Christina Wilson Your Trusted
Charleston Real Estate Advisor

Charleston Real Estate Market Update: November 2023

The 80s: A Remake – Vol. 8 Ed. 11 November 2023

Plot: Surging mortgage rates, high inflation, and pent-up demand for homes from a growing demographic has been the main message on the 2023 housing market marquee. Oddly enough, we saw an older version of this same story in the 1970’s and 80’s… just sub baby boomers going from 9% interest rates to 18% with millennials going from 3% to 7%. Even fanny packs, shoulder pads, and acid wash denim are back.

Main characters: A worldwide pandemic that locked down economies, a war in Ukraine, aggressive central bank tightening, a war in Israel that could expand, and a looming election year. It’s antagonist-heavy and sounds made up, we’re aware.

Subplot: The Charleston economy is weathering it all… local companies are growing and reinvesting, new businesses are relocating here, unemployment is low, home sale prices are up, the restaurants are full and the cars are fancy. People are spending money, many with seemingly deliberate unconcern.

Epilogue (not really but just go with it please): I am grateful to my many clients who have trusted me to help them reach their real estate goals. Thank you so so much for supporting my small business. 

My annual wish to you: May your Thanksgiving soufflés turn out gorgeous and tasty, and may you return from your Black Friday adventures with all of your teeth.

The Gist

U.S. sales of existing homes recently fell to a 13-year low, dropping 2% month-over-month and 15.4% year-over-year as of last measure, according to the National Association of Realtors, as surging interest rates & elevated sales prices continue to make homeownership unaffordable for many prospective buyers. Purchase activity is down significantly compared to this time last year but rising interest rates are also keeping many current homeowners from selling, causing inventory to remain at historically low levels nationwide.

The Numbers

  • 17.3% >>> Year-to-date, we are down 17.3% in number of transactions vs the same 2022 period. Several significant MLS areas are down more than 20%.
  • 2.5% >>> Median sales price is up 2.5% YTD vs the same 2022 period but many MLS areas are up over 7%, including West Ashley, James & Johns Island, & Downtown.
  • 2 Months >>> Months of Inventory is now at 2 months, up from 1.8 in October. Ten of our 32 areas have over 100 active listings. 25 areas have less than 4 months of inventory.

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