Charleston, SC Real Estate Market and Economy Trends

The Charleston, SC real estate market has slowed down considerably in the past two years. Home prices are currently down about 11 percent on average for the various metro areas compared to where they were last year. Although Charleston has become a strong buyers market, it was still listed by Forbes earlier this year as the ninth strongest real estate market in the country. So, compared to most other real estate markets in the United States, Charleston has held its own quite well.

The past few months have shown good signs for sellers, as the number of homes under contract has increased every month for the past five months. The number of showings has remained the same (or increased in some cases) for the past two months. It seems that Charleston’s real estate market is starting to play catch up at the current rates of increase. By the end of the year, Charleston is expected to have more homes under contract compared to the end of last year. (more…)