Home Price Appreciation in Today's Market
October 20, 2023
Quick market update for Charleston, SC as we enter the 4th quarter.
Home appreciation has been on the rise over the past three years and is expected to hold steady in Charleston despite higher interest rates.
Demand for homes in Charleston remains high while new listings coming on the market continue to be below previous years.
If the higher interest rates are keeping you from purchasing a home in Charleston, just know rent prices will continue to increase. So, while it might be less expensive to rent a house today, than buying one, just know 2 years from now – 5 years from now - it’ll be much better to own that house than to rent it. And, during this timeframe you’re building equity and wealth.
Sellers - If you’re thinking about selling – it’s a great time to sell with low competition. Just make sure you work with a trusted advisor for pricing, marketing, and staging.
Buyers - If you’re on the fence about buying a home, consider buying a house that you can afford the monthly payment today and then refinance when rates drop vs. renting. Rent will continue to increase vs. buying locks in that monthly payment.