Real Estate Market Update: Charleston, South Carolina

A note from the Brokers at Smith Spencer Real Estate:
MARCH 2024 | MARKET MADNESS
If the pollen hasn’t made it obvious, maybe the surge in activity has. The spring market is here, buyers are on the hunt, and for the first time in a while we are pleased to report that many homeowners are embracing the idea of selling like a warm towel right out of the dryer. Inventory is up, hovering around 3,000 residential listings at the time of this writing (Sunday morning… or Sundee morning as we like to say here in the south).
 
A quick glance back through the 2023 editions of this award-winning subscription literature reveals we mentioned inventory problems nearly every month. Hopefully 2024 is not the same song, second verse. Zillow is reporting new listings of existing homes were up 21% in February compared to February last year, and up 20% from this January. 
 
It appears that the impact of “rate lock” on homeowners is beginning to diminish. It could be that formerly reluctant sellers are becoming accustomed to new interest rates and making moves when they see a property they really want, or when they have to. There are always going to be life changes or motivations that cause people to move—marriage, births, divorce, retirement, keeping up with those beautiful and influential Joneses, or one that we personally relate to: the dog deserves a better yard.
 
Or, it may be that for many households with record-high equity, waiting out potentially lower rates later in the year may not be worth it. The Fed said they would consider cutting short-term interest rates once they were confident inflation was tracking “sustainably at 2%.” Job growth exceeded expectations in February but wage growth slowed and jobless claims edged up. Many investors viewed this as a “Goldilocks” moment—an economy that’s not too hot or cold. For the Charleston tri-county area, YTD, we are up 5.9% in median sales price over the same 2023 period… we’d say that’s some hot Papa Bear porridge right there.
 
As we venture into the wilds of the spring market, remember to keep your sense of humor handy. Whether you're buying, selling, or just here for the open house snacks, it’s more enjoyable to get through serious business when you can laugh a bit.

Cheers,
Erin + Stacy

𝘊𝘩𝘢𝘳𝘭𝘦𝘴𝘵𝘰𝘯 𝘏𝘪𝘨𝘩𝘭𝘪𝘨𝘩𝘵𝘴:

𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗨𝗽𝗱𝗮𝘁𝗲!
𝘊𝘩𝘢𝘳𝘭𝘦𝘴𝘵𝘰𝘯 𝘏𝘪𝘨𝘩𝘭𝘪𝘨𝘩𝘵𝘴:

💥 𝗣𝗿𝗶𝗰𝗲𝘀 U.S. home sales grew 3.1% from January to February, exceeding economists’ expectations and marking the strongest sales pace since August 2023.

💥 𝗣𝗲𝗻𝗱𝗶𝗻𝗴 𝘀𝗮𝗹𝗲𝘀 𝘪𝘯 𝘑𝘢𝘯𝘶𝘢𝘳𝘺 𝘫𝘶𝘮𝘱𝘦𝘥 8.3% 𝘧𝘳𝘰𝘮 𝘋𝘦𝘤𝘦𝘮𝘣𝘦𝘳, 𝘮𝘢𝘳𝘬𝘪𝘯𝘨 𝘵𝘩𝘦 𝘭𝘢𝘳𝘨𝘦𝘴𝘵 𝘨𝘢𝘪𝘯 𝘴𝘪𝘯𝘤𝘦 𝘑𝘶𝘯𝘦 2020.

💥 𝗖𝗵𝗮𝗿𝗹𝗲𝘀𝘁𝗼𝗻-𝗮𝗿𝗲𝗮 𝗺𝗲𝗱𝗶𝗮𝗻 𝘀𝗮𝗹𝗲𝘀 𝘱𝘳𝘪𝘤𝘦 𝘩𝘢𝘴 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘦𝘥 5.9% over the same 2023 period.

💥💥💥45 𝘀𝗶𝗻𝗴𝗹𝗲-𝗳𝗮𝗺𝗶𝗹𝘆 𝗵𝗼𝗺𝗲𝘀 𝘁𝗵𝗮𝘁 𝘄𝗲𝗻𝘁 𝘂𝗻𝗱𝗲𝗿 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗹𝗮𝘀𝘁 𝘄𝗲𝗲𝗸 𝗵𝗮𝗱 𝗮 𝗹𝗶𝘀𝘁 𝗽𝗿𝗶𝗰𝗲 𝗼𝘃𝗲𝗿 $𝟭𝗠.*

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* data from Chas MLS