2024 Market Report

The Charleston real estate market continued its strong performance in 2024. Home values have grown over 5% YoY, outpacing the 4% rise seen across greater South Carolina.  In the sought-after communities of Daniel Island, Mount Pleasant, and the Peninsula- growth exceeded 10%.  Despite a small correction from post pandemic highs, the market has returned to a sustainable growth trend moving into 2025.

Everyone wants to talk about interest rates.  From the 2008 credit crisis - extending through the 2020 pandemic - interest rates have been at historically low levels.  Those ultra-low rates were a temporary response to a myriad of global economic events.  Today, rates are a far cry from the historic highs of nearly 20% in the early 1980s; they remain steady between 6% and 7%. This range is actually a positive sign—it reflects a recovering economy and a Federal Reserve cooling the effects of inflation.   A stable market and thriving stock performance continue to keep buyers active and resilient, even with higher borrowing costs.

We started 2025 with 2,845 single-family homes for sale—670 more than this time last year. While inventory in the Charleston market is slightly higher than in recent years, it’s still low overall, keeping it a seller’s market. However, buyers are more price-sensitive than ever. Pricing is the most vital component of any effective marketing strategy in any kind of market, and this one is no different. Pricing your home right is the key to attracting interest, creating demand, and closing the deal. In today’s dynamic market, partnering with an experienced agent is essential. The right guidance can make all the difference in maximizing your return and achieving your goals.