Now that 2019 is nearing its end, how did the Charleston real estate market behave this year? The four metrics we use to measure the market’s performance are the increase in home values, the days on market, the average sales-to-list price, and months of inventory.
We saw an increase in home values of 2.4%, collectively. So, if you bought a home in the last year, your home’s value has increased by 2.4%. We track the months of inventory, and we’re currently sitting at four months’ worth. One to six months is traditionally a seller’s market; six to 12 months is typically a buyer’s market.
We also track days on market, or how long a home is listed before it’s bought. Right now, we’re sitting at about 55 days on market, which is an increase of about 6% over this time last year. What we can expect to see are homes sitting on the market a little longer.
The fourth metric we track is the ratio of list price versus sales price. The average you can find in the Charleston area is about 96.2% from list-to-sales price. We pride ourselves here at Found Properties Group on getting our sellers 99% of the list price.
2019 was another excellent, record year for real estate here in Charleston. Whether you’re looking to buy or sell a home, reach out to us by phone or email today for a free consultation. You’re always a friend of Found!