Market Update

This month's real estate update focuses on two important things – interest rates and inventory (the number of homes available for sale) and the impact both have on the local Charleston housing market.

Freddie Mac wrapped up last week with the average 30-year fixed rate at 6.09%. In the last 90 days, 30-year fixed rates have come down a full point from when rates peaked just over 7% in November to where they ended up last week! With this downward trend, good to strong buyer demand is anticipated.

Remember when mortgage rates were above 7% in November? We certainly saw weaker buyer demand during that period last year. As the chart above shows, we're now in a stretch of good buyer demand with interest rates 6.5% - 6%, and expected to be strong as this downward trend continues.  To meet this Buyer demand, Charleston will need more listings. Currently, there's not enough housing inventory for those that want to go out and buy a home in Charleston, SC right now. And, new listings are now below previous years listings.

Now, while we are not seeing as many new listings year-over-year, we have seen a climb in the number of homes, as homes are sitting on the market a little longer as we enter a more normalized housing market.

Bottom Line:

Sellers - Charleston remains a Seller’s market where it needs more homes for sale to meet the demand of today’s buyers. If you’ve thought about selling, now’s the time to get your home ready. 

Buyers - With interest rates on a downward trend, now is the time to get you pre-approved so you are ready to purchase a home.

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