September Real Estate Market Update: Charleston, SC

CharlestonCharleston MarketReal EstateSmith Spencer Real Estate

Sep 25

Market Update 🏡✨

Nationally

U.S. existing-home sales in August increased (1.3%) for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity - exceeding economists’ expectations and ending the downward trend of recent months.

FEDERAL RESERVE WATCH

Forecasting Federal Reserve policy changes in coming months:Wall Street now expects the Fed's FOMC Rate Decision willbe a half percent cut on Wednesday. Fed watchers see another quarter percent drop in November followed by another half percent cut in December. Current rate is 5.25%-5.50% which means by December it could be 4.00%-4.25%.

Locally

August was down in number of transactions by 7.7% vs August 23 and down in transactions by 5.9% vs July 24.

Median Sales Price

Median sales price is still doing well. We are up 3.9% (to $430k) on median sales price YTD vs the same 2023 period. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.

Inventory

Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. U.S.

New Home Sales

Home sales rose to the highest level since May 2023, following three consecutive monthly declines. Sales of new single-family homes increased 10.6% month-over-month.