Summer, much like spring, saw a strong sellers market. Many are wondering if this will continue to be the case even as students return to school this fall. Ultimately, real estate across the country continues to see a highly competitive seller’s market with limited inventory. However, data is beginning to show signs of relief for burnt out buyers in many markets, making this a great time to buy a home.
Sellers continue to have the upper hand in this market. But, after months of seeing home values and median list prices increase exponentially across the country, many areas are seeing home values begin to level off. As we move into the school year, many buyers have put their home search on pause. Thus decreasing the competition amongst new listings and the bidding wars that have previously ensued. So, for the first time in a long time, the data looks promising for hopeful homebuyers.
All stats below are based on End of Month in July vs August:
Charleston Housing Market
Supply and Demand: In July, there were 4 weeks worth of housing inventory available, the same amount we saw in July
Median days on the market – In August houses spent 4 days on the market, a 33% decrease over July when they averaged 6 days on the market.
New homes on the market – In August, there were 2,349 new homes on the market, a 10% increase from the 2,613 new homes we saw in July.
Homes sold – In August, 2,114 homes sold, a decrease of 1% over July’s 2,091 homes sold.
The Charleston real estate market has seen a summer of limited listings and extreme competition for home buyers. Home values have increased by $45,000 so far this year, and median days on the market have consistently decreased for active listings. However, as the school year begins, the competition for new listings has decreased slightly. Sellers are seeing this shift as homes sold for 100% of list price in August, versus July listings selling for 1% over list price.
As we approach fall and the weather cools across the country, the real estate market shows signs of cooling in some ways as well. This is still a fantastic time to sell your home and cash in on all time high home values. Homes are beginning to sell for 100% of list price, rather than 2-4% over list price in some markets. As students return to school, many buyers have paused their search. While others have committed to renting for the short term future. As a result, there is less competition for active listings, and fewer buyers competing in bidding wars. Now, more than ever it’s important to consult an expert when pricing your home for sale. New listings are still moving quickly, with the median days on the market being under two weeks in most markets across the country. This is important to note for sellers who are experiencing little interest in their listing, you may have priced incorrectly. If this is the case, don’t worry, there are ways to remedy the situation, start by speaking to an expert agent today.
Here are a few blogs that might help you as a seller:
- For Sale By Owner vs Real Estate Agent
- How to Get Your House Ready to Sell
- How Much Commission Does a Realtor Make?
Home values continue to rise across the country, and while summer has brought a slight increase in inventory across most 2021 has proved an incredibly challenging time to be a home buyer. However, new resources are becoming available for buyers to make their offer more competitive. Trelora uses technology to help buyers craft instant offers, backed by cash from our brand partners. Curious if this is an option for you? Speak with a Trelora agent today to learn more. With that, August has shown that there may be a light at the end of the tunnel. Many markets across the country saw a dip in median home prices, even as supply increased in some areas. Overall, the number of showings per listing also decreased. Homebuyers who are serious about finding a home in this seller’s market can prepare themselves by partnering with an expert agent who is knowledgeable in their desired neighborhood. By having a list of non negotiables you seek in a new home, you can search new listings quickly or revisit older listings that may be open to asking price offers after sitting on the market for a period of time.
Here are a few blogs that might help you as a buyer:
- What to Look for When Buying a House
- Is Now a Good Time to Buy a House?
- How to Calculate Closing Costs
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 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.