Rising home prices are pluses for both buyers and sellers of Charleston, SC real estate. If you're selling, you're going to get a higher profit. If you're buying, you're investing in something that is increasing in value. Fortunately, home prices are rising in the area, according to Zillow.
The average home value is $213,800, up 8.3 percent for the 12-month period ending September 2013. This amount covers houses that are for sale and not on the market. About 68 percent of the residences in the city are single-family homes, with 18 percent for condos. Just over half of the residents are owners versus two-thirds for the entire country.
The median home size is 1,592 square feet. However, over 26 percent range in size from 1,000 to 1,400 square feet. Another 24 percent are from 1,400 to 1,800 square feet in area and 21 percent are from 1,800 to 2,400 square feet.
The median construction date for most homes 1972. Although about 29 percent of the homes were built from 1960 to 1979, and another 23 percent are from 1980 to 1999. About 19 percent of the homes date from the 21st century. Annual property taxes run $2,944 compared to $3,025 nationwide.
The average list price is $315,000, up 9 percent over the year. The average sale price is $238,700, up 2 percent. One of the reasons people are wanting to buy homes and pushing up prices is because median rents are up $1,400, or 18.7 percent, which represents the highest rates since 2010. Rentals bottomed out in December 2010 at $1,050 per month.
If you're thinking of getting into the Charleston real estate market, please contact us to see how we can help you.