Current State of the Charleston Real Estate Market

Over the past two years the housing market has endured some major changes. Starting in 2020, a massive reduction in new inventory and historically low interest rates created an environment where it was completely out of control. Homes were regularly selling for over asking price in less than 24 hours.

June of 2022 saw a huge flip in the market, though. Now that the inventory was finally recovered to pre-pandemic levels and interest rates are rising to a more normal level, there has been a significant slowing in the market due to people’s knee jerk reaction in backing off of home buying.

People that were able to buy a home over the last 2 years were now finding it difficult to qualify for loans. Buyers that were able to qualify were able to go into negotiations with a lot more confidence. With the new year approaching and rates now appearing more stable, the housing market in charleston has leveled out and it looks like we are headed into another good year for real estate!

Whilst no one really has a crystal ball, it looks like charleston being such a great destination location will continue to be a great market for real estate sales and investment.