The month of December followed seasonal trends for this time of year with inventory hitting an all time low for 2021. While there are still buyers in the market competing for the available listings, most buyers who are able have paused their search until after the holidays. However, in many hot markets investors continue to purchase homes, keeping competition high for other buyers in the market.
December closes out an incredibly competitive year, with the real estate market favoring sellers across the country. Sellers have been able to choose from multiple offers, some even waiving all contingencies. But, the buyers who have been able to win new homes at low interest rates have likely already gained equity in their purchase.
All stats below are based on End of Month in November vs December:
Charleston Housing Market
Supply and Demand: In December there were 3.5 weeks worth of housing inventory available, a 12.5% decrease from the 4 weeks we saw in November.
Median days on the market – In December houses spent 6 days on the market, a 20% increase over November when they averaged 5 days on the market.
New homes on the market – In December there were 1,401 new homes on the market, a 16% decrease from the 1,676 new homes we saw in November.
Homes sold – In December, 1,883 homes sold, an increase of 13% over November’s 1,655 homes sold.
2021 was a great year for Charleston homeowners as their equity increased dramatically. Average list price has increased by 23% in the area since the start of 2021. With that, days on the market has been cut in half as December averaged only 6 days on the market compared to 13 days in December 2020. Buyers will be relieved to see homes are selling for 98.9% of list price. This is a notable change from the 100.7% of list price the Charleston market experienced throughout summer 2021.
Sellers throughout 2021 had a fantastic year. From record low interest rates to a year of dramatic home value increases. Sellers across the country have often had multiple offers to choose from, and hopeful buyers who have waived various contingencies. Inventory in December hit its lowest point all year, allowing sellers to get top dollar for their homes. Moving into 2022, sellers will likely continue to have the upper hand. However, interest rates may increase in upcoming months which could cause a slight shift in the real estate market as affordability changes. To ensure a quick sale for the desired price, it’s essential to work with a local real estate agent who is an expert in your market. With the help of a team like Trelora’s, you can sell your home with confidence.
Here are a few blogs that might help you as a seller:
- What Fixes are Mandatory in a Home Inspection?
- Finding the Right Relocation Specialist Realtor
- Selling a House for Cash: A Complete Guide
2021 proved to be a difficult year to be a home buyer and December followed this trend. Buyers have had to move very quickly to compete with other offers, including those from investors. 2022 will likely look similar to 2021, but buyers who are successful in winning a home will be rewarded in equity as home values continue to increase. While it can be challenging to beat out the competition in this continuously tight market, it is possible. With the help of an expert agent, who can advocate for you and navigate the local market, home buyers can secure their dream home with time.
Here are a few blogs that might help you as a buyer:
- What is a Contingent Sale?
- How Much Can You Negotiate on a House? 3 Things to Consider
- First Time Home Buyer: Start Here
Please note, if you buy with us, we split our buyer’s agent commission with you and give you back up to $6,000, and if you sell with us, we give you comprehensive, expert service for only 1%. And keep in mind, especially if you’re moving or you have friends in other states, that Trelora can help you in Atlanta, Charleston, Charlotte, Denver, Los Angeles, Phoenix, Raleigh, Sacramento, Seattle and Tucson. In the meantime, please stay healthy and safe.
Christopher has been been in the Real Estate industry for 8 years and has had the opportunity to close over 1,000 deals while acting as the Managing Broker for thousands more. Christopher is passionate about continuing to find ways to simplify, maximize, and serve Trelora’s clients exceptionally well and spends his time building teams to deliver high levels of service. When not doing real estate Christopher can be seen training for marathons and ultra relays with his 2 year old daughter, eating pizza, and drinking a steady stream of Diet Coke.