2023 Charleston Real Estate Trends
Handsome Properties January 26, 2023
Handsome Properties January 26, 2023
2023 Charleston real estate trends gain recognition as the market settles into sustainable, balanced growth. NAR has named Charleston, SC, as a top 10 "Housing Hot Spot" for 2023. NAR evaluated areas such as the status of home affordability, inventory level, job, and population growth.
With this information, NAR was able to make an informed decision on which markets are worthy of your attention. Charleston real estate trends reflect why the South continues to prevail in the market.
The Charleston real estate trend is moving toward normalcy—not a crash, but a balanced market. Mortgage rates dipping below 6% early in the year have re-energized buyers, proving why the competitive market is currently ranked in the top ten. Charleston continues to see strong job growth and migration, key elements to the real estate demand.
As the local home market prices proceed on a steady, modest upward trend, now is the perfect time for both buyers and sellers to take advantage of Charleston's Lowcountry luxury market. The average days on the market for homes have stabilized, which is no surprise as Charleston is ranked as a top relocation destination.
We can attribute this blooming demand to the substantial flood of people seeking lifestyle changes, retirees, and young professionals—and also a steady increase in the niche crowd of international buyers seeking to purchase investment properties overseas.
Don’t hesitate to reach out to one of our agents if you are considering buying or selling properties.
If you’re considering buying or selling property in Charleston, SC, don’t let the sensational headlines about a market crash confuse you. The 2023 market is defined by “normalcy” and resilience. As much as inventory is slowly increasing, buyer demand remains strong, reducing any downward pressure on prices.
It’s key to have reliable sources about the evolving market—keep up with news from places such as the National Association of REALTORS® and the Handsome Properties blog to stay informed.
Handsome Homes
Transforms property buying and selling into a thoughtful, curated, and highly personalized experience, expertly tailored to Charleston’s luxury, historic, and exclusive real estate markets.
