What Drives Home Prices Up?

By
Real Estate Agent with Carolina One Real Estate

What drives home prices in Summerville (or any town for that matter) to go up or down? The answer lies in the principle of supply and demand. When there are more houses on the market, home prices start to turn down. However when the supply of houses goes down, the home prices are driven up.

Real Estate for Sale in Summerville, SC

The Real Estate in Summerville, SC Situation:

  • As of August 2016, Summerville’s months supply of homes was only a mere 2.5 months.
  • As of August 2016, Summerville’s inventory of homes was down 58% compared with the same time frame just one year ago.

The resulting impact on real estate in Summerville’s home prices?

Real Estate for Sale in Summerville, SC

Selling A Home in Summerville:

If you are a home seller and would like to discuss your Summerville Home and what it is worth in our market today, please e-mail me for more information or fill out this form. With the decrease in inventory, you may be surprised how quickly your home may sell when priced correctly and marketed by the Foster Smith Team.

Buying a Home in Summerville:

It is more important than ever to work with an experienced and knowledgeable agent in the Summerville area. My team is privy to listings before they come on the market and can keep our eyes and ears open for you.  Make sure you are receiving emails daily for me of listings that are coming on the market that meet your criteria.

Please contact me if you are interested in buying a home in Summervillenew home in Summerville , a historic home in Summerville or selling your Summerville home.

Comments (2)

Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR,CNE,CRS,ePro,PSA,RENE,SRS

This is a fantastic post and an excellent read. Thank you for sharing and best of luck!

Sep 14, 2016 12:49 AM
Foster Smith Summerville

Thank you Jeremy K. Frost !

Sep 14, 2016 09:17 PM
Kathy Stoltman
Balboa Real Estate - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Foster, those are great graphs & visuals that explain how home prices are driven up. I might just have to make some graphs of my own showing our local inventory levels over time. 

Sep 15, 2016 08:40 AM
Foster Smith Summerville

Kathy Stoltman ...thank you! Glad you were inspired. It is incredible when you see it laid out over a time span.

Sep 15, 2016 08:14 PM

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