Welcome to the 2017 Summerville Real Estate Market update with Foster Smith! To see what we are looking at for 2017, we need to take a quick look back at our real estate market in 2016. The Charleston and Summerville Real Estate Markets continued to grow and strengthen last year and all indications show that trend will continue, let me tell you why.
In the Greater Charleston, SC Real Estate Market:
- Sales up 9% from 2015
- Median Price up 1% from 2015
- Days on the Market down 12% from 2015
- Inventory down 10% from 2015
In the Summerville, SC Real Estate Market:
- Sales up 15% from 2015
- Median Price up 8% from 2015
- Days on Market down 17% from 2015
- Inventory down 22% from 2015
With inventory numbers down so significantly, we continue to sustain a sellers market in Summerville, SC. I have had many people ask me "Are we on the edge of a cliff like we were in 2008?" "Is the market going to fall out again?"
My answer is "No" due to several factors.
- Job Market has grown by 80,000 jobs since 2005.
- 2005- 278,000 jobs, 2016- 358,000 jobs
- Desirability of the Charleston/Summerville area.
- 45-60 people per DAY are moving to the Charleston area.
- Median income is up 25% from 2005.
- Changed fom 45K/year to 56K/year.
The real estate for sale in Summerville is down and the job market and economy is strong in Charleston. These all combine to make homes worth more and support strong prices.
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. While we are waiting to talk, try to read The Top Six Things that Impact the Value of Your Home.
Please feel free to contact me if you are interested in buying a home in Summerville. I will be happy to help you learn about the Summerville area and what homes are available, or will soon be coming available. While you are researching, make sure to listen to Four Vital Questions to Ask When You Buy a Home. Some other articles that buyers find helpful are Five Bad Habits to Kick if You Want to Buy a Summerville Home in 2017, and How Much House Can I afford?