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Jul 19, 2024

Mid-Year Market Report

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– Drew Grossklaus, Sales Director/BIC East Cooper

As we reach the mid-year mark of 2024, it has been a busy time for William Means and the Charleston real estate market. Many of the factors we were watching at the end of 2023 have remained the same this year. The first factor many had been waiting to see a trend in were mortgage rates. Mortgage rates experienced a steady climb from 2022 to 2023, increasing from around 3.5% percent to 7%. So far in 2024, rates have remained stagnant around the 6% to low 7% range. Inflation was also on the minds of many after being nearly 7% at the end of 2022. We are seeing the continued decline that began in 2023, and inflation is now around 3%. The stock market is another indicator that can influence luxury real estate and one we closely watched this year. So far, the S&P 500 has seen a nice gain of 14.5%.

Indicators pointed to similar numbers in real estate, but that did not bear out in all markets. In reviewing the Multiple Listing Service in Charleston, indications so far this year are that sales were virtually the same or only 1% higher than 2023. The median sales price has increased by 4.2% or $420,000. However, the luxury market was one that saw a measured increase, with sales of residential homes sold at $1 million+ up 27% versus 2023. The median sales price of these homes was also higher, up 7.5% at $1,595,000. In the range of homes sold this year over $2 million, the rise has been even more dramatic with 37% more homes sold versus the same time in 2023. The median sales price of these sold homes did go down by about 4% to $2,725,000. Inventory in these two price ranges is also down by nearly 20% so far this year.

The strong number of luxury sales show the continued success of the Charleston housing market. Expectations are that interest rates will stay relatively the same the rest of the year. The stock market may be a more volatile factor given that it is a presidential election year. However, migration and demand for homes in Charleston show no signs of slowing down. William Means has had a tremendous first half of 2024, quickly selling the homes we list on the market and helping clients find their perfect home. Our agents are always here to assist buyers and sellers in understanding this market and providing the best tactics to purchase or sell their Charleston home.

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