Why Charleston is Attracting Home Buyers
Handsome Properties May 27, 2022
Handsome Properties May 27, 2022
The National Association of REALTORS® ranked Charleston-North Charleston as one of the top 10 real estate markets during and in a post-COVID environment, news that supports the continuation of a strong seller’s market in the Charleston area.
A report from the National Association of REALTORS® Research Group cited several indicators NAR considered to influence a metropolitan area’s recovery and growth. Factors that put Charleston on the list included the number of people moving into the area, the low unemployment rate, and mobility to retail and recreational destinations.
According to the NAR study, “The Charleston metro has been resilient, with a low unemployment rate of 4.7%, well below the national rate of 7.9%. Mobility to the leisure and recreation places is 13% below pre-pandemic level, which is also below the national rate of 20%.”
With buyer demand high and housing inventory low, Charleston is a sought-after area for home buyers due to its thriving economy, strong job market, and quality of life.
We noted some additional factors favoring Charleston home sellers.
United Van Lines annual national movers study showed that in 2021 South Carolina had the third largest percentage of inbound moves in the country. Based on data for state-to-state moves, South Carolina’s total inbound migration was 63 percent, with an outbound percentage of 36 percent.
Survey results showed that 36 percent of the people who moved to South Carolina did so to retire. About 28 percent said they moved to be closer to family and about 23 percent said they moved to the state because of the lifestyle.
Charleston ranks high for tourism and travel, but home sellers should know that the Holy City also is one of the country’s best places to live.
Out of 150 metro areas, U.S. News and World Report ranked Charleston as the 49th best place to live in the United States and the third best place to live in South Carolina.
The report noted Charleston’s “unique blend of historic preservation and new development” and a strong job market based on tourism, hospitality, and technology industries.
Charleston has one of the best job markets in the country, based on a 2021 WalletHub study. Their study ranked Charleston 19th out of 182 cities based on metrics that included the number of job openings, average starting salary, the unemployment rate, variety of industries, and median annual income.
Is now the time to list your Charleston home for sale? We’re here to help. We’ll make sure your Charleston-area listing gets the best exposure and reaches the right buyer—whether they’re out of state, in another country, or right around the corner.
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