I recently attended the Charleston Trident Association of Realtor’s Housing Market Review and would like to share a few take-aways. Overall the Charleston Market is still humming along, inventory is still low and buyers are still looking for homes.
Charleston’s Median Sales Price is up, with the most significant jump taking place from 2020 to 2021. The Average Days On Market were at an all-time low in 2020, and although the average days on market were up slightly in 2021, the Charleston trend mirrors the nation wide stats.
So what is the forecast for 2022? Industry experts agree that the pace of sales growth may soften, but home prices will likely continue to remain elevated. And, housing demand will likely remain steady while employment rates are on the rise. The challenging factors will relate to supply constraints and consumers spending being down due the end of the stimulus money program. The other factor to watch will be rising interest rates. These factors may work together to slow the growth rate seen in 2021, but again, may not necessarily impact prices.
AVERAGE DAYS ON MARKET
All information provided by Charleston Association of Realtors.