May News and Real Estate in Charleston

Charleston real estate sales are getting off to a similar slow start in 2024 as we did in 2023.  Higher mortgage rates were the main reason for slow sales.  They are now about 7%.  The Federal Reserve announced that their plans for 2024 were to maybe see 3 rate reductions.  However, recent upticks in the economy have led them to pull back a bit and it may take longer into 2024 before we see those rate reductions.  After the first quarter of 2024, we are up 1.3% in transactions versus the same 2023 period.  And median sales price is still strong with a 5% increase over the same 2023 period.  The median sales price for the area is now at $420k.  However, we have seen a small decline in the number of properties going under contract so far in 2024.

In economic news, plans have been unveiled for a new 100-acre Park in Mt Pleasant on Rifle Range Road.  A 17% increase in loaded imports and strong intermodal cargo movements drove year-over-year container volume growth at South Carolina Ports, marking the most significant uptick this year.  The College of Charleston Board of Trustees has approved the creation of two new academic schools: the School of Engineering, Computing, and Mathematics and the School of Natural and Environmental Sciences.  South Carolina was awarded nearly $125 million in federal funding to launch new statewide programs that will expand residential-serving community solar and grow its clean energy workforce, fueling renewable energy solutions to the Palmetto State’s growing energy generation demands.  The PGA of America announced that The Ocean Course at Kiawah Island Golf Resort in Kiawah Island will host the 2031 PGA Championship.  Additionally, the 2029 Girls and Boys Junior PGA Championships will be contested at The Ocean Course and Turtle Point Golf Course at Kiawah Island Golf Resort.  Set to open summer of 2024, The Bays on Coleman is an indoor golf facility that brings state-of-the-art technology and higher-end amenities to the heart of Mount Pleasant.  The lineup is set for an annual Darius Rucker-curated music festival in North Charleston.  In its third year, Riverfront Revival will take place on Friday and Saturday, Oct. 11-12, at Riverfront Park in North Charleston.  An Atlanta restaurant has plans to open a downtown Charleston location later this spring.  The Select is expected to open at 465 Meeting St., at the base of Greystar’s corporate headquarters building, in late May.  Charleston nonprofit, Turn90, received $2M boost from philanthropist MacKenzie Scott.  Saks Fifth Avenue has partnered with The Dewberry to bring the retailer’s luxury personal shopping and styling service, the Fifth Avenue Club, to Charleston.