It’s that time again—time to dive into our monthly real estate market update. And let me tell you, July was nothing short of a rollercoaster in Charleston County real estate!
Let’s start with the big numbers. The average sales price for single family homes in Charleston County has skyrocketed to over $1.5 million—an incredible 13% increase from July 2023! That’s right, Charleston County is seeing prices soar. On top of that, new listings are up by 37%, which is a positive sign for anyone who’s been waiting for more options to hit the market. But here’s the kicker: homes are still selling, with sales up by 22.3%. Despite a noticeable slowdown in pace, buyers are still out there making moves.
What’s Really Going On in the Market?
Right now, Charleston County has 2.8 months of inventory. For context, a balanced market typically has about six months of inventory, so we’re still solidly in a seller’s market. But here’s the thing: activity has definitely slowed. Sellers are getting fewer showings, and many still have the mindset of last year’s red-hot market. Spoiler alert—it’s not the same anymore, and that’s leading to some uneasiness.
So, you might be wondering, why does it feel slower when the stats are looking this strong? Good question! The truth is, there’s usually a bit of a lag between what’s happening on the ground and what the numbers show. Remember, these stats are for July closings, which means many of these homes were listed as far back as May. That explains why the numbers don’t fully reflect the market shift we’re feeling now.
Seasonal Shifts and What’s Next
It’s August, and that means back-to-school season is in full swing here in South Carolina. Parents are juggling school schedules, paperwork, and getting back into routines, so it’s no surprise that house hunting isn’t top of mind for many right now. But don’t worry—it’s just a seasonal dip. I’m confident we’ll see a pick-up by mid-to-late September as people settle back into their routines.
What’s been really shaking things up lately are the changes brought by the Department of Justice’s new rules for the National Association of Realtors, which took effect on August 5th. It’s definitely an interesting time to be in real estate, with agents, buyers, and sellers all adjusting to the new norms. It’s like navigating a constantly shifting landscape, but hey—that’s part of the business, right?
Interest Rates and Market Dynamics
Speaking of shifts, let’s talk interest rates. Recently we saw the lowest rates in the last 52 weeks, and they’ve since edged up and down. Still, we’re seeing some positive movement, and hopefully, rates will continue trending downward, even if they don’t drop back to those 2%-3% levels we remember. The good news? I’ve got lenders offering competitive rates, including a jumbo loan at around 5%, which is a solid deal in today’s environment.
Final Thoughts and Let’s Connect!
As always, my goal is to keep you informed and prepared in this ever-changing market. If you have any questions or just want to chat about real estate in Charleston, I’m here for you. Feel free to send me a message or give me a call. I genuinely love connecting with all of you and sharing what’s happening in our beautiful Charleston area.
And if you know someone who’s thinking about buying or selling, please pass this along. It’s always a good idea to work with someone who knows the ins and outs of our local market.
Warmly,
Lauren | Lauren Zurilla & Associates