The Charleston and Mount Pleasant real estate markets closed out 2024 with some notable trends. Whether you’re buying, selling, or simply staying informed, understanding these market dynamics can help you make smarter decisions. Let’s break it all down!
Charleston County Highlights
- New Listings: Up 12.5% year-over-year. This influx of inventory is a welcome sign for buyers, offering more choices, but sellers should focus on strategic pricing to remain competitive.
- Median Sales Price: Increased by 10%, reaching $690,000 for detached single-family homes. This steady growth indicates the area’s ongoing demand and desirability.
- List-to-Sale Price Ratio: Sellers are receiving 96.2% of their original list price demonstrating that realistic pricing from the start is critical for a successful sale.
Key Takeaway: The Charleston County market remains active and competitive. Sellers should highlight their home’s unique features to stand out, while buyers can take advantage of increased inventory.
Mount Pleasant Market Insights
- Median Sales Price: Holding strong at $975,000. This premium reflects Mount Pleasant’s status as a highly sought-after location with excellent amenities and quality of life.
- Days on Market: Properties in North Mount Pleasant are spending an average of 62 days on the market, compared to 33 days across Charleston County. This gives buyers more time to make decisions but requires sellers to be patient and flexible.
- Sales Activity: Down slightly by 2.5%. Despite this, strong prices show that demand for Mount Pleasant homes remains steady, even during a traditionally slower season.
Key Takeaway: Buyers can use the longer market times to their advantage by negotiating terms, while sellers should ensure their homes are priced right and are well-prepared to attract attention.
What Sellers Need to Know
- Price Competitively: With more listings on the market, pricing aggressively can make your home stand out and attract serious buyers.
- Focus on Presentation: Staging, professional photography, and strategic marketing can help your home shine among increased competition.
- Stay Patient: Longer days on market don’t mean your home won’t sell. Quality buyers are still out there; they’re just taking a bit more time.
What Buyers Need to Know
- Leverage the Inventory: With more homes on the market, you have more options to find the right fit.
- Negotiate Strategically: Longer days on market and seasonal slowdowns can work in your favor when negotiating price or terms.
- Act Decisively: While you have more breathing room, the best properties still move quickly. Work with a knowledgeable agent to stay ahead of the competition.
Why These Trends Matter
As we wrapped up 2024, it’s clear that Charleston and Mount Pleasant continued to be highly desirable markets. The consistent rise in prices reflects the area’s enduring appeal, while increased inventory and longer days on market present unique opportunities for both buyers and sellers.
Let’s work together to make your real estate goals a reality in 2025.