boom was driven by high demand for newly built homes, with approximately 357 being constructed. Neighboring counties also contributed to the trend, showcasing a broader regional growth. Despite rising mortgage rates and limited housing supply, Charleston remains an attractive market, with predictions for continued development activity into 2025.
Rising Tide in Charleston’s Housing Market: December Sales Surge!
Hey there, Charleston! It looks like the real estate scene in our beautiful city is buzzing with excitement, especially when it comes to newly built homes. Yes, you heard that right! The housing market experienced an exhilarating 13.7% surge in home sales this past December, a month that’s usually known for a slow crawl in activities. But not this year!
December Data That Dazzles
In December, a whopping 1,382 residential properties changed hands, marking a bright improvement from previous years when sales took a noticeable dip between 13% and 33% during that same month from 2021 to 2023. And the cherry on top? Home sales skyrocketed by over 28% in Charleston County alone! Out of those sales, approximately 357 homes were newly constructed, showcasing a growing demand for brand-new living spaces.
Neighboring Counties Joining the Trend
But it’s not just Charleston making waves. Our neighboring counties are getting in on the action, too! For instance, Dorchester County saw its home sales rise by 13%, Berkeley County enjoyed a modest 3% increase, and Colleton County had a solid 21% jump. It seems like everyone wants a slice of the Lowcountry pie!
What’s Driving This Surge?
So, what’s behind this lively comeback in December sales? Real estate experts suggest that the boom is largely due to the strong demand for newly built homes coupled with some uncertainty around the upcoming presidential election. At least in the last two months of 2024, newly constructed homes accounted for an impressive 35% of all sales. In Berkeley County, that number shot up to slightly over 50%! Meanwhile, Dorchester and Charleston counties saw new builds make up 46% and 13% of sales, respectively.
Pendings and Active Listings
What about homes currently hanging in the balance? There are approximately 2,048 closings categorized as “pending,” and astonishingly, 47% of those are newly built homes. That tells you just how much demand there is out there! Plus, with newly built homes forming about 25% of all active listings, it’s clear we need more inventory to keep up!
Market Inventory and Prices
As of December 31, 2024, the Charleston area was treading on thin ice with only 2.6 months of housing supply available. Ideally, we should have more than double that to maintain a healthy market equilibrium. One factor that’s influencing this tight supply? Rising mortgage rates, which are currently averaging above 7%, causing some homeowners to think twice about selling their current homes.
In the pricing department, we can see the market tightening its grip. The median home price is up by approximately 2%, now sitting at $414,142. Charleston County’s median price has held steady at $619,000, while Berkeley County has seen an increase of 3.1% to reach $410,000, and Dorchester County inching up by 0.3% to $385,000.
Looking Ahead to 2025
As we look to the future, predictions for 2025 suggest a promising spike in development activity, particularly in Berkeley and Dorchester Counties, thanks to the availability of land and overall affordability. With our growing population and ongoing economic development, Charleston’s appeal remains strong. Even some suburban spots are becoming hot commodities due to their lower costs.
New construction builders are getting ready for a busy spring and summer by aiming to reduce inventory by year-end. So, as a potential buyer or seller in this dynamic market, keep your eyes peeled! The landscape of Charleston’s housing market is shifting, making it an exciting time to be involved in real estate.
Stay tuned for more developments, Charleston! Your neighborhood is changing, and the summer looks like it will bring plenty of opportunity!
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Additional Resources
- Post and Courier: Charleston, Berkeley, Dorchester County New Home Sales
- Wikipedia: Real Estate
- The State: South Carolina Real Estate News
- Google Search: Charleston Real Estate
- Norada Real Estate: Charleston SC Real Estate Market
- Google Scholar: Charleston Housing Market
- WV Gazette-Mail: Quarterly Housing Report Charleston
- Encyclopedia Britannica: Housing Market
- Redfin: Is Charleston SC a Good Place to Live?
- Google News: Charleston Housing Market
