WHAT'S AHEAD FOR HOME SALES?
Today’s data suggests the market is shifting back to pre-pandemic norms. Home value growth, which hit record highs over the course of the pandemic, is now slowing. Check out current market trends to provide some clarity….
Home prices are driven by supply and demand. In Charleston, there continues to be more demand than supply and it remains a Seller’s market.Charleston needs roughly 5,000-6,000 additional listings market wide to achieve a balanced market (6 months of inventory vs. current < 2 months).
In Charleston, the number of homes sold in October is consistent with pre-pandemic sales this same time of year (October, 2019).
The number of days between when a property is listed and when an offer is accepted is rising. Yet, the market is far from pre-pandemic norms. Days on market (DOM) is still 30 days shorter than in 2019.
There are Buyers looking for homes in Charleston. While choices are limited, the volume of homes sold is consistent to pre-pandemic norms. The slight increase in supply has increased Buyers’ negotiation power.
For Sellers, going into this season with limited inventory, it’s still a great time to list your home, If you’re thinking about selling your home, now may help your listing rise to the top of the pool.
The housing market is shifting, and it’s a confusing place right now. If you’re unsure about where prices are headed or how to make sense of what’s going on in today’s housing market, let’s connect!
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