As I type this, there are 4,570 homes for sale in the Charleston Metro area (Charleston, Berkeley and Dorchester counties). Today, we have 19% fewer homes for sale than we did over the last 12 months. To put that in perspective, if you are looking for a home in Charleston County, there are 1,817 single family detached homes for you to choose from. If you are looking for a 3 bedroom, 2 bathroom home, that numbers drops to 1,634 available options. Start adding in any number of “features” you deem important such as square footage, garage space, yard, porch. etc and that number drastically decreases. The picture I’m painting for you is not just fact, it’s a major challenge in our local housing market and it will continue over the next few years.
It’s important to present you with the knowledge to understand what you might face if you are among the thousands trying to decide if you want to buy or sell in 2020 (or beyond.) Currently, our market has a generational low unemployment rate, continued economic growth, and several generations in the midst of buying for the first time, upgrading to accommodate familial needs, or down-sizing. Simply put, there aren’t enough homes to meet the demand.
If you are a seller, on the fence about listing your home, it’s time to talk to a Realtor® about your options. If you are a buyer, you need to find a Realtor® who is willing to go beyond the listings on the MLS to find you what you want. Now, more than ever, is the time to find a trusted advisor to guide you through the process, provide you evidence-based pricing analyses, and is willing to go the extra mile to make your real estate experience beyond the click of a button.