Property, Rentals, Transactions
Charleston South Carolina expected to outpace national real estate market averages through 2025
National -
By RealEstateRama -
COLUMBIA, S.C. (December 13, 2019) – RealEstateRama – The National Association of Realtors® (NAR) recently identified 10 markets expected to outperform over the next three to five years. In alphabetical order, the markets are:
• Charleston, South Carolina
• Charlotte, North Carolina
• Colorado Springs, Colorado
• Columbus, Ohio
• Dallas-Fort Worth, Texas
• Fort Collins, Colorado
• Las Vegas, Nevada
• Ogden, Utah
• Raleigh-Durham-Chapel Hill, North Carolina
• Tampa-St. Petersburg, Florida
NAR identified the top 10 metro areas based on domestic migration, housing affordability for new residents, consistent job growth relative to the national average, population age structure, attractiveness for retirees and home price appreciation, among other variables. As an indicator of strong housing demand in these markets in the past three years, home prices in these 10 metro areas have increased annually by at least 7%.
"Some markets are clearly positioned for exceptionally longer-term performance due to their relative housing affordability combined with solid local economic expansion," said NAR's Chief Economist Lawrence Yun. "Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply."
1,332 homes sold in November in the Charleston region at a median price of $268,000 according to preliminary data released this week by the Charleston Trident Association of Realtors® (CTAR). Last November, 1,301 homes sold at a median price of $268,453.
This year's 17,010 closings show transactions up almost 1% and median price up 5%, to $277,900 for the region.
There are 17% fewer homes for sale than at this point last year, with 5,265 homes listed as "active" for sale in the CHS Regional MLS database at the end of November.
Broker in Charge of the Cassina Group in Charleston, and recently installed 2020 South Carolina Realtors® President Owen Tyler said, "It's no surprise that my beautiful hometown of Charleston South Carolina is on this list. Our state has a lot to offer in terms of natural beauty and quality of life. We continue to see growth like this not just in Charleston, but also on a statewide basis."
South Carolina Realtors® (SCR) most recent market reports indicate a three percent increase in the number of homes, condos and villas sold year-to-date statewide.
"As Realtors® it's our responsibility to continue monitoring, preparing for and improving the issues affecting current and future homeowners" said Tyler. "Our state and local associations are prepared to do this in tandem through a continued commitment to sustainable growth and development in South Carolina."
South Carolina REALTORS® (SCR), is the largest professional trade association in the state, serves as the voice of real estate for more than 26,000 members involved in all aspects of the residential and commercial real estate industries. REALTOR® is a registered trademark that identifies a professional in real estate who subscribes to a strict code of ethics as a member of SCR and the National Association of REALTORS®. For more information visit www.screaltors.org and www.realtor.org.
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