As we dive into the August 2024 market update, we’re seeing some familiar trends—but with a few new twists that you’ll want to pay attention to!
The Charleston region continues to experience growth in inventory, with nearly 4,000 homes currently available. But despite this increase, it remains a solid seller’s market, with just 2.8 months of inventory.
This month’s big headline? Prices are on the rise. The average home price is now hovering around the $1 million mark, and median prices are sitting at $737K—up 13-14% from the same time last year. These price hikes make it an exciting time for sellers, but there’s a catch: pricing your home correctly is crucial.
Over 60% of homes on the market have seen price reductions, which is a clear sign that if you list too high, you’ll likely need to make adjustments down the line. Buyers today are savvy, and their agents are even sharper. On average, sellers are receiving around 96% of their list price, so getting strategic with your pricing from the start is key to success.
But there’s good news for buyers as well! Interest rates have recently dipped, and that could translate into a $400 difference in your monthly mortgage payment. This shift in rates might be just what you need to jump into the market if you’ve been on the fence.
At Lauren Zurilla and Associates, we’ve been busy helping both buyers and sellers take advantage of these dynamic market conditions. With several homes under contract and new listings coming soon, we’re here to guide you through every step—whether you’re looking to buy or sell. Connect with us!
The Charleston market remains strong, and with the right strategy, you can make the most of the current trends. Let’s chat about how we can help you achieve your real estate goals!
Warmly,
Lauren & Cambron | Lauren Zurilla & Associates
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