There are plenty of ways and reasons to enjoy the Holy City - Charleston, SC. It is the historic center of southern culture and a major port on the Atlantic coast. The city is known as the hub of largely urbanized areas and the wealthiest city in colonial America!
Quick Facts
- 819,000 population
- 11% higher cost of living compared to the national average in 2020.
- The median house pricing is $422,460.
- The average sale price per square foot is around $232.
- An average home goes pending in the market for 49 days; 39 days for hot homes.
- Charleston, SC, is currently a buyer's market.
Charleston, SC in a Nutshell
Charleston's growing popularity in the real estate market made it perfect for families and businessmen.
Most people consider Charleston, SC, to have pretty perfect weather if one is looking for seasons. The summers are hot, while winters are generally cold and windy. The temperature usually varies from 43F to 89F and is rarely below 30F or above 94F.
Business and job opportunities in Charleston are rapidly growing. The largest and in-demand industries include medical fields, military, and ports.
In addition, as an urbanized city, most of its errands can be accomplished by car. Similarly, the city has enough infrastructure for bikers and foot-travelers. This walkability is highly desirable.
Listed below are the best public schools around the area:
- Ashley River Creative Arts (K to 5)
- Buist Academy (K to 8)
- Academic Magnet High School (9 to 12)
- College of Charleston
- Medical University of South Carolina Libraries
- Trident Technical College
Furthermore, the sought-after neighborhoods in Charleston, SC, are:
- Mount Pleasant
- Summerville
- The Islands
- Downtown
- West Ashley
- Moncks Corner
Real Estate Condition in Charleston, SC
Charleston's real estate condition is doing well as 2020 is a record year. In fact, this 2021, more agents and investors expect the market to become more robust!
Charleston, SC is commonly a balanced market - which means it is neither a buyer's nor a seller's market. A balanced market would have six months of inventory. However, the current market in Charleston sees five weeks of inventory - which is a new record low.
There are roughly 1,420 active MLS listings in Charleston real estate market at present. It is reported as the lowest number over 20 years, and multiple offers are recorded due to the shortage of houses.
Housing Market
Recently, around April 2021, Charleston house prices increased to 22.5% compared to last year. Its housing market is somewhat competitive, where homes get multiple, up to 4, offers.
Moreover, an average home sells for about 1% below its listing price and stays in the market for 49 days. Meanwhile, hot homes sell for about 1% above their listing price and go pending for only 39 days.
Housing Trends
The median sale price in Charleston is $422,460, and the average sale price per square foot is $232. The number of homes sold in April 2021 is comparatively high to January 2021.
April 2021 recorded 505 home sales which shows an increase of 38.4% year-over-year. Meanwhile, last January 2021, it only recorded 326 home sales, equivalent to 14.8% year-over-year.
Talking about the median days on the market, April 2021 decreased the number of days to 49, which is excellent.
Final thoughts
Charleston, SC, is definitely a sought after place to live and visit. It is a great place to start a business, apply for a job, build a family, and secure a future. Relocating to Charleston will not need any debate - it's undoubtedly a place to love.
It's abundant with historical landmarks, recreational spots, and beautiful houses. While Charleston is currently a buyer's market, expect that in the coming months of 2021, it will regain its balanced market status.
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