Thursday, August 22, 2019
By Ashley  Buck
July 2019 Charleston Market Update

July 2019 Charleston Market Update

The general U.S. economic expansion continued into the start of its 11th year in July 2019. The average rate of growth in this expansion has not been as robust as the 1990’s expansion, at 2.3 per year versus 3.6 previously.  During this 10 year expansion, the unemployment rate has dropped from 10% in 2009 to 3.7% in 2019.  

 

Here is a brief summary of last month’s Charleston real estate data and what it means if you are in the market to buy or sell. 

New Listings - 2162  (up 5.0% from 7/18)

Rending Sales - 1927 (up 20.8% from 7/18)

Closed Sales - 1806 (up 6.5%  from 7/18)

Days On Market - 52 (up 13% from 7/18)

Median Sales Price - $277,000  (up 4.1%% from 7/18)

Percent of Asking Price Received   96.6%  (down - 0.3% from 7/18)

Months Supply of Inventory - 3.6  (down -7.7% 7/18)

 

The number of closed sales in July is up 6.5 % from last month, which was expected because of the high number of pendings last month. The number of pending sales is up 20% for this month and inventory has dropped. Demand is still strong and prices have gone up. Even though the number of new listings has gone up, the month's supply of inventory has gone down.

Low mortgage rates have helped to offset the higher prices, but home prices are growing faster than median household income. Buyers on the low end of the market have been especially challenged to find houses.  

At Jeff Cook Real Estate, whether you are looking to buy or to sell, we have options for you. If you are a buyer, call us to find out about the mortgage process, down payment options and credit issues. If you are a seller, ask us about our marketing programs and our guaranteed sale program. Call 855-HEY-JEFF or visit 843value.com today!

 

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Interested in selling in Charleston? Visit: www.843value.com
Interested in buying or selling in Columbia? Visit: www.SeeColumbiaHouses.com
Interested in buying or selling in Greenville? Visit: www.SeeGreenvilleHouses.com
Interested in buying or selling in Rock Hill? Visit: www.SeeCarolinaHouses.com
Interested in renting a home? Visit: www.RentHolyCity.com
Interested in selling for quick cash? Visit: www.TitanHomeBuyers.com

Want your Jeffstimate? Visit: www.JeffSellMineToo.com

Jeff Cook

Jeff Cook Real Estate

Charleston | Columbia | Greenville | Rock Hill

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