Where are the Best Areas to Purchase in Charleston?
Yes, you heard it correctly- Charleston, South Carolina is currently experiencing a 'Sellers Market' in some areas of Charleston. Where are the areas? What are the best deals?
Take a look at the illustration below. There are certain areas surrounding Charleston that are experiencing a 'sellers market'. For those that don't know- a balanced housing market in Charleston means that there is a 6 month inventory of homes for sale. This means that if NO new homes came on the market, it would take 6 months for the inventory of homes to sell at the current rate that which homes are selling.
For example, a 10 month supply of homes on the market would mean that it is a Buyers Market. A 4 month supply of homes on the market would mean that it is a Sellers Market. If there are fewer homes on the market in the Charleston real estate market, then obviously there will be some pinned-up demand which typically drives up prices.
Now we're not experiencing a Sellers Market on a whole for Charleston- we're simply seeing pockets of areas and neighborhoods that are high in demand and homes don't last long on the market.
Great, so where are these areas already? Take a look below, and keep in mind the 'Rule of Thumb'. Those areas colored in yellow are currently experiencing a Sellers Market. While this may mean that the home prices are a little higher and there are more competing buyers, it would appear that these areas are of a sound investment decision.
Are you looking to purchase a home in these same areas? Are you selling your home in these areas? You and your real estate broker better know their market if you plan on purchasing or selling in these areas. These Charleston real estate statistics should be used as leverage in any stringent negotiating deal.
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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.