Apr 17, 2024

Q1 Real Estate Market Report

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Drew Grossklaus, Sales Director/BIC East Cooper

It has been quite a start to the year for real estate in Charleston.  At the end of 2023, the real estate market continued with a slowing trend.  Many factors were contributors, but two of the major influences were higher interest rates and low inventory.  In the first quarter of 2024 we have continued to see inventory remain low and interest rates remain higher than previous years.  So far this year, sales of Charleston homes priced $500,000 and higher have increased by 11% in comparison to last year.  The median sales price has increased slightly by 7%. The most telling statistic may be the number of new listings, which is down 56%.  We are again experiencing high demand for Charleston homes even with higher interest rates versus previous years. However, inventory is not rising to sustain this demand.

These trends continue to show that Charleston remains a place that so many want to call home.  Throughout the first quarter of this year, William Means has worked with many clients waiting to see what the new year may bring for real estate.  Activity ramped up significantly at the end of February and March, as many of our seller clients were preparing their homes for listing in the spring. Our buyer clients had prepared for this, and prepped to make quick, strong offers as homes they were waiting for became available.

The real estate industry also made national news in the first quarter of 2024.  At William Means, we take this to be a great opportunity to educate and show our clients the value of working with our Realtors. Our agents will always guide our clients with the tailored, trusted level of service that generations of families have depended on for more than 90 years. Our longevity speaks to our core fundamentals of integrity and service – which is why our agents provide the best service experience when buying or selling Charleston homes.

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