The average price of a house in the Charleston area is about $400,000, $50,000 more than a year ago and $120,000 more than pre-pandemic.
So where in the area can a prospective buyer expect to find housing for that amount, and what can they get?
Longtime lowcountry real estate experts say most people forget to look for islands, peninsulas, or Mount Pleasant, but someone might come across a nearby condo or townhouse for that price. I can’t.
Also, if you search for single-family homes on Interstate 526, there are very few options in that price range.
For $400,000, home seekers have to scour the perimeter of the Charleston metropolitan area. So Jedburgh, Ridgeville, Monks Corner and West Somerville are the best hunting grounds.
“In the Ridgeville and Jedburgh areas, you can definitely find a home at the median selling price,” said Will Jenkinson, a broker at Carolina One New Homes in Charleston. “New homes there sell in the high $300,000 to he mid-$400,000 range.”
He also said that more affordable areas of Mount Pleasant could offer three-bedroom condos or entry-level townhouses in the mid-$300,000 to low-$400,000 range.
“There aren’t many out there,” said Jenkinson. “It’s on the market, but it’s harder to find. The supply of products in that price range is very short.”
He noted less than a month’s supply of sub-$400,000 homes across the metropolitan area.
Jenkinson suggested that home seekers look to the development west of the Ashley River plantations, west of Somerville, south of Dorchester County, across Goose Creek, near Monks Corner.
Agreeing with Jenkinson is Owen Tyler, managing broker and broker for The Cassina Group, a real estate firm in Mount Pleasant.
“For that price, you’ll be more placed in a condo in West Ashley, a home in North Charleston, a home or condo near Somerville,” Tyler said. “(Interstate) 526. “Things that cross the line”
Like Jenkinson, he pointed out that the developing frontiers of the Charleston metropolitan area — Cane Bay, Foxbank, Nexton — are priced near the median for single-family homes.
He recently pointed out two resale homes for sale near mid-range prices in Grand Bees and West Ashley in the Carolina Bay community off Savannah Highway over Interstate 526.
They offered three bedrooms and two bathrooms averaging 1,600 square feet.
He points to a 2,000-square-foot, four-bedroom, two-bath ranch home off Dorchester Road in North Charleston’s Cedar Grove development as fitting in the median price range. did.
Tyler also lists a new four-bedroom, two-bath, 2,000-square-foot home in Summerville at roughly the same price range.
Other available inventory that comes close to housing cost measurements can be found in Goose Creek and Monks Corner, he said.
Median home prices in the Charleston metropolitan area have risen steadily this year, reaching a record $425,000 in May. Prices dropped to $420,000 in June and $399,000 in July.
According to John Stroud, president of the Charleston Trident Association of Realtors, the double hit of higher home prices and rising borrowing costs is crowding out some potential buyers from the market.
Demand is still high as inventory is low.
Recent homebuyer Kelly McCowen knows it all too well.
Two years ago, Atlanta residents decided to make the Lowcountry their new home.
McCoen began by looking at the townhouses of Johns Island and Mount Pleasant while visiting his sister in the area. She thought she could find something for her $250,000, but there wasn’t much available.
Then she started looking at the house.
McCowen, who works from home as a senior production manager for a global company, said: “I was thinking about cost and community. It didn’t have to be great, but it didn’t have to be livable. Everything I wanted was pending sale. I was disappointed.”
She seemed as far away as Somerville, but wanted to be closer to Charleston and the beach.
Then her sister suggested looking into a new community called Sara’s Court in Bowen Village off Tanner Plantation Boulevard north of Hanahan.
She saw a sign that said the house was for sale in the mid $200,000 range. Exactly two years ago.
She spoke with a mortgage lender and was eligible for a $320,000 loan, putting $2,500 into a large down payment. By the time construction began in early 2022, prices for materials had risen dramatically, including wood, which quadrupled her in early 2021.
“I barely got in because the cost of materials went up and the lot premium went up,” she said. How much is it?””
McCowen was approved for $380,000. She finalized her 30-year mortgage at 4.125% of her in February, closed her home five months later, and after paying about $27,000 to the house she paid $398,355. i paid. She moved into a 3 bedroom, 3.5 bathroom house last month.
“I know I’m at my limit, but I wanted a more grown-up, active community,” McCowen said as he chopped ingredients for his homemade pizza. It was a community, the amenities here are amazing, you can walk to the grocery store, you can bike on the street and you feel safe.”
stabilize the market at high prices
As for pricing, Jenkinson believes the market is growing rapidly after the record-breaking sales period of COVID-19.
“I think the market is trying to find itself after previous highs or plunges,” Jenkinson said.
So far this year, the area has recorded 12,210 home sales. This is an 11% decrease from last year, but a 15% increase from 2019.
Tyler also said the market is stabilizing, but products are selling “relatively quickly.”
“For buyers looking to move into a home, it’s still expensive and they’re struggling because of their purchasing power,” Tyler said. need the same amount of money.”
Higher prices and rising interest rates may have left some prospects on the sidelines, but demand only dipped slightly amid a shortage of available housing inventory.
“People have to have places to live,” Tyler said. “That’s why we haven’t seen a price drop in the Charleston area.”