Days on Market Lowest Ever in Some Markets
Days on Market Lowest Ever For Many Charleston Neighborhoods
If you are the type of person who habitually shows up late to the party or to your mother-in-laws classic southern bungalow because you are busy, distracted, or attempting to be fashionable, then you may want to rethink this approach when it comes to buying real estate in today’s market. To say that it is a tight, competitive housing market for home buyers in Charleston right now would be putting it a bit mildly. Two clues to this situation come in the form of our latest real estate wonk-art, Days on Market and Months of Inventory.
In order to drive this point home, we cherry-picked the most popular areas of town right now, Downtown Charleston Above the Crosstown, Mount Pleasant, West Ashley, and James Island. But the trends are only slightly more relaxed in places like Summerville and North Charleston. If it isn’t already obvious, Charleston is experiencing a housing shortage of historic proportions, which we tried to explain earlier as latent effects from the great housing recession.
The housing shortage, combined with Charleston’s improving job market and increased popularity as a warm-weather destination has resulted in a kind of perfect storm. Unusually strong demand for housing, low inventory, price inflation, and historically low interest rates could be viewed as a healthy problem if you happen to be selling a home. Until builders catch up or another recession takes root, it is hard to envision there being any kind of slack in the market, but the reality is that it won’t last forever. So homeowners who are contemplating a future home sale, might consider the wisdom of planning their listing for sale sooner rather than later.
The Ultimate Mount Pleasant Neighborhood Map
Realtor, Dunes Properties, Member of the Charleston Trident Association of Realtors,