Typically, the real estate market experiences a lull as colder weather sets in and many look forward to being home for the holidays. We didn’t experience this cool down last year, as COVID-19 set in and disrupted the real estate market’s usual seasonal trends. So, as home sales have decreased across many markets, this is the first typical fall market we have seen in two years.
While there are fewer homebuyers this time of year, there aren’t many active listings to choose from either, thus competition remains high. It’s safe to say this seller’s market is here to stay through the new year. However, many markets are seeing homes sell for list price, rather than thousands over it.
This fall, home prices have continued to increase in the single digits. This is a welcome change from double digit increases earlier this year. It’s important for sellers to consider their list price carefully to avoid a price decrease once on the market. But, by considering older listings, struggling home buyers can have more options to choose from.
All stats below are based on End of Month in September vs October:
Charleston Housing Market
Supply and Demand: In October there were 4 weeks worth of housing inventory available, the same amount we saw in September.
Median days on the market – In October houses spent 6 days on the market, a 20% increase over September when they averaged 5 days on the market.
New homes on the market – In October there were 2,008 new homes on the market, a 6% decrease from the 2,148 new homes we saw in September.
Homes sold – In September, 1,874 homes sold, an increase of 7% over September’s 1,755 homes sold.
Now is a great time to sell your home Charleston as home values have increased consistently throughout the year. October saw median list price increase by 2.8% from September, reaching $372,000. Overall, average sale price has increased by 15.7% in 2021 with no signs of slowing down. While these numbers may be intimidating to hopeful buyers, purchasing a home in this market is a great investment as home values continue to rise, providing buyers with equity over time.
As we approach fall and the weather cools across the country, the real estate market shows signs of cooling iFall has offered some consistency in the real estate market for buyers and sellers. While new listings have decreased in most areas, days on market and supply have remained steady. October continued to see a strong sellers market, but fewer homes are seeing bidding wars. With that, fewer homes are selling for over list price. However, home values have increased dramatically across the country in 2021, and will likely continue to do so through the end of the year. Keep this in mind as you work with a real estate agent to price your home. Consider a comparative market analysis from an agent you trust to start the selling process.
Here are a few blogs that might help you as a seller:
- How Much Commission Does a Realtor Make?
- How Much Do Appraisals Cost?
- Expenses You Can Deduct When Selling a Home
Fall has brought with it cooler temperatures and some favorable trends for home buyers. While inventory has While the enthusiasm of buyers who’ve been in the market for months may be fading, there are still eager, new buyers entering the market. The number of new listings has decreased in most markets, as sellers typically opt not to move during the colder months. Thus, there is increased competition over the remaining buyers in the market for a new home. In some areas, October saw ten to fifteen showings per active listing. As 2021 as shown so far, it’s incredibly important to be prepared with financing, and act quickly once you find a home that meets your criteria.
Here are a few blogs that might help you as a buyer:
- How Often Do Contingent Offers Fall Through?
- Types of Houses: What’s the Difference?
- Buying a Second Home for Investment
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 And remember, sell with Trelora and get best in class customer service from a team of experts. Plus, if you sell with us, we give you comprehensive, expert service for a low flat fee. 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, 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.