The Lowcountry’s residential real estate market is flat, with less than 1% in sales growth year to date, according to Charleston Trident Association of Realtors President Edward Oswald. He attributed the slow growth largely to ongoing threats of regulatory overreach in municipalities.
But there is not a universal solution to growth and development issues in the Charleston region, because each sub-market is unique, Oswald said.
“Realtors are committed to protecting the beauty of our region, but the fact is, we are growing and these growth pressures are not just going to turn off overnight,” Oswald said in a news release. “We have to be able to build where it makes sense to meet the growing housing needs of our area.”
This year has 14,281 closings, up half a percent, and median prices are up 4.9% to $279,000 for the region, the release said.
There were 1,406 homes sold in September in the Charleston region at a median price of $285,000. Last September, 1,244 homes sold at a median price of $276,500. That’s a year-over-year increase of 13% of sales and 3.1% in price.
There are currently 8.7% fewer homes for sale than at this point last year, according to the release.
Oswald said meaningful conversations must take place with elected officials about how to implement smart growth strategies and effectively manage the region’s future.
“Applying blanket non-solutions to restrict growth means that our real estate market is going to continue to become more and more unaffordable due to the lack of inventory,” Oswald said. “It’s simple supply and demand, and we can’t have it both ways.”
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Source: Charleston Trident Association of Realtors