How Much Have Homes In Charleston Appreciated Since 2008?
When considering buying or selling in a real estate market, everyone is always concerned about a possible bubble and the corresponding consequences due to the housing crash of 2008. Many looking at the Charleston area may then be curious about how much have homes in Charleston appreciated since 2008?
As with other metropolitan areas around the US ever since 2008, greater Charleston has at times experienced a decline in home appreciation rates (specifically, each year between 2008 and 2011). During 2009 the housing market depreciated rapidly, resulting in a loss of almost eight percent. In 2012, there was a slight shift back towards positive values, followed by market appreciation rates rising in 2013 to 4.71 percent. Through the third quarter of 2014, the rates rose yet again by 5.8% in comparison to the previous year.
With these statistics, the real estate appreciation rates in Charleston were above the national average for all the markets in the country (overall). Comprehensive data (provided by relevant national real estate experts) highlight the sales volumes in the Tri-County area through the last quarter of 2015 as over 14% higher than the sales volumes from the previous year of 2014. The Charleston median price also managed to gain over $7,000 to reach $228,000. This was a 5.3 percent increase, which escalated again in the next few quarters to peak at an all time high of $308,000.
Charleston Real Estate Market in 2017
The year started on a high note for the real estate market in Charleston with significant growth being recorded. The market trajectory and the median price seemed to level off. In comparison to 2016, sales volumes have increased considerably a whopping 7%. This basically translates to 4% rise in sales (this year) compared to the housing market recorded for the same period last year. Experts in the real estate industry in Charleston cite that the interest in the housing market in the area has progressively grown and remains steady.
Many people are moving into the area for a variety of reasons on both ends of the modern day spectrum; either to retire or to look for a job. This is keeping the diversity in prices active and maintaining the houses in the market in a competitive range. Following more than a year of significant and consistent growth, the calm in the market has been received considerably well by the buyers as well as the sellers. There is still plenty of demand and the residential market is Charleston is set to continue growing at a steady pace.
Market Trends in Charleston
There is expected to be a strong home demand in the coming years. The people are working harder, earning more money and are in turn willing to spend it on higher priced homes that offer value for money. After the damage from Hurricane Matthew, houses were flooded and needed a complete overhaul to get back to the market with value. However, the historic flooding led to the housing market and construction industry getting unrivaled support which assisted them to fully recover from the damage faster.
Furthermore, zoning and building regulations are well regulated in the Holy City. This ensures that every housing development that comes up here is aesthetically pleasing and maintains a world-class level of quality. Charleston is a very popular place for families to set up their first home. This is mainly because it has a vibrant economy that provides plenty of job opportunities for its residents. It is also a very safe city with a nationally renowned education system.
The trends of the Charleston real estate market project a bright future for home buyers and investors. The current industry growth is exhibiting no signs of slowing down and the property prices are expected to continue rising in the foreseeable future. Local inventory will continue to shrink as people move into the area to look for job opportunities and looking to just settle down.