A Reflection on 2019 Real Estate Trends

–Drew Grossklaus, Sales Director/BIC East Cooper

Though some real estate trends continued, 2019 was a year full of fluctuations in the Charleston real estate market. Despite all of the ups and downs, 2019’s year-end numbers were nearly the same as 2018. 2019 began with a flurry of activity, indicating it could be a record year. However, in contrast to what is typical in the Charleston market, the spring selling season of March, April, May and June was unusually slow. As we entered the summer months of July and August, they followed the usual trend of low activity. Thankfully the latter part of year saw an uptick in activity resulting in a strong October and November, which has been the pattern for the past several years. Other similarities between 2018 and 2019 real estate trends were quite uncanny.

• Homes sold in the greater Charleston area at the price point of $500,000 and above saw an increase of sales of 2%, the average sale price down 1.5%, the average selling price per square foot down 1%.
• Homes sold in Charleston for $1 million or more saw a 1% increase, the average sales price was down 1.6%, and selling price per square foot was nearly equal to 2018.
• Homes sold in downtown Charleston (Inside of the Crosstown) above $500,000 saw the most significant change, but not at a large rate. Homes sales downtown were down 8%, the average sales price was down 2.5%, and selling price per square foot within 1% of the previous year.
• Homes sold in Mount Pleasant (South of IOP Connector) above $500,000 also had nearly identical numbers from 2018 with a 2.6% increase in homes sold, average sale price change within 1%, and selling price per square foot change within 1%.

It is my belief that similar real estate trends will continue for 2020, and that we will again see more home contracts in Charleston occur in Q1 with less contracts occuring in Q2. An important caveat to monitor in 2020 is the presidential election, as pre- and post-election events can have an impact on home sales.

All things considered, we believe 2020 will be another great year following the trends of 2018 and 2019. In any market, William Means agents are here to guide clients and provide the best, most up-to-date information to make decisions in buying or selling your Charleston home. Here’s to a great 2020!