The Charleston real estate market remained steady in 2024, with home sales closely matching those of 2023. Mortgage rates have hovered around 7%, and while the Fed initially forecasted three rate cuts for 2025, that expectation has now been reduced to two.
- Sales Volume: Both 2023 and 2024 saw approximately 16,000 transactions. The last time annual sales dipped below 17,000—excluding the pandemic years—was back in 2015. In fact, sales in 2024 increased by 1.1% compared to 2023.
- Home Prices: The median sales price continues to climb, rising 3.5% year-over-year to $428,000. This signals continued strength in the market despite economic fluctuations.
- A Decade in Perspective: Looking at 2015–2024, Charleston’s sales numbers have remained relatively consistent—except for the pandemic-driven boom of 2020-2022. Many businesses saw record-breaking sales during those years, but it’s important to recognize that this was an anomaly, not a long-term trend.
- Key Takeaway: If you're in real estate or investing, don’t use the Covid years as a baseline for market expectations. The Charleston market is showing healthy, sustainable growth, and long-term trends remain positive!
