Are you thinking about purchasing a vacation home to spend time with your family in a relaxing and picturesque setting? There are many factors that go into choosing a place to live – whether it's a primary residence or a home to vacation at during the summer. Location obviously matters, but so does the local economy. You'll probably want a place with good restaurants, shops, museums, and other attractions indicative of a thriving economy. So where you live will depend not only on the home but the community that surrounds it.
The Charleston Real Estate Market Boom
Many are choosing to buy real estate in the Charleston, SC area for these very reasons. Carolina One's own Will Jenkinson was featured in an article for Charleston's daily newspaper, The Post and Courier, about Charleston's real estate market. Will is the broker-in-charge of new homes at Carolina One, and he noted that how 'painful' the new homes market was for Charleston five years ago. Now it is seeing a comeback as 34% of home sales in 2016 for Charleston are new homes. He also said that the Charleston real estate market was on pace to beat last year's sales, which were just over 3600 homes.
According to the article, economists predict that the Charleston economy will see stable growth after several years of rapid expansion. In fact, a seventh year of expansion would be the best Charleston has even seen. They point to employment growth, especially in the construction industry, which means that more people will have money to spend on homes. In addition to that, low gas prices and other financial factors have enabled South Carolina residents to save and keep more money in their pockets.
So what does all of this mean for the prospective homebuyer who wants to find a home in the Charleston area? Homebuyers can expect a healthy real estate market, especially if they are planning on purchasing a new home. Construction is up and the demand for new homes is there, so you will be able to find a new home if that's what you prefer. Additionally, there are many different homes in downtown Charleston, Isle of Palms, Folly Beach, and other popular Lowcountry destinations, so you may want to consult a Carolina One real estate agent to learn more about opportunities based off your budget and preferences.
Finally, a strong real estate market means that there is a lot of demand as well. If you have always thought about buying a home in the Charleston area, why wait? The home of your dreams may be out there, but it won't be out there forever. Charleston is a beautiful city with a rich history, wonderful beaches, state-of-the-art restaurants, and the friendliest people on the East Coast. It is also a great place to call home. If you are looking at Charleston real estate as we speak, do yourself a favor and speak to an agent to find that dream home for you and your family and friends.