Charleston, South Carolina, known for its historic charm, vibrant culture, and beautiful landscapes, has a real estate market that experiences distinct seasonality. As the days grow shorter and cooler in the fall, the Charleston real estate market often undergoes notable changes. In this article, we will explore the typical fall real estate market in Charleston, focusing on key statistics for September and October 2023.
Fall Market Overview
The fall real estate market in Charleston, SC, offers a unique set of opportunities and challenges for both buyers and sellers. The season is marked by a mix of motivated buyers eager to settle into their new homes before the holiday season and sellers looking to close deals before the year’s end.
1. Active Listings: We’ve seen an increase in the number of active listings on the market. With fewer buyers on the market, there are more homes available.
2. Pending Listings: As the summer rush slows, pending listings may decrease slightly. However, buyers who continue their search in September often find more negotiating power and less competition, making it an appealing time to buy.
3. Sold Listings: The market has still continued to hold strong in Charleston. The number of sold properties continues to stay on trend with seasonal expectation.
4. Days on Market (DOM): We’ve seen the Median Days on Market increase across the board. While some areas have seen double the amount of days (Mount Pleasant), others have seen a less significant increase, but an increase nonetheless. This showcases the decrease in active buyers on the market. Most buyers who are looking right now are serious about purchasing – meaning that those who aren’t as serious tend to step out of the market during the fall.
The fall real estate market in Charleston, SC, is a season of opportunity for both buyers and sellers. As the summer frenzy cools down, the market shifts to a more balanced state. Buyers can benefit from a wider selection of homes and potentially more negotiating power, while sellers can still capitalize on a market that favors them.
It’s important to note that these statistics are based on typical trends, and individual circumstances can vary. If you’re planning to buy or sell a home in Charleston during the fall of 2023, consulting with a local real estate professional is essential to make the most of the opportunities presented by the season. Charleston’s fall real estate market offers a beautiful backdrop for real estate transactions, allowing residents to embrace the Lowcountry lifestyle in the home of their dreams.
