A lot of people have been asking me about the real estate market lately. They saw the stock market drop a bit and want to know if the same thing is happening in real estate.
The real estate market here is not tanking by any means, but it’s definitely starting to flatten out. Sales are up by 20% in areas like Folly Beach, but the median price is down by 6%.
Prices are going up in some areas and down in others.
The same kind of thing is happening in North Charleston. In Peninsula Charleston outside of Crosstown, sales are up 3.5%, but the average price is down 12.3%. In North Mount Pleasant, sales are up by 6.7%, but the average price is only up by 2.5%. In South Mount Pleasant, the average price is up by 4%.
Prices are still going up in many areas, but they’re going down in others. This may be a sign that the market is about to shift. This is the first time we’ve seen prices plateau or go down in the last seven years or so.
If you have any questions for me about what’s going on in your neighborhood, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.