Charleston’s Real Estate Market is Booming
CHARLESTON, SC (FOX 24 NEWS NOW) — An improving economy across the country and expanding industry right here in Charleston has given real estate a huge boost in recent months.
Dave Sansom, President of Charleston Trident Association of Realtors, says it’s a sellers market here in the Lowcountry. “That varies a little bit depending on price range and part of town, but generally speaking the market currently favors the sellers.”
In terms of affordability and the pace at which homes are selling, Sansom says Charleston is on the healthy side, better than the national average in that we are selling homes faster than the average time it takes to sell a home nationally. But in terms of affordability, he says we are just a tick above the national average.
But is Charleston in a bubble thanks to its growing industry? With Boeing, Volvo, Bosch and the factories and businesses moving into the Lowcountry, could we expect to see that real estate market burst once those industries hit capacity? “It’s a cyclical business, the national housing market will slow down at some point and then recover after that,” he said. “We are not independent of the national housing market so whatever the national housing market does will affect us separately. Locally, I think what happens economically down the road in terms of development and bringing in new employers will influence that conversation tremendously.”
Sansom says our employment growth looks very good for the near future, but says what happens after that is dependant on economic developments out there today. “Issues like affordability and infrastructure will impact the degree with which we are attractive to employers in the future.”