What drives home prices in Summerville (or any town for that matter) to go up or down? The answer lies in the principle of supply and demand. When there are more houses on the market, home prices start to turn down. However when the supply of houses goes down, the home prices are driven up.
When there is a great difference between the demand for houses and the supply of homes for sale, we see prices increase quickly and bidding wars take place. It is not uncommon in Summerville to see a home come on the market in a certain price range and within a few days receive 1-2 offers on the home. (See Average Days on the Market for Summerville Home.) This chart shows why the real estate for sale in Summerville, SC has turned into a seller’s market.
The Real Estate in Summerville, SC Situation:
- As of August 2016, Summerville’s months supply of homes was only a mere 2.5 months.
- As of August 2016, Summerville’s inventory of homes was down 58% compared with the same time frame just one year ago.
The resulting impact on real estate in Summerville’s home prices?
- As of August 2016, average sale price of homes increased by 8.4% as compared with the same time frame just one year ago.
- Read More about Summerville’s Latest Real Estate Market Conditions.
If you are a home seller and would like to discuss your Summerville Home and what it is worth in our market today, please e-mail me for more information or fill out this form. Learn more about the top things that impact the value of your home in Summerville and with the decrease in inventory, you may be surprised how quickly your home may sell when priced correctly and marketed by the Foster Smith Team.
It is more important than ever to work with an experienced and knowledgeable agent in the Summerville area. Buying a home at the right price and knowing the factors that impact the resale value of your home is vital. My team is privy to listings before they come on the market and can keep our eyes and ears open for you. Make sure you are receiving emails daily from me of listings that are coming on the market that meet your criteria.