Market Update
A NOTE FROM SMITH SPENCER
Evidently we take the prize of America, as regards moving destinations. According to U-Haul, in 2024 South Carolina knocked off Texas, the three-year reigning queen of in-bound moves. That’s kind of hard to put on a bumper sticker but we can try. California came in dead last for the fifth year in a row. Based on the current realities I don’t think they’ll be jumping any lists this year.
As no surprise to anyone, many of our newcomers are arriving from the Northeast seeking warmer weather, and from California in search of a lower cost of living… it’s all relative. Among the many quality-of-life hallmarks that help attract and retain residents, S.C. has also seen a surge in manufacturing, healthcare, and tech jobs. Our little Charleston; she used to be the road less traveled and now it’s all lunches, brunches, and interviews by the pool.
Here are some other 2024 data points we found interesting enough to share with our number-loving friends:
The 5 areas with the largest gains in median sales price over 2023: Edisto Beach (+32.8%), Downtown Charleston (+26.6%), Folly Beach (+24.8%), Sullivan’s Island (+20.8%), Daniel Island (+18.5%). Wow. Those are big jumps in just 12 months.
The average one-year change in price for single family detached homes was +4.6% but for condos and townhomes, it was only +1.4%. The top markets for condo and townhome sales: Kiawah, Daniel Island, Seabrook, IOP, and Folly Beach, respectively.
The average days on market for a single family detached home was 39, and for condos and townhomes it was 43 days. In 2022, we were seeing between 15-20 days on market.
The 5 areas with the largest gains in closed sales over 2023: Kiawah (+31.5%), Hanahan (+18.3%), Wando/Cainhoy (15.5%), Daniel Island (+9.4%), South Mt Pleasant (+8.3%).
The 5 areas with the biggest losses in closed sales over 2023: Downtown Charleston (-1.8%), North Mt. Pleasant (-4.5%), Edisto Area (-8.0%), Dorchester Road Corridor (-10.0%), West Ashley Area (-11.7%).
Enjoy the snow!
Cheers,
Erin & Stacy
