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As we find ourselves in a very busy spring market here in Charleston, we thought it'd be an opportune time to provide you with a market update. This way, when you decide to enter the market you'll know exactly what to do to increase your chances of having a profitable transaction. If you're thinking of selling, then you'll be glad to hear that the Charleston market just broke a record for the four busiest weeks of buying activity in our history. Over 400 properties sold every week, and it's rare to see even 350 homes sell in a week, so buyer demand is extremely high right now. On top of this, inventory is relatively low and frustrated buyers are turning to new construction and then waiting another 6-9 months to move into a home.
In the past week, 49 homes sold in Mt. Pleasant and the average sales price was $470,000. Park West was the bestselling neighborhood in Mt. Pleasant, and in just the last three months, homes have appreciated by 4.6%! This places us in a strong seller's market with around 4 months of inventory.
So, we know it's a great time to sell, but is it a good time to buy? Interest rates are still phenomenal, with most loan program's rates dipping below 4%. As long as you have a steady income and a good credit history, you have a good chance of getting a great loan. Over the lifetime of a loan, these low interest rates could save you thousands of dollars, and this is why right now is a perfect time to buy a home.
We hope this information can be helpful to you if you're buying or selling in the Charleston area this year. Please don't hesitate to contact us with any questions or concerns!
