Active listings are at 1,985 in the entire Charleston region are DOWN 63% from last year. This low inventory has left many Real Estate Agents needing to get creative to find homes for buyers and that includes asking, begging, pleading for homeowners that were thinking of selling to do it now. It has created a frenzy of off-market sales that never make it to the MLS.
Many properties when they hit the MLS are seeing multiple offers well above asking price and this is the time you need a savvy Real Estate Agent on your side to pull out the arsenal of tools we have learned over the years. Realtor.com predicted last year that Charleston would be the top real estate market as buyers search for alternatives to congested cities. They were right. Charleston has seen an influx of new buyers from all over the U.S. and has been named as one of the top seven best cash flow markets in the country.
With 30 new residents each day, the Charleston region is experiencing rapid population growth. Recent data seems predicts the growth will continue. The South Carolina Revenue and Fiscal Affairs Office has estimated that Charleston County’s population will reach ~470,000 in 2025!
So down to the nitty-gritty:
January MLS stats courtesy of Showing Time:
Active listings: 1985 (down 63%)
Median sold price: 99.5% of list price
Average Days on Market: 11
Median price per sq foot is up 11%
Sales price increase for City of Charleston 16%, Daniel Island 13%, Southern Mt Pleasant as high as 26%