If you are interested in living in a historic southern city with a vast amount of charm, then look no further than Charleston. Located on the South Carolina coast, the real estate in this area is nothing short of beautiful and good value for money. This article will point out all you need to know about the real estate market in Charleston, South Carolina.
As is mentioned, Charleston is a city located approximately at the mid-point of the South Carolina coastline. It has a population of around 150,000 people and is well known for its historical value as the primary city involved in the Colonial South. This historical value may provide some “dodgy” background, but it also provides Charleston with a degree of Southern charm despite the increasing contemporary settings.
The typical Charleston residence sells for around $200,000 – a figure that more or less meets the national average of house sales. Currently, home appreciation rates in the area are slightly below the national average; however, it continues to present with a healthy rate of 7.4%. More importantly, the appreciation rate in Charleston is predicted to increase over the next few years, and the reason for this is potential employment growth.
As with any real estate market in the United States, the success of sales is influenced greatly by employment growth in the local economy. The greater the employment rate, the higher demand there will be for workers, and the more people will move into the area. The more people moving to the area will result in the prices of homes increasing. Currently, Charleston is experiencing potential job growth, and the rate of this growth is expected to increase to a rate above the national average. Consequentially, this signifies the beginning of a strong real estate market for all Charleston properties.
Charleston is a pleasant city in which to live, not only because of the atmosphere but also because of the location. It also offers amenities required in any large city, such as schools and medical facilities. Statistics have shown that the schools in Charleston meet or exceed the US national average with higher education being particularly beneficial. Health costs are reported to be equivalent to the national average despite being able to find more doctors in the area.
Overall, Charleston can be considered a beneficial place to live and the real estate market continues to look stable with good growth predicted for the future.