By Kyra Morris, contributing editor | “Coming Together” is the theme of Charleston’s newly-elected mayor, John Tecklenburg. Charleston does not just represent the formal city of Charleston but the whole tri-county area, and coming together in Charleston is not new.
By Doug Holmes | The real estate market in Charleston in 2015 was awesome and record-setting. It was the third busiest year ever in sales. We sold 15,486 residential units with a record median sales price of $235,000.
By Doug Holmes, contributing editor | Charleston real estate has recovered nicely from the torture of 2008-2011. Back then, the country was in recession and a lot of it was due to the real estate crisis caused by banks giving money away too freely. It became very difficult to sell homes and buyers had it all their way. We were mired in a buyer’s market of unprecedented proportions. It’s interesting to compare months of inventory for that market to months of inventory for the market today.
By Doug Holmes, contributing editor | As the market conditions change, so do the types of competitors for traditional sellers.
With the real estate market in Charleston and Charleston itself doing so well right now, new construction is on the rise. During the downturn of 2008 to 2012, new construction hit a low point.
By Doug Holmes, contributing editor | I had several people come up to me last week and ask me about a recent article they had read about local real estate activity in the local newspaper. They were concerned that the market here might be losing steam. The article in the local paper had done a great job at misleading them.
By Doug Holmes, contributing editor | The Charleston real estate market continues to perform very well. In fact, real estate across the nation has made a big recovery. While the smaller, isolated markets may have not recovered much, most larger metropolitan areas have regained much of the ground lost during the 2008-2011 period. I read an article a few days ago that listed the 20 busiest real estate markets in the nation and was a bit surprised to see that Charleston was not listed. This actually brightened my day a bit to know that there were so many markets doing so well.
By Doug Holmes, contributing editor | Last month in my first article for Charleston Currents, I gave you an historical perspective on the Charleston real estate market and a current snapshot of the tremendous buying activity in today’s market. The buying activity has continued its rampage over the last month and prices look very good, but not out of control.
By Doug Holmes | Amongst all of the other good news found on this site, I’m here to tell you about how fantastic the residential real estate market is doing. It’s one of the best markets in the U.S. right now. All of the other good news on this site is one of the primary reasons for that. Many people are deciding to move to Charleston and make it their new home. Some are looking for employment. Others are looking for a better lifestyle. And others have decided to retire here.
Let me just give you some numbers to think about. We are currently seeing the strongest buying activity in the history of Charleston’s real estate market. The best way to measure that is to look at the number of properties that go under contract in the tri-county MLS each week.
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