2021 Charleston Market Forecast

If you’re thinking about buying or selling in 2021, it's important to have a good understanding of what’s going on in the Charleston market.

2020 was the Year of COVID-19 and it's created some interesting dynamics in the real estate world. Follow along for the most in-depth forecast anywhere.

The 2021 Economic Forecast is a joint effort between Charleston Trident Association of Realtors and University of South Carolina Economist Joey Von Nesson.

$300,00

(+8.0%)

Median Sales Price

2.7
(-34.1%)

Months of Supply

50
(-9.1%)

Avg Days on Market

$199
(+8.5%)

Avg Price per Square Foot

We're Back, Baby! (almost)

Overall employment in SC is only down 3.4% from the pre-pandemic levels
If you take out leisure & hospitality, we're only off by -1.5%
SC leisure & hospitality jobs are down close to 25%

But why?

Migration patterns favor SC strongly
More disposable income and higher savings rate
Low interest rates likely to extend through 2021
Fewer employment losses among potential homebuyers

3X Price Growth

In recent years, the Charleston real estate market has grown an average of 5% per year in median annual home price. Between January - December 2020, we saw that metric TRIPLE to 16% growth in median price!

Flattening the Curve?

Housing Sales could plateau by Q3 or Q4 2021
With inventory at all-time lows, this could bring some equilibrium back to the market
More options will give potential Sellers confidence in finding replacement homes
A more moderate pace of sales could take some pressure off Buyers

The Bottom Line

South Carolina's economy has experienced a strong rebound in the second half of 2020 with most major sectors of the economy close to pre-Covid levels.
Leisure and Hospitality industry, a major driver in the Charleston region, is still struggling. Widely available vaccines should help their recovery.
Residential housing is likely to remain strong with some flattening towards the second half of 2021.
Full recovery of SC's economy back to pre-recession levels isn't likely until at least mid-2021. This will be highly dependent on the widespread availability and adoption of vaccines.

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2021 Charleston Market Forecast

$300,00

(+8.0%)

Median Sales Price

2.7
(-34.1%)

Months of Supply

50
(-9.1%)

Avg Days on Market

$199
(+8.5%)

Avg Price per Square Foot

We're Back, Baby! (almost)

But why?

3X Price Growth

Flattening the Curve?

The Bottom Line

Curious about what
your home is worth now?

Thinking of Buying?

Thinking of Selling?

Who We Are

Contact

2021 Charleston Market Forecast

$300,00

(+8.0%)

Median Sales Price

2.7(-34.1%)

Months of Supply

50(-9.1%)

Avg Days on Market

$199(+8.5%)

Avg Price per Square Foot

We're Back, Baby! (almost)

But why?

3X Price Growth

Flattening the Curve?

The Bottom Line

Curious about what your home is worth now?

2.7
(-34.1%)

50
(-9.1%)

$199
(+8.5%)

Curious about what
your home is worth now?