With a new year comes new goals and outlook for what the future holds. It’s no question that the real estate market in Charleston has been hot the last couple of years. People have seen home prices nearly double and grow at exponential rates. If you’re thinking about buying or selling in Charleston, we’ve outlined what to expect in this coming year for 2019.
Current Home Values in Charleston
According to the most recent Zillow Home Value Index, the median list price is $332,000 and the median home value is $319,700. In parts of Charleston however, like Mt. Pleasant, the median home average is as high as $447,300. You can read our blog post about schools in the Charleston area to learn how this plays a vital role in Mt. Pleasants high quality of living and in turn, higher home values.
Interest rates have also climbed to as high as 5.0% in some cases but are still historically low. Some think that this will hold steady for the coming year given the recent performance of the stock market but only time will tell. Inventory in Charleston is still low—making it a seller’s market. Time will also tell if more inventory coming in 2019 combined with higher rates brings a slight ease to the sellers market with buyers gaining some traction.
Increasing Real Estate Values in Charleston
According to the same Zillow report, Charleston is staying on par with the national real estate growth average at a rate of 7%. The city is experiencing steady economic growth with large manufacturing and tech companies establishing a home base. Some locals are worried about the rate of which hotels and apartment developments are popping up around the city and local officials are coming under more scrutiny and pressure to regulate stable growth.
What’s next for the Charleston real estate market in 2019
While Zillow is a great resource when you’re just getting started, it’s crucial to link up with a seasoned real estate professional who can provide insight into the market and guide you along the right path when buying or selling a home. If you’d like to know more about what lies in store for Charleston’s hot real estate market and receive a free home value estimate, please feel free to give me a call at 843.224.7997 or email me at frank@askfrankrealestate.com.
