Around Charleston - April 2024

I wanted to give you a quick update on how the Charleston real estate market is shaping up so far in 2024. As you might remember, we had a bit of a slow start last year due to those pesky high mortgage rates. Well, it looks like we're seeing a similar trend this year, with rates hovering around 6.7%. The Federal Reserve had hinted at the possibility of three rate reductions in 2024, but recent economic growth has made them tap the brakes on that idea. It might take a bit longer for those rates to come down now.

But hey, it's not all doom and gloom! Despite the challenges, we've actually seen a 7.5% increase in transactions compared to the first two months of 2023. And get this – the median sales price is still going strong, up 5.9% from the same time last year. We're now looking at a median price of $418k for the area. That's pretty impressive, if you ask me.

Now, I do have to mention that we've noticed a slight dip in the number of properties going under contract so far this year. But let's not get too worried about that just yet.

In other news, there's been some exciting developments on the economic front. DRS Naval Power Systems has chosen Berkeley County for their first South Carolina operation. They're investing a whopping $120M and creating 58 new jobs with a brand new 140,000sqft manufacturing and test center in Goose Creek. And Gnosis Freight is putting in $438,500 to create 51 new jobs over the next few years. That's great news for our local economy!

Charleston Southern University is also doing its part to foster international relationships. They've opened the Global Charleston center to connect area residents and businesses with their international counterparts. It's an exciting step towards building a more connected community.

On the healthcare front, Trident Health is taking action to address the critical need for emergency services on Johns Island. They've announced plans to start construction on Johns Island Emergency, a freestanding ER. This comes just five months after they revealed their intention to build a $270M, 50-bed hospital on the island. It's great to see them investing in the community's well-being.

And last but not least, a national commercial and multifamily mortgage banking company has secured $40.3M in construction financing for a Class A industrial park in Mt Pleasant. Plus, SC Ports is looking to purchase the former WestRock paper mill site in North Charleston to expand the Port of Charleston's capacity. This could potentially allow the terminal to handle 5M containers in the future and create 5,000 feet of linear berth space for container ships, along with around 400 acres of terminal space for cargo. Talk about growth!

So, while we might be facing some challenges in the real estate market, there's still plenty of positive developments happening in our area. As always, if you have any questions or just want to chat about the market, don't hesitate to reach out. I'm here to help!