Home values in Charleston, South Carolina, have dramatically increased by over 81% since 2019, positioning the city among the fastest-growing housing markets in the United States. This significant rise highlights a period of intense growth, although the market now shows signs of moderating.
Key Takeaways
- Charleston home values increased over 81% since 2019.
- Mount Pleasant and James Island saw substantial equity gains.
- The market is shifting towards a more balanced state.
- Current conditions offer opportunities for buyers due to less competition.
- Lowcountry's lifestyle appeal attracts migrants from larger cities.
Charleston's Housing Market Sees Rapid Appreciation
A new nationwide study reveals that Charleston's housing market has experienced remarkable growth over the past five years. Home values in the city have climbed by more than 81% since 2019. This places Charleston near the top of the list for U.S. cities with the largest home value increases.
Despite this steep overall climb, local real estate agent Nicole Madey suggests the market is beginning to stabilize. "We’re moving more toward a balanced market," Madey explained. She noted that homes are now sitting on the market for about 30 to 45 days, similar to pre-pandemic conditions in 2018 and 2019.
Fact Check
- Charleston's home values rose by over 81% in five years.
- Some areas like Mount Pleasant saw average increases of 50% without renovations.
- Properties in Point Hope, specifically Del Webb, are appreciating by approximately $15,000 per month.
Equity Gains Across Lowcountry Neighborhoods
Many homeowners in specific Lowcountry areas have gained significant equity since 2019. Mount Pleasant and James Island stand out, with many property owners seeing substantial increases even without major renovations.
"I’d say the average person who owned a home from 2019 to now, especially in Mount Pleasant, saw an easy 50% increase in most neighborhoods," Madey stated. "And that’s sometimes without any renovation work."
Growth remains strong in other parts of the Lowcountry. Areas off Clements Ferry Road, such as Point Hope, continue to show robust appreciation. Madey highlighted that Del Webb properties in Point Hope are increasing in value by about $15,000 each month. Buyers who purchased homes there just two or three years ago are already seeing nearly a 50% increase in their property values.
Market Context
The rapid rise in Charleston's home values reflects a broader trend seen in some U.S. cities, particularly in the South and Northeast. Factors like lifestyle appeal, good schools, and proximity to natural attractions often drive migration from larger, more expensive urban centers, fueling demand in these growing regions.
Current Market Offers Opportunity for Buyers
Despite the long-term gains, Madey believes the current season presents a unique opportunity for prospective buyers. The competitive landscape is less intense now compared to other times of the year.
"There aren’t as many buyers looking right now, so the competition isn’t there," Madey observed. She also pointed out that listing a house during the holidays means less competition for sellers. In contrast, the spring market often sees buyers competing against ten similar homes.
Buyer Insights
- Fewer buyers currently in the market reduce competition.
- Holiday season listings face less competition from other sellers.
- Spring typically brings a more competitive environment for buyers.
Why Charleston Attracts New Residents
The study by Realtor.com indicated that the fastest-growing home markets are concentrated in the South and the Northeast. Charleston's enduring popularity is closely linked to the region's overall appeal. This includes its beautiful beaches, excellent school systems, and a desirable lifestyle that attracts many.
Madey confirmed that people continue to migrate to the Lowcountry from larger cities. Many arrive from places like Chicago, parts of Ohio, and California. They are drawn to this specific area or the Southeast region in general, seeking a different quality of life.
Cost of Living and Buyer Expectations
While the Lowcountry offers many advantages, Madey provided a realistic perspective for those considering a move. She cautioned prospective buyers about the cost of housing in the area.
"It’s not going to be as cheap as you think," Madey said. "Some people assume they can get a home for $300,000. In some places you can — but for most buyers in this area, you’re looking at half a million dollars and up."
This reality check is important for those relocating, as the perception of affordability may not match the current market prices in desirable parts of Charleston and the surrounding Lowcountry.
