Real Estate Market Update: November 2024 - A Mixed Bag for Buyers and Sellers

Real Estate Market Update: November 2024 - A Mixed Bag for Buyers and Sellers

The Charleston, SC, real estate market presents a dynamic landscape for buyers and sellers. While overall transaction numbers remain steady compared to last year, significant variations are emerging across different MLS areas. Let's dive into the latest data and uncover what's happening in your neighborhood.

Key Takeaways:

• Transactions Hold Steady: The total number of transactions mirrors the same period in 2023. However, some areas are experiencing double-digit growth (like areas 22, 23, and 25), while others show notable declines (such as areas 12, 13, and 27). This highlights the importance of understanding local market trends.
  
  
• Median Sales Price Climbs: The overall median sales price shows a 4% increase year-over-year, reaching approximately $430,000. However, this figure masks significant variations within specific MLS areas. Areas 11, 13, and 21 have seen double-digit price growth, while areas 44, 45, and 75 experienced declines.
  
  
• Sellers Still in the Driver's Seat: With months of inventory (MOI) of 2.6, the market firmly favors sellers. 26 out of 32 MLS areas have less than 4.5 MOI, indicating limited inventory and strong buyer demand.
  
  
• Interest Rate Outlook: The Federal Reserve anticipates a quarter-point rate cut next week, offering buyers a glimmer of hope. However, with only three quarter-point cuts predicted for 2025, affordability challenges may persist.
  
  

What This Means for You:

Buyers:

• Be prepared for competition: Low inventory and rising prices in many areas require a proactive approach. Get pre-approved for a mortgage, work with a skilled real estate agent, and be ready to act quickly.
• Explore different areas: Consider areas with declining prices or increased inventory for potential opportunities.
• Stay informed about interest rate changes: Watch the Federal Reserve's announcements and adjust your budget accordingly.

Sellers:

• Price strategically: While the market favors sellers, overpricing can lead to longer listing times. Consult with a real estate agent to determine the optimal listing price.
• Prepare your home for sale: Maximize your property's appeal with staging and necessary repairs to attract buyers in a competitive market.
• Be aware of local market conditions: Understand the trends in your specific MLS area to make informed decisions.

The Charleston market saw a consistent number of homes go under contract in 2022, 2023, and 2024 compared to 2020. The chart below observes this trend, a key indicator of future sales.

Top % change in price from 2023

• Wadmalaw Island 68.6%
• Edisto Beach    39.5%
• Edisto Island 39.0%
• Peninsula Charleston (inside the crosstown) 26.6%
• Folly Beach 21.3%
• Daniel Island 18.5%

Top % change in number of sales in 2023

• Awendaw 66.1%
• Kiawah Island 31.4%
• Hanahan 17.7%
• Moncks Corner Above Oakley 16.7%
• Isle of Palms 13.4%
• Wando/Cainhoy 11.7%
• Folly Beach to the Battery Island 11.4%

Top Median Sales Price

• Sullivans Island $4,150,000
• Isle of Palms $1,890,000
• Kiawah Island $1,672,500
• Daniel Island $1,600,000
• Edisto Island $1,460,000
• Wild Dunes $1,245,000

Conclusion:

The Charleston, SC,  real estate market remains dynamic and nuanced. Buyers and sellers can navigate this market effectively and achieve their real estate goals by staying informed about local trends, interest rates, and inventory levels.

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