Christina Wilson Your Charleston Realtor

Charleston Real Estate Market Update: December 2023

Merry Merry! – Vol. 8 Ed. 12 December 2023

If we never hear the term “soft landing” again, it’ll be too soon.

The wet blanket of 2023 housing FED met last week and decided it is not likely to hike the Federal Funds rate any further AND they anticipate cutting it three times in 2024. But as consumer spending ramps up with all the euphoria that rate decreases will bring, we won’t be surprised to see prices increase even more next year. Y’see, when multiple buyers bring their milkshakes to the yard, and someone else’s milkshake is better than yours, then you’ve got to make your milkshake more attractive to the seller… which is often achieved by throwing more money into the blender.

Traditionally, the historic rate of increase for median sales price nationwide is about 4% per year. The past three years have seen prices skyrocket. 2020 was up 9%, 2021 was up 16%, and 2022 was up 14%. We saw median sales price go from $280k in 2019 to $405k by the end of 2022 in Charleston. That’s a 45% increase in a short period of time.

We’ve already seen a surge in activity from last week’s massive rate drop. Let’s hope an uptick in buyer demand is met with an uptick in homeowners willing to sell. We are not into predicting the future but it does appear that the economy is moving in the right direction with many signs pointing to slow and sustainable growth. Kind of like our team!

Wishing you all a very merry holiday season and a happy and healthy 2024!

Cheers,
Christina

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