Many have inquired about the close of 2023 and the developments in January 2024, so I’m here with an update. Like other parts of the country, Charleston experienced a 15% decrease in sales in 2023 compared to 2022. Yet, January 2024 has seen a more promising start than January 2023, indicating market growth here, which is encouraging. A significant factor in the 15% drop in transactions is the gradual rise in rates to 8.5% around October 2023. Since then, they have decreased to around 6.5%, aiding in the market’s recovery.
Despite a 15% decline in Charleston’s transactions, our team grew by 25%, meaning we’ve helped 25% more clients year over year, outperforming the market’s growth by about 40%. This achievement is a testament to the trust and support from our clients, for which we are deeply grateful. The market’s challenges have led people to seek out experienced professionals they trust, moving away from less experienced agents. This trend has resulted in a noticeable exit of realtors from the industry, a phenomenon not seen since 2008, driven by agents’ struggle to find clients that will work with the inexperienced in a challenging market.
Looking forward, we expect further rate reductions throughout the year, potentially leading to double-digit market appreciation. Charleston, in particular, is poised to grow due to a strong local economy. Notable developments include Breeze Airways expanding non-stop services, a record-breaking number of travelers through our airport, Tesla’s new regional distribution center, and significant investments in hospitality, battery recycling facility, and pharmaceuticals. These advancements, alongside increasing affordable housing projects, are set to enhance job growth, attract more residents, and boost demand.
Given the anticipated market appreciation and the current opportunities for buyers and sellers, now is an opportune time to engage in the real estate market. For buyers, securing properties at today’s prices can yield significant future gains, especially with available programs offering introductory rates as low as 2.99% and free refinancing options. Sellers looking to upgrade should also consider acting soon to capitalize on the larger appreciation benefits of higher-priced homes.
For those contemplating their next move in real estate, whether buying or selling, I’m here to provide further information and tailor advice to your specific circumstances. Thank you for tuning in, and please don’t hesitate to get in touch if you have any questions or need assistance.
