Jeff Cook Real Estate BlogRecently posted or modified blog posts in the category - Market Updatehttps://www.jeffcookrealestate.com/blog/Copyright JeffCookRealEstate.com2022-04-19T09:40:48-07:00tag:jeffcookrealestate.com,2012-09-20:13421Market Update: South Carolina Real Estate Trends Q1 2022South Carolina real estate market trends have been fairly constant throughout 2020 and 2021. Market trends through the first quarter of 2022 have followed a similar pattern. South Carolina continues to be a hot market for sellers. South Carolina is the <a href="https://www.unitedvanlines.com/newsroom/movers-study-2021">third-most-popular destination for new movers</a>, and Charleston, especially, is among the nation’s <a href="https://www.jeffcookrealestate.com/blog/charleston-sc-is-amongthe-nations-hottest-real-estate-markets/">hottest real estate markets</a>.
The National Association of Realtors predicted that Charleston would be one of the<a href="https://www.nar.realtor/reports/top-ten-markets-during-and-in-a-post-covid-environment-in-2021-2022"> top 10 markets in a post-COVID environment</a>, and this has certainly proven true. The Charleston real estate market keeps breaking records, with other SC municipalities following closely behind.
First Quarter SC Real Estate Market Trends
While everything about market trends cannot be discerned through numbers and statistics alone, they do reveal solid data. The first quarter (JAN-MAR) of 2022 was extremely positive, according to the numbers.
Median Home Sale Price - $320,000 (+16.8% over 2021)
Median Home Value Index - $268,500 (+24% over 2021)
SC Homes for Sale - 17,122 (-22.7% from 2021)
SC Homes that Sold above List Price - 36.4% (+13.5% over 2021)
Median Days on the Market - 47 (-26 from 2021)
Observations on SC Market Trends
The latest data from the U.S. Census Bureau shows that Charleston and the Charleston Metro area <a href="https://www.census.gov/quickfacts/fact/table/charlestoncitysouthcarolina,berkeleycountysouthcarolina,charlestoncountysouthcarolina,SC,US/PST045221">grew with double-digit rates</a> over the past decade. Charleston posted 25% growth, while Charleston County hit 16.6%. Berkeley County reached a respectable 29%. Most other South Carolina real estate markets were not far behind.
The same data showed Greenville as one of the top 10 housing markets positioned for growth this year. Realtor.com expects housing prices to increase by 5.7% and sales to grow by 11.4% in 2022. Myrtle Beach home prices have risen 17.8% over the first quarter of 2021.
The increasing population trend is driven by rising area incomes, better economic opportunities, a desire for better climatic conditions, and the appealing low country culture. Home prices and values are rising because of increased demand and a lower supply. Plus, with construction still slowed by supply chain issues and higher material costs, existing homes will be in even greater demand.
The numbers also show that a significant percentage of homes sell for more than the original listing price, which often signals multiple buyers making offers and bidding higher to secure the home they want most. This can also account for the lower number of days most homes remain on the market before going under contract.
Real estate market analysts predict that the SC housing market will cool slightly, as prospective buyers wait longer for prices to improve. Homes may spend more time on the market as a key indicator of this trend. However, this predicted trend has not materialized in any measurable form by the end of March 2022.
Sell Your Home in South Carolina with Jeff Cook Real Estate
Now is the time to sell your home in South Carolina. Your current home value is appreciatively higher than just one year ago, and favorable interest rates still make it affordable for more buyers. If you’ve been considering <a href="https://www.jeffcookrealestate.com/blog/should-you-break-up-with-your-house/">breaking up with your old house</a>, the market trends are in tune with sellers.
The <a href="https://www.jeffcookrealestate.com/blog/faq-what-is-a-sellers-market/">sellers market</a> remains strong all across South Carolina, especially in the low country. Jeff Cook Real Estate has numerous programs and ways to help sellers get the most out of their SC homes, and faster than with other routes. We have buyers currently looking for the perfect home, so contact us today to <a href="https://www.jeffcookrealestate.com/sellers/">sell your home in South Carolina</a>. 2022-04-27T06:27:00-07:002022-04-19T09:40:48-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:13155Charleston, SC Is AmongThe Nation’s Hottest Real Estate MarketsLife in the low country has always been viewed as preferred living, but now more than ever, <a href="https://www.jeffcookrealestate.com/charleston/">real estate in Charleston, SC</a> is a hot ticket. And if recent real estate trends continue, this may see an even more significant housing boom to impact market trends. Take a look at why Charleston, SC is among the nation’s hottest real estate markets.
Low Country Culture
Southern culture and our way of life has always had a strong appeal. While culture is hard to quantify, there is no doubt that Charleston stands apart when it comes to southern charm. The city is rich in history, culture, great dining and shopping experiences, and fabulous real estate opportunities.
Known for <a href="https://www.jeffcookrealestate.com/blog/moving-to-charleston-charlestons-dog-friendly-restaurants/">fabulous seafood and other uniquely southern cuisine</a>, Charleston also boasts an active nightlife scene, dozens of tourism attractions, fine hotels and charming BnBs, an active economy, top-tier educational institutions, superior medical care, <a href="https://www.jeffcookrealestate.com/blog/moving-to-charleston-top-gyms-to-start-the-new-year/">numerous fitness and exercise venues</a>, and plenty of career opportunities.
Just look at these accolades from 2021:
Charleston ranked as one of the <a href="https://www.natlawreview.com/article/where-to-open-shop-new-report-ranks-best-places-to-do-business-us">best cities in America to do business</a> by AZ State University study.
Charleston ranks #4 <a href="https://www.miamiherald.com/news/business/article250009389.html">Best cities for post-pandemic Life</a> by Today.com
Charleston has <a href="https://www.counton2.com/news/local-news/charleston-county-news/seven-charleston-hotels-ranked-among-best-in-the-world-by-tripadvisor/">7 of the top best hotels</a> in the world according to TripAdvisor.com
U.S. News and World Report’s <a href="https://realestate.usnews.com/places/rankings/best-places-to-live">150 best places to live in the United States</a> places Charleston in the top third.
U.S News and World Report <a href="https://realestate.usnews.com/places/rankings/fastest-growing-places">25 Fastest Growing Cities</a> in 2021 ranks Charleston #19, <a href="https://homesforsalelistings.net/real-estate/sc/myrtle-beach">Myrtle Beach</a> #1, <a href="https://homesforsalelistings.net/real-estate/sc/spartanburg-mls-properties">Spartanburg #12</a>.
<a href="https://www.tripadvisor.com/TravelersChoice-Restaurants-cFineDining-g191">Trip Advisors 2021 Best Fine Dining restaurants</a> in America ranked four restaurants in Charleston in the top 25: Halls Chop House #3, Circa 1886 ranked #9, Peninsula Grill #14, and 82 Queen #25.
For the ninth year in a row, <a href="https://www.travelandleisure.com/worlds-best">Travel + Leisure</a> readers crowned Charleston, South Carolina, the No. 1 city in the United States.
Charleston ranked #2 City in America to retire by <a href="https://wallethub.com/edu/best-places-to-retire/6165">Wallethub.</a> (<a href="https://homesforsalelistings.net/real-estate/sc/columbia">Columbia SC</a> #11)
Mount Pleasant ranks in <a href="https://wallethub.com/edu/best-worst-small-cities-to-live-in/16581">WalletHub’s #9 most livable</a> small city in America
Charleston Ranked #13 as Best Cities in USA for <a href="https://smartasset.com/data-studies/best-cities-for-military-retirees-2021">military retirees by SmartAsset.com</a>
Charleston ranked <a href="https://realestate.usnews.com/real-estate/slideshows/the-30-most-fun-places-to-live-in-the-us?slide=26">#6 Most “Fun” places to live in the USA</a>, by US News.
Porch.com ranked Charleston <a href="https://porch.com/advice/best-cities-for-single-millennials">#1 City in America for Single Millennials</a>.
Charleston <a href="https://wallethub.com/edu/e/best-worst-college-cities-and-towns-in-america/8974">#10 best mid-sized college town</a> in America.
Rising Local Incomes
According to the US Bureau of Economic Analysis, a division of the Department of Commerce, Median Household Income in Charleston, SC <a href="https://www.bea.gov/data/income-saving/personal-income-county-metro-and-other-areas">grew 10.77% from 2019-2020</a>. This is the largest one-year increase observed out of all US metropolitan areas. The average median income now sits at $70,505.
This is a major factor that is driving up prices for real estate in Charleston, SC. Combine this data with an <a href="https://www.postandcourier.com/business/real_estate/inventory-interest-rates-millennials-and-more-what-s-ahead-for-charleston-real-estate-in-2022/article_03eea702-61ce-11ec-a2a0-9f26ecd37ed0.html">almost 40% drop in housing inventory</a>, and the prescription for a jump in home prices is clear. Rising local incomes make it easier for Charleston families to afford housing in this market.
Inbound Migration
The market trend of <a href="https://www.census.gov/topics/population/migration/guidance/user-notes.html">northern residents moving south</a> is nothing new, but those living in the low country are meeting more new neighbors from northern states than ever before. A migration study from one of the country’s top moving firms reveals that South Carolina is the <a href="https://www.unitedvanlines.com/newsroom/movers-study-2021">third-most-popular destination for new movers</a>. Of all moves into and out of South Carolina in 2021, 63% were inbound moves.
According to the <a href="https://www.crda.org/news/2021-exactly-how-many-people-move-into-the-charleston-region-each-day/">Charleston Regional Development Alliance</a>:
The Charleston metro area population is estimated at 819,705 in 2020, an increase of approximately 14,600 people and up 1.8% from 2019 estimates.
This regional growth equates to 40 net new people per day added to our community, 33 moving here and 7 new births.
Of those 33 people moving here each day – 69% are in the prime working ages 18-54. Just 5% are 65 and older.
Buy or Sell Real Estate in Charleston, SC
All this combined with coastal living at its finest — no wonder real estate in Charleston, SC is considered prime property, with many options within the city and around the area for families of all sizes and income brackets. Market trends can fluctuate, but Charleston’s low country appeal keeps it in the top rankings of best places to live.
Jeff Cook Real Estate can help you locate the best home to fit your needs if you are moving to Charleston. Or, if you are looking to sell real estate in Charleston, SC, we can help you sell faster and for a better price. <a href="https://www.jeffcookrealestate.com/">Contact us today</a> with your questions or real estate needs. 2022-03-23T06:32:00-07:002022-03-15T18:52:56-07:00Lee Willeytag:jeffcookrealestate.com,2012-09-20:8661Quarterly Market Report<img src="https://assets.site-static.com/userfiles/1451/image/housing_market_report_august_2020.jpg" width="1600" height="1060" />
We are all feeling the effects of 2020 (and we’re only halfway through!), but what does that mean for the real estate market? The reports for the Carolinas are in and Jeff Cook Real Estate has the expert advice to help you continue to make the best decisions when selling or buying.
Since COVID-19’s arrival in the United States, many families are dealing with layoffs and wondering if they’ll be approved for purchasing a new home. Throughout the chaos and the unknown, Jeff Cook Real Estate has been able to adjust our services and continue working with families to sell and buy homes.
Noticeable changes in the market throughout the month of June included a rise in showings. This is most likely because of the pent up demand from emerging back into the public after quarantine ended. We saw new listings were up almost 3% and most intriguing of all; for the month of June, the Months Supply of Inventory was down 41.9% in Charleston to 2.5 months, indicating that demand increased relative to supply.
Here’s a look at some insights on the main areas throughout the state within the last month:
Charleston
Total Closed Sales - 2,043 (up 5.7%)
Average Days on Market - 52
Percentage of Asking Price Received - 96.9%
Greenville
Total Closed Sales - 1,591 (up 13.7%)
Average Days on Market - 54
Percentage of Asking Price Received - 98.4%
Columbia
Total Closed Sales - 1,424 (up 4.2%)
Average Days on Market - 52
Percentage of Asking Price Received - 98.2%
Myrtle Beach
Total Closed Sales - 956 (up 9.3%)
Average Days on Market - 137 (up 7%)
Percentage of Asking Price Received - 97.3%
Myrtle Beach Condos
Total Closed Sales - 532 (up 2.5%)
Average Days on Market - 129 (up 12.2%)
Percentage of Asking Price Received - 96%
The number of homes available for sale in each market is lower than last year at this time. This is great news for homeowners! We’re currently in a seller’s market which means there are fewer homes available for buyers. Sellers can be more competitive with their asking price because there aren’t as many options for buyers. If you’re a homeowner, it’s important that you partner with a real estate expert from Jeff Cook Real Estate to guarantee your home sold in the fastest amount of time while receiving the most amount of money.
Having a professional real estate agent in charge of listing your home will ensure it’s seen by the right buyers and that you receive top dollar for your home. Give us a call at 855-HEY-JEFF to speak with an agent today!2020-08-03T05:42:00-07:002020-07-30T08:52:56-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:8259Has The Coronavirus Sent the Real Estate Market Into Another 2008 Market Crash?<img src="https://assets.site-static.com/userfiles/1451/image/jeffcookrealestate_market_report.jpg" width="800" height="398" />
The real estate market is changing and evolving along with every other industry due to the impacts of the coronavirus. Many have been curious about how the real estate market will handle these changes throughout the remainder of the year. At Jeff Cook Real Estate, we carefully track the trends of the market to better assess how we can best conduct business.
After reviewing the data from our area, we can confidently conclude that the real estate market hasn’t taken a break during the quarantine. Families in Charleston, Columbia, Greenville, and Rock Hill are still buying and selling homes. From March 15th - May 1st, 2020, we saw an increase in written contracts for homes by 30% from 2019 to 2020. We also found that in April 2020 the average sale price for a home in Charleston, SC was $290,000. This is up 7% compared to last year!
Real estate experts everywhere have had to rethink their buying/selling process to better serve the community safely. Our team of experts has been able to identify the areas of the market that are directly impacted by the new health and safety guidelines and create solutions so we can continue on with serving families.
Here are the aspects of the home selling and buying process we have seamlessly transitioned to virtual:
Remote Consultations
3D Home Tours & Open Houses
Private Showings
Drive-By Appraisals
Online Home Inspection Reports
Attorney-Only Closings
Electronic Signatures
Money Wiring
Mortgage Process
SUPPLY VS. DEMAND
The other way the pandemic has affected the real estate industry comes back to a simple issue of supply and demand. At times it has felt as though buyers should have the advantage, but in reality, neither buyers nor sellers have the upper hand. Demand is increasing because buyers are isolated and browsing for homes online, along with all-time low-interest rates. Couple that with home seller reservations to allow buyers into their homes, we are seeing a 30% increase in buyers writing contracts, but the number of listings is down 22% compared to last year. This is why we are seeing an increase in sales prices by 7% year over year. This figure is why sellers are on an equal playing field eliminating buyer advantage.
Since the pandemic has not largely impacted the real estate market, we are continuing to move forward and begin implementing new ways to buy and sell real estate. It’s important to have an expert by your side to better navigate the ever-changing landscape of the market. Jeff Cook Real Estate has the virtual tools to make sure your home is sold safely and efficiently.
With the anticipation of new listings hitting the market once we move out of the pandemic, make sure you have the right tools to make your home stand out among the crowd. Jeff Cook Real Estate’s brand recognition and cutting-edge marketing is the right step to selling your home quickly and for top dollar among uncertain times.
Selling your home and moving into a new one can be an emotional experience. For those choosing to sell in the midst of the coronavirus pandemic, it can be even more so. During the pandemic, Jeff Cook Real Estate has been able to continue to safely sell homes to our clients throughout Charleston, Columbia, Greenville, and Rock Hill. Our team of experts has been able to assess the areas of the market that are directly impacted by the new health and safety guidelines and create solutions so we can continue serving families.
Jeff Cook Real Estate is able to safely conduct an accurate valuation of your home and we’re happy to assist you in the home selling process! Give us a call today at 855-HEY-JEFF to partner with an agent today! 2020-05-22T11:38:00-07:002020-05-22T12:46:09-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:8107Quarterly Real Estate Market Update<img src="https://assets.site-static.com/userfiles/1451/image/Quarterly_Real_Estate_Market_Update.jpg" width="1600" height="1067" alt="Quarterly Real Estate Market Update" />
Spring is here and so are the latest reports of the real estate market! At Jeff Cook Real Estate, we hope to continue to bring you the most accurate predictions of the real estate scene. Here are some statewide insights on the previous quarter from your local real estate experts.
The real estate market got off to a great start in 2020! January and February were busy and produced a solid foundation. Showing traffic was up 20.2% nationwide with people out and about viewing homes!
However, COVID-19’s impact on the economy within the past few months has played a massive role in each industry. Many individuals found they were no longer approved for loans and even more were laid off from their jobs due to the shutdown. Since real estate is considered essential, Jeff Cook Real Estate has continued to serve clients in new and innovative ways. Regardless of the state of the market, we strive to continue providing our clients with quality real estate services.
Here’s a look at some insights on the main areas throughout the state within the last month:
Charleston
Total Closed Sales - 1,672 (up 6.0%)
Days on Market - 62 days
Percentage of Asking Price Received - 96.7%
Greenville
Total Closed Sales - 1,326 (up 9.2%)
Days on Market - 66 days
Percentage of Asking Price Received - 98.2%
Columbia
Total Closed Sales - 1,155 (down 2.0%)
Days on Market - 59 days
Percentage of Asking Price Received - 98.2%
Here at Jeff Cook Real Estate, we are proud to have served over 315 families already in 2020 and we can’t wait to continue growing our reach in the Carolinas!
The number of homes available for sale is lower than last year at this time. This is great news for homeowners! We’re currently in a seller’s market which means there are fewer homes available for buyers. Sellers can be more competitive with their homes’ price because there aren’t as many options for buyers. It is important that you partner with a real estate expert from Jeff Cook Real Estate to guarantee your home sold in the fastest amount of time while receiving the most amount of money.
Jeff Cook Real Estate has been closely monitoring the real estate industry as COVID-19 has been affecting our everyday life. While we have had to change a few aspects of our service, the local experts at Jeff Cook Real Estate are continuing to work hard to serve our clients. Our services have now moved completely virtual and we feel confident that we can best serve our clients throughout the uncertainty of this time.
“The impacts of the coronavirus aren’t anything like the 2008 recession because, in 2008, individuals were electing to slow down. Today, individuals are forced to slow down. Real estate is an essential business and can continue to operate despite the shutdown and here at Jeff Cook Real Estate, it’s business as usual. If you have a property you’re interested in selling, we can help. Just last week in the Charleston market, over 378 homes went under contract. The real estate market is resilient and will continue to gradually increase as other businesses begin to open back up within the following weeks.” - Jeff Cook
Our goal in 2020 is to serve 2,020 families in the Carolinas. As we look to the rest of the year, we’re hopeful that the strong start in January and February can continue pushing the market forward, even in times of uncertainty. The great news is that people are continuing to buy and sell homes through the pandemic! Our experts at Jeff Cook Real Estate can help you navigate any uncertainties that may arise due to the effects of COVID-19. We are confident the market will continue to push business through to the end of the year without stopping.
These numbers are important to know in order to be informed when the best time to list your home is! This is the best time to list your home since it is the busiest time of the year for real estate! Call 855-HEY-JEFF to list yours today! 2020-05-01T11:28:00-07:002020-09-16T14:01:50-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:7954Why it's Important to Keep Up With Market Trends<img src="https://assets.site-static.com/userfiles/1451/image/Why_its_Important_to_Keep_Up_With_Market_Trends.jpg" width="1600" height="1067" alt="Why it's Important to Keep Up With Market Trends" />
Keeping up with real estate trends can yield you more money than you could have imagined if done correctly. Most people don't get the price they are looking for only due to the timing, and most people overpay for a property because of the trends. We will discuss some of the most important reasons why it is imperative to have a look at the trends in your area so you can make or save a decent amount of money. Please note, you should look at trends regularly if you want the best results.
Helps you make more money from your property
If you have a better understanding of trends in your area, then you can list your house when the market is hot. In most cases, homes sell for a lot more during the summer, which is why many people put their home up on the market during summer. Make sure you look at the one year and five-year trend chart in your area, so you can have a better idea when to sell your property to make the most money. Most sellers don't look at the trend chart, which means you can take advantage of these charts.
Helps you to purchase a property for a much lower price
With trends, you can have a better understanding of the market. Trends will let you know the market situation so that you can capitalize. We highly recommend you purchase your property, based on the trend and when it is at its lowest. This will allow you as a buyer to make more money from the property in the long run.
It would be best if you had a look at the one year and five-year trend chart so that you can gauge and purchase properties at the right time. You can also use this knowledge to buy properties to put on rent, buy the property when the market is down, and put the property on rent when it's back up again. What this will do is help you to make more money from your property without even trying. You have to realize that when the market price goes up, so does the cost of the rent. Make sure you capitalize on trends if you like to buy properties to rent out, as you can make more and save more money in the foreseeable future.
Final verdict
Keeping up with the trends of real estate is crucial; not only will you make more money as a seller, but you will save money as an investor. Even if you are not looking to sell or purchase a property, we recommend you keep an eye on the trend. If you are keeping up with the trends and gaining more knowledge of the market, you should be in a great position when it comes to purchasing a new property or selling one. And if you are looking to rent out a property, then trends can save you more money as well, since rent goes down as the prices go down.2020-04-08T07:11:00-07:002020-09-21T08:18:08-07:00Megan Garrelltag:jeffcookrealestate.com,2012-09-20:74622019 SC Real Estate Market Rundown<img src="https://assets.site-static.com/userfiles/1451/image/2019_SC_Real_Estate_Market_Rundown.jpg" width="1600" height="1060" alt="2019 SC Real Estate Market Rundown" />
Hello, 2020! We’re off to a great start to the new year here at Jeff Cook Real Estate and we hope to continue to bring you the most accurate predictions of the real estate scene. Here are some statewide insights on the previous year from your local real estate experts.
As we look back to the statistics in 2019, we see that our country’s strong economy supported more new home buyers and a healthy housing market! As if that’s not enough of a reason to celebrate; mortgage rates declined significantly from 2018.
In 2019, the number of homes available for sale was lower than in 2018 by 3.9%. This is great news for homeowners! We’re currently in a seller’s market which means there are fewer homes available for buyers. Sellers can be more competitive with their homes’ price because there aren’t as many options for buyers. With a real estate expert from Jeff Cook Real Estate, just imagine the return you could get when you choose to sell your home with us!
Here’s a quick comparison of the previous year:
New Listings - 120,210 (up 4%)
Pending Sales - 91,683 (up 5.2%)
Closed Sales - 91,140 (up 4%)
Homes for Sale - 27,283 (down 3.9%)
Days on Market - 85 days (down 2.3%)
Median Sales Price - $215,000 (up 7.5%)
Percent of Asking Price Received - 97.5% (up 0.1%)
Overall, 2019 brought prosperity to the real estate market. Here at Jeff Cook Real Estate, we listed 680 homes and served over 1450 families in 2019. We also maintained 98% (on average) of asking price received for our clients!
Here’s a look at some insights on the main areas throughout the state:
Charleston
Total Closed Sales - 18,572 (up 2.1%)
Days on Market - 55 days
Percentage of Asking Price Received - 98%
Greenville
Total Closed Sales - 14,574 (up 6.5%)
Days on Market - 53 days
Percentage of Asking Price Received - 98.1%
Columbia
Total Closed Sales - 13,901 (up 1.4%)
Days on Market - 54 days
Percentage of Asking Price Received - 97.6%
In the year 2019, Jeff Cook Real Estate is proud to announce that we served a total of 1,452 families! A goal for us in the new year is to serve 2,020 families in the Carolinas. As we look to 2020, the healthy economy and low mortgage rates give us a great foundation for a new year. As with election years, we can expect to see less confident buyers and sellers. No matter their political stance, most people tend to hold their money closer until election season comes to a close.
“2019 was tied for the best year ever in terms of the number of completed transactions and prices are currently at an all-time high. If you’re thinking of making a move, now may be your best time.”
- Jeff Cook
These numbers are important to know in order to be informed when the best time to list your home is! This is the best time to list your home since it is the busiest time of the year for real estate! Call 855-HEY-JEFF to list yours today!2020-01-27T10:57:00-07:002020-09-23T13:51:50-07:00Thomas "Jeff" Cook