The latest monthly housing report from Realtor.com® reveals that the typical listed price per square foot grew by a whopping 52.7% from May 2019 to May 2024.
The price per square foot is a crucial metric in real estate because it allows for easy comparison between different properties, regardless of their size. And while this is valuable information, it’s only one data point of many that buyers and sellers should consider.
Examining the markets with the steepest rises in price per square foot reveals substantial growth in popular metropolitan areas. Based on listing price, properties in the New York City metro area (+84.7%), Boston (+72.9%), and Nashville, TN (+68.6%), have seen the great increases in price per square foot since May 2019.
LOCAL – CHARLESTON MLS
Locally, our median price per sqft has increased about 65% from May of 2019 to May of 2024. Our median price per/sqft in May of 2019 was $150 / sqft and in May of 2024 it was $229 / sqft .
Our median sales price has increased about 67% from May of 2019 to May of 2024. Our median sales price in May of 2019 was $285,000 and in May of 2024 it was $425,000
Cane Bay comprises over 4500 acres of land located in Berkeley County. There are a variety of neighborhoods within the vast community, each with their unique characteristics and amenities connected by a 25-mile trail system. There are two subsections dedicated to 55+ lifestyles: The Four Seasons and Del Webb.
A 54,000 square foot, state-the-art, YMCA complex is located within the community as well as a variety of restaurants and schools in close proximity.
March’s Median sales price was $413,500, up 2.6 percent from March of 2023
Median Days on Market was 16, down 20 percent from March of 2023
Sales – Closed homes in March 2024 were down 6.8 percent compared to March 2023, possibly due to higher interest rates, but it seems that buyers that were holding out for lower rates have started taking the plunge, as evidence by the pending sales – which rose 5.9 percent year-over-year and 6.7% year-to-date, which could Indicate we are moving into a busy spring market!
New Inventory is continuing to Increase! New Listings are up 17.3 percent year-to-date. and although inventory is still constrained there is definitely more homes coming on-line to help with demand. At the end of March, we had 2.4 months of inventory, compared to 1.74 months in March of 2023.
Many forecasters still expect mortgage rates to decline this year, but for now, stubborn inflation numbers are keeping rates higher than hoped.
Greg McBride, CFA, chief financial analyst for Bankrate stated. “It’ll be difficult for mortgage rates to post a meaningful and sustained pullback until there is greater consensus on what is next with inflation.”
It is expected that Mortgage rates will decline when the Federal Open Market Committee cuts the benchmark interest rate, which is likely to happen in the second half of 2024. But as long as inflation runs hotter than the Fed would like, rates will remain at their current levels.
“Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates,” says Sam Khater, Freddie Mac’s chief economist
Most economists agree that rates should pull back gradually during each quarter, but forecasters don’t see eye to eye on how far rates will eventually fall: Some believe rates will decline to around 6% by year-end, while others think rates will stay elevated in the mid-6% range. Here’s what experts have to say about their predictions for this year
While the interest rate determines the cost of borrowing money, the annual percentage rate (APR) is a more accurate picture of total borrowing cost because it takes into consideration other costs associated with procuring a loan.
Interest rate: The annual cost of borrowing the principal loan amount, expressed as a percentage, and does not include all fees.
APR: The annual cost of the loan, including fees, and reflects the true cost of borrowing. It is often higher than the interest rate.
Interest rates fluctuate based on various factors, including inflation, economic conditions, and Federal Reserve policies. Your personal financial situation can also affect the rate offered by a lending institute. Your credit score, debt ratio, down payment amount, loan type and over-all creditworthiness can influence the interest rate offered by a lending institute.
A loan’s annual percentage rate (APR) measures the total cost of borrowing money. APR is designed to represent the long-term cost of a loan, from closing day to the date it’s paid off. Rather than looking at interest rate alone, the APR on a mortgage includes lender charges and fees like:
Mortgage insurance
Discount points
Mortgage origination fees
Other closing costs
APR is calculated by finding the total cost of a mortgage loan’s upfront fees, then spreading them over the life of the loan to estimate the yearly cost. This is added to the interest rate to find the ‘real’ annual cost of financing. The APR indicates the true amount you will pay on top of the balance of the mortgage and helps borrowers compare loans. The higher the APR the more the loan costs.
Mortgage lenders are mandated by the Truth In Lending Act to disclose a home loan’s APR as well as the interest rate each time they provide a loan offer. The APR is helpful when comparing loans.
500 N. Main Street is one of the largest tracts of land (5.3 acres) in Downtown Summerville that holds a zoning designation of D-MX (Downtown Mixed-Use), and the County has long recognized the potential of this site and contemplated a redevelopment plan for about four years.
The 5.3 acre site sits at an important crossroads – The corner of U.S. Highway 17A (North Main Street) and U.S. Highway 78 (East 5th North Street). The site is about five blocks from Hutchinson Square, the town’s current gateway and historic core.
Since this site could become the new gateway to Summerville, much thought and planning has been put into the development plans. The site is proposed to include a park, veteran memorial. historical portico, and landscape and streetscape improvements with on grade parking for local businesses.
On March 4, 2024, County Council approved the purchase and sale agreement with Dorchester Investors, LLC., and the agreement was executed on March 13, 2024. Dorchester Investors, LLC is currently working to secure approvals and permits from the Town of Summerville Development Review Board.
Are you thinking about making a move? If so, now may be the perfect time to start the process. That’s because experts say the best week to list your house is just around the corner.
A recent Realtor.comstudy looked at housing market trends over the past several years (with the exception of 2020, since it was an unusual year), and found the best week to put your house on the market this year is April 14-20:
“Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best time to sell—that is, if sellers want to see lots of interest in their homes, sell quickly, and pocket some extra cash, according to Realtor.com® data.”
While the spring market is a great time to sell no matter the week, this may be the peak sweet spot. And if you’ve been putting your plans on the back burner and waiting for the right time to act, this could be the nudge you need to make your move happen. As Hannah Jones, Senior Economic Research Analyst at Realtor.comexplains:
“The third week of April brings the best combination of housing market factors for sellers. The best week offers higher buyer demand, lower competition [from other sellers], and fewer price reductions than the typical week of the year.”
If you have considered selling, feel free to contact me for a no-obligation consultation.
SC Housing is offering $12,000 in down payment assistance along with competitive interest rate loans for Palmetto Heroes! The program is offered to eligible service personnel who provide vital support to South Carolina communities, these include teachers, nurses, law enforcement officers, correctional officers, fire fighters, emergency medical technicians, paramedics, veterans, active-duty military, and National Guard members.
The initiative is available on a first-come, first-served basis starting April 15th and requires an executed sales contract on a home. Funds get exhausted quickly and could be gone in a few months. Get pre-approved now so you can start looking for a home and secure your funds!
Rates for the program will be quoted on Monday, April 15th.
Eligibility is determined by South Carolina State Housing Finance and Development Authority.
If you’re planning to move soon, you might be wondering if there’ll be more homes to choose from, where prices and mortgage rates are headed, and how to navigate today’s market. If so, here’s what the professionals are saying about what’s in store for this season.
Odeta Kushi, Deputy Chief Economist, First American:
“. . . it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.”
“Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.”
“There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.”
“While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.”
If you’re looking to sell, this spring might be your sweet spot because there just aren’t many homes on the market. Sure, inventory is rising, but it’s nowhere near enough to meet today’s buyer demand. That’s why they’re still selling so quickly.
If you’re looking to buy, the growing number of homes for sale this spring means you’ll have more choices than this time last year. But be prepared to move quickly since there’ll be plenty of competition with other buyers.
If you need assistance buying or selling a home in the Charleston Area, feel free to contact me! I would be glad to help!
On March 19 2024, the State Ports Authority board approved the sale of Union Pier to a local billionaire businessman, Ben Navarro, The site is roughly 65-acres of waterfront property and is one of the most sought-after redevelopment properties on the East Coast.
The Union Pier site is located between Concord and Laurens streets, near the Historic District, and is on one of the peninsula’s most valuable pieces of property. The development of the parcel could be transformative for one of America’s oldest cities.
Financial terms of the Union Pier Sale won’t be released until the deal closes. But Bill Stern, chairman of the SPA;s board, said the deal is the best possible outcome for what he calls “probably the most valuable piece of oceanfront property on the East Coast” and something that will be “the center piece of downtown Charleston.” – reports the Post and Courier
Bill Stern also stated, about Ben Navarro, that “He has the ability to pull this off” and that “He wants to work with the city of Charleston. He wants to work with the Mayor. He wants to do what’s right for the people of Charleston. He’s going to put the resources into doing this right. That’s why we made this deal.”
Ben Navarro is the founder of Charleston-based Sherman Financial Group — which owns Credit One Bank — and Beemok Hospitality Collection — a family-owned operation with a portfolio that includes downtown Charleston properties such as The Charleston Place, the Riviera Theater, the Italian bistro Sorelle and The Cooper, a riverfront hotel under construction between Union Pier and the Joe Riley Waterfront Park.
Once the sale is completed, proposed plans could include high-density mix of condominiums, office space and retail, along with some parks, green space and waterfront access, but any redevelopment plans will require significant city input regarding zoning and code changes, environmental cleanup and more. The site will continue to serve as the port of embarkation for Carnival Cruise Line until the end of the year.
Additionally, The State Ports Authority will more than double the size of its North Charleston Terminal by purchasing the neighboring former WestRock paper mill property, giving the Port of Charleston enough room to grow through at least the middle of this century, the maritime agency said March 19.
The 280-acre WestRock property will give the terminal a 481-acre footprint and the capacity to handle 5 million shipping containers per year. That’s more than twice the capacity of the Wando Welch Terminal in Mount Pleasant, currently the SPA’s largest
The purchase price is $105 million, which also includes additional acreage WestRock owns in Berkeley County that is not waterfront.
Real Estate Matters in Charleston SC - Gena Glaze 