Why Today’s Housing Supply Is a Sweet Spot for Sellers in Charleston
Wondering if it still makes sense to sell your house right now? The short answer is, yes. And if you look at the current number of homes for sale, you’ll see two reasons why. Locally in Charleston, we are still seeing around half of the inventory that we are used to seeing in the spring months. There are just above 3,000 homes for sale in the Charleston area currently. Brand new homes or proposed construction in Charleston are part of this number as well.
An article from Calculated Risk shows there are 15.6% more homes for sale now compared to the same week last year. That tells us inventory has grown. But going back to 2019, the last normal year in the housing market, there are nearly 40% fewer homes available now:
Lets take a look at trend of the number of homes for sale in the Charleston area over the past five years. See the graph below. Here’s a breakdown of how this benefits you when you sell.
1. You Have More Options for Your Move
Are you thinking about selling because your current house is too big, too small, or because your needs have changed? If so, the year-over-year growth gives you more options for your home search. That means it may be less of a challenge to find what you’re looking for.
So, if you were holding off on selling because you were worried you weren’t going to find a home you like, this may be just the good news you needed. Partnering with a local real estate professional can help you make sure you’re up to date on the homes available in your area.
2. You Still Won’t Have Much Competition When You Sell
But to put that into perspective, even though there are more homes for sale now, there still aren’t as many as there’d be in a normal year. Remember, the data from Calculated Risk shows we’re down nearly 40% compared to 2019. And that large a deficit won’t be solved overnight. As a recent article from Realtor.com explains:
“. . . the number of homes for sale and new listing activity continues to improve compared to last year. However the inventory of homes for sale still has a long journey back to pre-pandemic levels.”
For you, that means if you work with an agent to price your house right, it should still get a lot of attention from eager buyers and could sell fast. And even more good news, this is true in most areas in the Charleston, SC housing market!
Bottom Line
If you’re a homeowner looking to sell in Charleston, now’s a good time. You’ll have more options when buying your next home, and there’s still not a ton of competition from other sellers. If you’re ready to move, let’s connect to get the ball rolling.
