AVERAGE SALES PRICE IN THE OLD VILLAGE/ OLD MT PLEASANT, FROM 2001-2016, PER THE CHARLESTON MULTIPLE LISTING SERVICE
The US housing market seems unstoppable, and our neighborhood is no exception. Prices continue to rise, demand is strong, inventory is tight, interest rates are low and new construction is in full force.
Sales prices in the Old Village/ Old Mt. Pleasant are at an all time high, with the average sales price reaching $685,000 in 2015 and a staggering $743,000 in 2016. That is a considerable jump from $455,000 in 2014. Not to mention that price has more than doubled from the 2001 average of $370,000. These stats show a solid investment market based on a steady increase over a long period of time.
So what does it all mean?
For sellers, it all sounds good, right? But pricing your home accurately is still the key. The average “Days On Market” for homes sold in the OV/ Old Mt. P was 64 in 2016 and 65 in 2015. When a home is priced under market value, multiple offers typically happen and can drive the sales price up. And if priced over market value, the home will sit on the market with little to no activity after about 120 days.
For Buyers? According to Chief Economist Jonathan Smoke, of Realtor.com, “Buyers who are able to land the home of their dreams can reassure themselves that their investment is likely to be a solid one—especially in our hottest markets, where homes are selling fastest and there’s the most demand.”
I always say it’s best to watch the market on a local level, and watch the prices over a long period of time. And when you are ready to buy or sell, it’s imperative to team up with a savvy REALTOR® who understands your market. If I can help you, please let me know. To see all homes for sale, visit http://www.SearchOldVillage.