Home Prices in Summerville, SC for January 2017
2016 was a strong year for real estate in Summerville, SC as we heard last week via video in my Summerville & Charleston Real Estate Market Update for 2017. All indications are that 2017 will continue to follow the trend of low inventory and rising sales prices in Summerville. January, which is historically a slow month, confirmed this fact.
Houses Sold in Summerville:
In January 2017, the town of Summerville saw a 5% increase (over Jan. 2016) in closed sales with 213 homes sold and closed last month.
Days on Market in Summerville:
The median number of days a house is staying on the market is 16 days. This is indicative of the low amount of inventory and the tenaciousness of the buyers. When a house is properly priced and in good condition, it is snatched up quickly. This is why you need a knowledgeable agent watching the market for you and sending you listings. (Sign up here if you would like to receive listings.)
Average Sales Price in Summerville:
Real Estate for sale in Summerville, SC saw an increase in the average sales price last month. The average went up 14% to $236,615.
Inventory in Summerville:
The number of houses for sale in Summerville continues to dwindle and we are down 35% compared to this time last year. There are currently 687 homes for sale in Summerville, SC at the moment. New home construction in Summerville is being built and new subdivisions are going up in the area. Master planned communities like Nexton, Summers Corner and Cane Bay Plantation continue to develop and offer more choices for people wanting to move to Summerville. As I mentioned in my market video, 45-60 people are moving to our area EVERY DAY. This is what continues to drive the home prices in Summerville and keep the inventory low.
Currently we continue to have only 2 months of inventory on the market in Summerville. Not sure what “months of inventory means?” Learn more in this article about What drives home prices up in the Summerville Real Estate Market.
Get in Touch
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.
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.