Charleston/Summerville area expanding in spite of surrounding economic downturn

According to USA Today, our area is “expanding” in comparison to other states which are either “at risk” or actually in recession.  The map below is taken from Moody’seconomy.com and featured at USAtoday

recessionmap.jpg

This map is both interesting to look at and view which cities in each state are at risk.  I encourage you to click on the link and investigate for yourself.  I think you will find it encouraging, as I did to see how strong our local economy is doing in comparison to others.  The national news, especially with real estate, can paint a very bleak and negative picture.  However, economics and real estate is largely local, as this map indicates. 

The areas that have been hit the hardest are those in which the housing market was extremely inflated-Florida, California, Nevada, Arizona.  Market corrections always happen. They must in order to keep housing affordable.  Thankfully, our area has seen great growth, but the prices have stayed stable and as a result, our market correction will not be as drastic.

According to the NAR…”Home sales are down in nearly every state, but the depth of the decline varies widely. Many of the hardest-hit states are those in the Southwest, such as Arizona, Nevada and New Mexico. Other states, such as Colorado and Arkansas, saw more modest declines. And home buying was up or unchanged in the fourth quarter in North Dakota and South Dakota.”

According to this chart, South Carolina is continuing to make modest gains.  Please don’t hesitate to let me know if you have any questions or would like to discuss marketing your current home or purchasing a new home.  Contact Foster.

Home values fell last year in a number of states, but in other parts of the country there were gains.
Alabama
4.5%
Alaska
6.0%
Arizona
-2.4%
Arkansas
3.6%
California
-6.7%
Colorado
1.4%
Connecticut
0.8%
Delaware
2.0%
District of Columbia
1.9%
Florida
-4.7%
Georgia
2.6%
Hawaii
2.0%
Idaho
4.6%
Illinois
2.0%
Indiana
1.5%
Iowa
2.7%
Kansas
2.5%
Kentucky
3.5%
Louisiana
4.1%
Maine
1.9%
Maryland
0.8%
Massachusetts
-2.2%
Michigan
-4.3%
Minnesota
-1.2%
Mississippi
4.1%
Missouri
2.5%
Montana
6.9%
Nebraska
2.5%
Nevada
-5.9%
New Hampshire
-0.6%
New Jersey
-0.3%
New Mexico
5.4%
New York
0.7%
North Carolina
4.9%
North Dakota
7.9%
Ohio
-0.4%
Oklahoma
5.1%
Oregon
3.9%
Pennsylvania
2.8%
Rhode Island
-2.6%
South Carolina
3.8%
South Dakota
4.8%
Tennessee
4.1%
Texas
5.2%
Utah
9.3%
Vermont
2.4%
Virginia
0.8%
Washington
5.4%
West Virginia
3.0%
Wisconsin
1.9%
WyominG
-8.3%
Source: Office of Federal Housing Enterprise Oversight
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