Address
The Galleria 9626 N. Kings Hwy
Myrtle Beach, SC 29572
Charleston, South Carolina, is one of the fastest-growing cities in the United States, with a vibrant economy, a rich history, and a thriving real estate market. Over the past few years, Charleston has seen impressive growth in both residential and commercial real estate, making it an attractive destination for investors, homeowners, and real estate agents alike.
Let’s take a closer look at the Charleston real estate market and explore some of the factors that make it a great place to invest, live, and sell real estate in.
Residential Real Estate Market
The residential real estate market in Charleston is booming, with strong demand for homes and a limited supply of inventory. According to the Charleston Trident Association of Realtors (CTAR), the median sales price for a home in the Charleston area was $327,500 in January 2022, up 15.7% from the previous year. Even more surprising? The CTAR have concluded that the median sales price for Charleston homes in January of 2023 was $388,000!
One of the key factors driving the growth of the Charleston real estate market is the influx of people moving to the area from other parts of the country. According to the U.S. Census Bureau, the population of the Charleston-North Charleston metro area grew by 10.3% between 2010 and 2020, making it one of the fastest-growing regions in the country.
Commercial Real Estate Market
The commercial real estate market in Charleston is also experiencing significant growth, with new developments popping up all over the city. According to Bridge Commercial of Charleston, there was approximately 355,000 square footage of office space under construction in Charleston during the fourth quarter of 2022. This indicates a healthy demand for office space in the region with plenty of supply on the way.
Another area of growth in the Charleston commercial real estate market is the retail sector. The city has seen a surge in new retail developments in recent years, with the opening of large shopping centers like WestEdge and Lowcountry Crossing. These new developments have attracted national retailers like Publix, Harris Teeter, and Whole Foods to the Charleston market.
Investment Potential
Charleston’s strong real estate market and growing economy make it an attractive destination for real estate investors. According to Forbes, Charleston is one of the top 20 fastest-growing cities for real estate investment, with an annual growth rate of 3.6%. The city’s low unemployment rate and high median income make it an ideal location for buy-and-hold investors looking for long-term growth.
Another factor that makes Charleston an attractive destination for real estate investors is the city’s robust short-term rental market. Charleston is a popular tourist destination, and the city’s historic architecture and beautiful beaches make it a top choice for vacation rentals. According to AirDNA, the active rentals in Charleston registered on the popular rental applications AirBnB and VRBO was at 2,603 in the fourth quarter of 2022, which is a 19% increase since the fourth quarter of 2021.
Charleston, South Carolina, is a vibrant and growing city with a strong real estate market and ample investment potential. Whether you’re looking to buy a home, invest in commercial real estate, own a vacation rental, or become a real estate agent, Charleston has something special to offer. With a thriving economy, a growing population, and a high quality of life, Charleston is sure to remain a top destination for real estate professionals moving forward.
