The National Association of REALTORS® recently listed the top ten real estate markets that have shown the most resilience during the COVID-19 pandemic. We're happy to report that Charleston-North Charleston was named as one of those top ten resilient markets. The markets named are also expected to perform well in a post-pandemic environment.
The full list of the most resilient markets, in alphabetical order, is as follows:
- Atlanta-Sandy Springs-Alpharetta, Georgia
- Boise City, Idaho
- Charleston-North Charleston, South Carolina
- Dallas-Fort Worth-Arlington, Texas
- Des Moines-West Des Moines, Iowa
- Indianapolis-Carmel-Anderson, Indiana
- Madison, Wisconsin
- Phoenix-Mesa-Chandler, Arizona
- Provo-Orem, Utah
- Spokane-Spokane Valley, Washington
The indicators NAR used to identify these markets include a low unemployment rate and mobility to leisure and recreation places. The unemployment rate in the Charleston metro area is 4.7%, which is well below the current national rate of 7.9%. The national rate of mobility to leisure and recreation places is 20% below pre-pandemic level. Charleston’s rate is again below the national average at 13%.
“NAR has recognized the Charleston market for its incredible growth and performance during a year in which many markets faced significant challenges,” 2020 CTAR President Bobette Fisher explains. “Over the last 11 months, our demand has continued to grow across nearly all submarkets in our region, and with historic low rates that we expect to continue, that demand will only grow.
“We are only being hampered by low inventory and, for many buyers, affordability,” Fisher added. “We will continue to work with local municipalities to overcome the affordable housing issues in our market.”
Speaking of low inventory, there were 53% fewer homes for sale in the Charleston area over the last year, with just 2,853 homes listed for sale in the Charleston Regional MLS at the end of November. This number represents a record low of just one and a half months of available inventory.
As of the end of November 2020, 19,737 have sold at a median price of $300,000. Both of those numbers are up from the same time in 2019, when 17,044 homes had sold at a median price of $278,000. The number of closed sales is up in 2020 by nearly 16%, and the median price is 8% higher.
All in all, there’s never been a better time to sell your home! If selling or buying a home is on your list of goals for 2021, don’t hesitate to give Johnson & Wilson Real Estate Company a call.