Trends in Property Buying in Charleston
Do you have your heart set on buying a home in the most friendly city of the United States and the Number One city in the United States voted by Conde Nast four years in a row? Yes, we are talking about Charleston, the oldest and second-largest city of South Carolina. It is a wonderful place to visit and live with its historic buildings, unique restaurants, cobblestone streets, horse-drawn carriages, and breathtaking beaches.
There is something about Charleston that has made Boeing expand its production here. In February 2015, Boeing Co. opened its newest facility here for designing and building engine inlets for the 737-MAX — a more fuel-efficient, single-aisle airplane and the first 737-MAX airplane is going to be delivered in 2017. It goes without saying that Boeing has brought an economic boost to this city, as there will be plenty of work here for years to come.
Undoubtedly, the overall economy is emerging now and there is promise ahead. Charleston Regional Development Alliance claims that Charleston is now home to more than 75 aerospace and aviation-related businesses. And according to Brookings Institution’s report, the advanced-industry sector accounts for more than 61,600 direct and indirect jobs in this area. Industries such as aerospace, motor vehicle manufacturing, energy and specialized services such as architecture and engineering fall under the advanced-industry sector. In addition to all that, the economic development office here has recently said that it plans to bring about $129.2 million in investment during the first quarter of 2016. Sounds good?
Very much like the economy, homes sales have increased greatly. While the demand is high here, the inventory is low. As a result, the prices of homes continue to climb in the Charleston area. If we compare the median sales price for homes in Charleston for June 2015 to September 2015 with the same period last year, the median home sales price has increased. Understandably, the home sellers are very much delighted.
Now, it is needless to say that you make the right choice, when it comes to buying, please make sure that the property you are buying is fairly priced compared to the rest of the local market and you are not overpaying.
The Realhoo Certified Team of Charleston, SC can help you find the right property and keep you posted about the latest trends in property buying. To see the most up to date property listings and to contact the Charleston, SC real estate team visit Realhoo.com.
So, when are you planning for your new home?