Charleston, SC is an area that has seen rapid growth over the last several years. Whether moving or just visiting, you could be wondering what are the advantages of the Charleston real estate market over other areas? With a population of roughly 96,000 residents in 2000, Charleston has grown to an estimated 132,609 by 2015. It’s current growth rate is three times higher than the national average. Many people are relocating to Charleston for several different reasons which can include employment opportunities, retirement to a warmer area of the country, relocating from an area with a higher cost of living, or maybe just wanting to move to a lovely area. No matter what the reason, Charleston has much to offer potential residents in terms of not only the financial but also professional and personal.
Real Estate Values In Charleston
Currently, the median sales price for a home sold in Charleston is $270,000 or roughly $196 per square foot. For renters, the median rent is $1,800 monthly. The market in Charleston has shown a steady increase in value that matches with its steady increase in popularity and population size over the years. The median home sales value from Trulia shows the following trends over the last five years:
- 2012: $208,095
- 2013: $215,000
- 2014: $212,000
- 2015: $233,467
- 2016: $257,000
- 2017: $265,500
Taken as a whole this points to a very healthy local market that has shown consistent increases for the most part (about a 128% increase in home values). The only year showing a decrease was 2014 in relation to outside factors concerning the then ongoing mortgage crisis. Home values quickly recovered in 2015 and increased in 2015, 2016, and 2017.
Why People Are Moving To Charleston
Alongside the above noted growing real estate market the city of Charleston offers many advantages to potential residents:
- A Diversified Economy: The economy of Charleston is a healthy one with employment opportunities across several different industries, and growing further over the last couple years. Tourism is a critical industry with several hotels, bed and breakfasts, inns, and restaurants catering to the city’s many visitors. The shipping industry here is also vital due to Charleston’s location on the water and having the 4th largest container seaport on the east coast (with further plans to dredge the harbor for bigger ships and more shipments) . The Tech industry is another crucial industry and continues to grow and expand. Employers include the likes of Boeing, Blackbaud, BoomTown, CSS and numerous startups. This is also without mentioning international companies moving here due to lower costs, including the likes of Volvo and Mercedes. Even further, one of every four jobs in the state of South Carolina is created in Charleston.
- Culture: Charleston is home to festivals including the Spoleto Festival USA art festival, the Cooper River Bridge Run, The Lowcountry Oyster Festival, Charleston Food and Wine Festival, the Taste of Charleston, and Charleston Fashion Week among many various festivals and events offered throughout the year. It is also a top city for theater and is home to museums, art galleries, and numerous historical buildings.
- Sports: Local minor league teams include the Charleston Battery of the United Soccer League, South Carolina Stingrays who play in the ECHL (hockey), and Minor League Baseball team The Charleston RiverDogs who play in the South Atlantic League (Bill Murray himself even being a Co-Owner and overall ‘Director of Fun’).
The Charleston area is one of the more attractive ones to relocate or retire to in the entire country. Aside from the agreeable weather of the American south and the warm hospitality, the area is also a growing one with a healthy local economy and a very diverse and interesting culture. As the area keeps growing in home values and opportunities in both the professional and personal spheres, the real estate market is only going stronger. Whether looking to maybe buy or if you just have questions in general, always be sure to speak with a knowledgeable real estate professional to not only ensure you find the home you’re looking for but also assure you get the best price and location available.