Are Home Values Falling in Charleston?

Are you exhausted from the ongoing real estate roller coaster ride? Experts continue to say that “this is different than 2008” (which it IS) and “home values will continue to rise only at a slower rate” (deceleration). The fed, however, intervened and in an effort to slow inflation growth, we are seeing rates rise at one of the fastest rates in history. Home values are impacted and changing. Zillow estimates in the Belle Hall community seem to be falling but have continued to rise for homes recently sold. With more buyers stepping away from the market due to rates, fewer buyers are in the game. In addition, inventory is rising.

It is true that the current rates (now around 7%) are actually not high by historical standards, but the affordability of a home has absolutely impacted the market and will continue to do so for the near future. Homes priced right are still selling fast and some still with multiple offers. Homes priced too high are sitting…and sitting…and sitting. This is why it is more important than ever to have a strategy, a real plan to market your home so you can maximize exposure and still sell on your terms.

The inventory levels, while rising, still show we are in a sellers’ market, but if buyers are not buying due to rates or declining net worth based on the plummeting stock market, the shift will continue toward a neutral/balanced or even a buyers’ market. This does not mean prices will decline, but the rate of appreciation is absolutely slowing down to more normal levels (3-4%).

What can you do? Keep an eye on your local neighborhood as national data is nowhere near as relevant to you as what is happening in your own backyard. Ask questions, watch the hyper-local data and do what is best for you.

Our team, The Delanty Group with Coldwell Banker, is located in the Charleston & Mount Pleasant area to help our clients navigate this crazy, ever-changing real estate market and achieve their goals!