The Charleston real estate market has been in a slump for the past four years...When will this trend end?
Well, there is not going to be a clear-cut, definitive turnaround if you're looking for one. Real estate, which has traditionally been a solid investment, has been jittery (at best), right along with every other market. There isn't going to be a solid, radical change in direction in the Charleston real estate market in the immediate future. There are just too many foreclosures and short sales coming up on the market, which are still keeping home values down. While home values nearly doubled from 2000 to 2006, the average has fallen somewhere around 30% in most Charleston areas.
But are things getting better?
The Charleston real estate market has shown signs of healing this year, and remember this current market is still very fragile. Home values have increased since the lowest of lows (which seems to have been 2008), so that is good news. Also, the inventory of homes for sale on the market is down. This is great for sellers, because it means less competition in selling.
But the big factor is job growth. If unemployment for our area steadily declines, this will yield positive results, and will be the change we are looking for. Charleston is a unique city, and with the latest great news of Boeing bringing 3,800 jobs here (and what other jobs this will create) signs are good for positive growth in our beloved city.
Mike Ciucci specializes in the Charleston SC real estate market. He has been a Charleston realtor for over 15 years, focusing on quality and attention to detail his clients have come to expect.