As temperatures begin to cool across the country, many markets are also starting to see signs of the real estate market shifting. While we continue to see a strong sellers market, taking a closer look at days on the market and number of showings per listing shows buyers are experiencing a much needed decrease in competition for active listings. This offers a unique opportunity for homeowners looking to sell and cash in on their equity, while minimizing the risk of having to rent short term as they try to buy a new home.
Moving into fall, many homeowners have opted to stay in their home rather than moving during colder months or the school year. Thus, buyers have fewer listings to choose from in many areas, but the homes they have to choose from are typically selling for list price, rather than thousands over it. Overall, the positive outlook we saw in August for home buyers continued through September and may be here to stay throughout the fall.
All stats below are based on End of Month in August vs September:
Charleston Housing Market
Supply and Demand: In September there were 4 weeks worth of housing inventory available, the same amount we saw in August.
Median days on the market – In September houses spent 5 days on the market, a 25% increase over August when they averaged 4 days on the market.
New homes on the market – In September, there were 2,148 new homes on the market, a 8.5% decrease from the 2,349 new homes we saw in August.
Homes sold – In September, 1,755 homes sold, a decrease of 17% over August’s 2,114 homes sold.
Charleston has seen huge increases in home values throughout 2021, and September continued to follow this trend. Median list price has increased by 19% from this time last year, with September’s average list price being $420,000. With that, days on the market have decreased by 50% since last year, spending only 5 days active. While these trends show that Charleston is still experiencing a strong sellers market, September saw fewer homes sell for over list price. This shows the importance of pricing your home correctly as a seller, to ensure your listing receives the attention it deserves and moves quickly.
Moving into fall, the real estate market typically sees a seasonal shift in active listings, and competition overall. This held true in September as homes across the country saw fewer showings per listing. However, sellers still have the upper hand as active listings decrease. It’s essential to do your research when determining the list price for your home. Home values have gone up by 9% across the country, with some markets seeing 30% increases in home values. Thus, sellers should familiarize themselves with recent comparable listings in the area before deciding on a listing price. With the help of an experienced real estate agent, now is a great time to sell your home and act quickly to purchase a new one.
Here are a few blogs that might help you as a seller:
Fall has brought with it cooler temperatures and some favorable trends for home buyers. While inventory has decreased in many markets as homeowners opt to avoid moving during cooler months, the number of listings per showing has also decreased. This means a slight decrease in competition overall for buyers. With that, homes that are not priced correctly are often sitting on the market for weeks. As a result, sellers are open to negotiations, often allowing buyers to secure a new home for list price, rather than thousands of dollars over it. Ultimately, it remains essential to move quickly if you find a home you love. Trelora can help you do just that, strengthening your offer with a commission refund, or turning your offer into cash with help from our brand partners. Speak with a Trelora agent today to learn more.
Here are a few blogs that might help you as a buyer:
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, Seattle, St. Louis 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.