The Real Estate Market in Charleston, South Carolina
If you’re looking to live in a charming, historic southern city, Charleston may be your answer. Sitting on the cost of South Carolina, the real estate market is poised for growth.
The Real Estate Market in Charleston, South Carolina
Charleston is located roughly midway along the Atlantic Ocean coast of South Carolina and has a population of just under 100,000 people. A city steeped in history, Charleston has an Old South feel with all the conveniences you’d expect from a modern city.
The average Charleston home sells for about $180,000, a figure that roughly matches the national average. Home appreciation rates are a bit below national averages, but still a healthy 7.4 percent. More importantly, the rate of appreciation may be poised to increase dramatically in the coming years. The reason for this is job growth.
Any real estate market is heavily influenced by job growth in the local economy. The higher the job growth, the higher the demand for workers. As more people move into the area to meet that demand, home prices will rise. Currently, Charleston is experiencing strong job growth. More importantly, the growth rate is expected to be nearly four times higher than the national average over the next four years. This means the beginning of a strong real estate market for Charleston properties.
The city of Charleston is a nice place due to its location on the coast. It also offers the basic amenities you would need to live in any city. Schools meet or exceed most national averages, and higher education is particularly strong. Health costs are about the same as the national average, but you’ll find nearly twice as many doctors in Charleston. If you are going to have a health problem, this is the place.
The climate in Charleston is quite mild since it is located on the ocean. You can expect summer temperatures to peak in the 90s, while winter temperatures can be in the 40s. It’s going to rain about 30 percent of the time, with 50 inches being the annual average.
Overall, Charleston is a good place to live and the housing market appears stable with strong growth on the horizon.