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CHS Metro Info -TMG
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AREA INFORMATION CHARLESTON, SC
The National Association of REALTORS® named Greater Charleston a Top 10 Metro Market In a Post-COVID Environment in 2021-2022
RESIDENTIAL HOME SALES Homes in the Charleston Metro Area sold at record levels in 2020 during the pandemic. Low interest rates drove many renters to buy. The increase in working from home and online schooling, caused many to buy homes with more space or flexible floor plans.
Mid-size markets with less dense living opportunities and more open space, like Charleston, experienced an influx of people from more densely populated urban metros nationwide.
The Charleston MetroArea was named one of the “Top Ten Metro Markets During and In a Post-COVID Environment in 2021-2022” by the National Association of Realtors. The ranking was based on factors including migration patterns, job growth relative to the national average, home price appreciation, and other variables. Tri-county home sales are forecasted to increase by 3.5% and 1.5%, respectively in 2021 and 2022. The continued demand for housing will elevate the median sales price above $300,000 and the average above $430,000.
The biggest challenge will be inventory, as the latest figures show below one month’s supply. Healthy inventory is usually four to six months’ supply.
Population Growth
CHARLESTON MSA POPULATION
800,000
700,000
600,000
500,000
400,000
Source: Charleston Regional >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10
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