We are at the end of the first month of 2017 and it is time to look at and analyze the Summerville Real Estate Market with me! Understanding 2017 and what lies ahead means we need to look back at 2016. Last year, the Charleston and Summerville Real Estate Markets continued to grow stronger and there are many indicators that this trend will continue into 2017, let me tell you why.
In the Greater Charleston, SC Real Estate Market:
- Sales up 9% from 2015
- Median Price up 1% from 2015
- Days on the Market down 12% from 2015
- Inventory down 10% from 2015
In the Summerville, SC Real Estate Market:
- Sales up 15% from 2015
- Median Price up 8% from 2015
- Days on Market down 17% from 2015
- Inventory down 22% from 2015
Because of low inventory, it is now a sellers market in Summerville, SC. Some people are wondering “Are we on the edge of a cliff like we were in 2008?” “Is the market going to fall out again?” I am inclined to answer “No” due to several factors.
- Job Market has grown by 80,000 jobs since 2005.
- 2005– 278,000 jobs, 2016– 358,000 jobs
- Desirability of the Charleston/Summerville area.
- 45-60 people per DAY are moving to the Charleston area.
- Median income is up 25% from 2005.
- Changed fom 45K/year to 56K/year.
The real estate for sale in Summerville is down and the job market and economy is strong in Charleston. These all combine to make homes worth more and support strong prices.
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. While we are waiting to talk, try to read The Top Six Things that Impact the Value of Your Home.
Please feel free to contact me if you are interested in buying a home in Summerville. I will be happy to help you learn about the Summerville area and what homes are available, or will soon be coming available. While you are researching, make sure to listen to Four Vital Questions to Ask When You Buy a Home. Some other articles that buyers find helpful are Five Bad Habits to Kick if You Want to Buy a Summerville Home in 2017, and How Much House Can I afford?