Charleston, SC Is AmongThe Nation’s Hottest Real Estate Markets
Life in the low country has always been viewed as preferred living, but now more than ever, real estate in Charleston, SC 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 fabulous seafood and other uniquely southern cuisine, 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, numerous fitness and exercise venues, and plenty of career opportunities.
Just look at these accolades from 2021:
- Charleston ranked as one of the best cities in America to do business by AZ State University study.
- Charleston ranks #4 Best cities for post-pandemic Life by Today.com
- Charleston has 7 of the top best hotels in the world according to TripAdvisor.com
- U.S. News and World Report’s 150 best places to live in the United States places Charleston in the top third.
- U.S News and World Report 25 Fastest Growing Cities in 2021 ranks Charleston #19, Myrtle Beach #1, Spartanburg #12.
- Trip Advisors 2021 Best Fine Dining restaurants 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, Travel + Leisure readers crowned Charleston, South Carolina, the No. 1 city in the United States.
- Charleston ranked #2 City in America to retire by Wallethub. (Columbia SC #11)
- Mount Pleasant ranks in WalletHub’s #9 most livable small city in America
- Charleston Ranked #13 as Best Cities in USA for military retirees by SmartAsset.com
- Charleston ranked #6 Most “Fun” places to live in the USA, by US News.
- Porch.com ranked Charleston #1 City in America for Single Millennials.
- Charleston #10 best mid-sized college town 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 grew 10.77% from 2019-2020. 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 almost 40% drop in housing inventory, 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.
The market trend of northern residents moving south 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 third-most-popular destination for new movers. Of all moves into and out of South Carolina in 2021, 63% were inbound moves.
According to the Charleston Regional Development Alliance:
- 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. Contact us today with your questions or real estate needs.