Where’s the New Construction

New Construction vs. Resale Market

If you’ve explored real estate in Charleston, there is one thing you’ve probably noticed, in certain areas it’s all about the resale market. In fact, some areas like Mount Pleasant and the Historic Peninsula have little in the way of new construction to offer.

Now one reason for this is purely geographical. I mean we are bordered by water everywhere you look, but another reason is some municipalities tend to be a bit more pro-construction, so what gives?

Mount Pleasant

Let’s start with Mount Pleasant. Recently there was a 2 year extension placed on new construction like condos, which means that from 2017-2025 they will won’t be approving any new developments. Town council also took a look at mixed use commercial developments which are part retail, part residential, and they made some changes here as well, namely that they will only allow 4 homes per acre vs. 12 which is what they used to allow. Obviously, this will tend to continue to add to the inventory issue we are seeing in Mount Pleasant and certainly could reflect in higher pricing.

Areas for New Construction

On the other hand, areas like Johns Island, Huger and Summerville are really seeing a huge boon in development, and from what we can tell will continue to develop in many ways to come as we push to the N, S, and W.

New Home Communities: The Data

Before we jet, here is an update from New Home Source. According to

their website, there are approximately 87 new home communities in

Charleston County. See the breakdown below:

Johns Island: 8

West Ashley: 4

Summerville: 17

Huger/ Wando: 21

North Mt. P: 10

That makes a total of approximately 940 new homes. Now these numbers obviously change all of the time, so don’t quote us on it, but it does give you an idea of where the new construction is happening and what areas you should search for resale opportunities in, we’re looking at you Mt. P, Downtown, the Islands, and James Island.