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ImageWhat are the two things you need to know if you are looking to buy or sell real estate in the Charleston County real estate market? Trends and values. What are the trends in home sale over the last 5 years, and what happened to the median home price over that same period. The answer to those two questions will help you to know if the market is right for your next steps.

Since 2008, the number of homes sold in Charleston County bounced from 4,043 homes (2009) to 4,982 homes (2011). Then 2012 had a jump in sales of over a thousand sales, to 5,987 homes. That increase reflects an improving economy for Charleston County and an upbeat outlook for business in the area.

But what about median home prices during that time? What story do these numbers tell? In 2008 the median home price was $254,900, but Charleston County was behind the curve on the collapse of the housing market. That number had a precipitous drop in 2009 to $226,000, a slight increase in 2010 to $235,000, and back done to $219,916 in 2011. In 2012 we see an increase in the median price to $228,000. What do we learn from this five years of data?

The old real estate adage is that you never know that you’ve reached the bottom of a market until you start seeing prices rise. It may be a little early to declare that the market is on the way up, if you only look at the median prices. After all, the numbers went up in 2010, only to drop back in 2011! Its hard to say why that happened without more data. Maybe it was problems with interest rates. But one thing was interesting between 2010 and 2011. Even thought the median price dropped, the number of homes sold increased! And in 2012, the number of homes sold saw a significant upward trend.

Charleston County is a vibrant business center and has a strong and stable real estate market. Developers have shown continued confidence in the Charleston County real estate market with new developments coming online, and older developments being re-invigorated. Is this the time to buy or sell? Business leaders think so. Developers think so. And we think so.

No one can forecast what the future will bring. One thing is certain, though. Conditions at this point in time in Charleston County seem ripe for you to buy your first home or your next home, and since there is some indication that home prices are recovering, it looks like the right time to list your home for sale.

 

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