Everything that buyers and sellers need to know about our housing market.
Our real estate market is constantly changing, so if you want to make the best decision possible, you need to stay informed. To help with that, today I’m sharing a brief update on our area’s housing market.
First, know that the days of 3% interest rates are over, and 5% is probably the new norm. If you’re waiting for rates to fall back to where they were during the pandemic, you’ll probably be waiting for a very long time.
That being said, our market is still very strong. South Carolina is one of the top states in the nation that people are moving to. We have a strong job market and a beautiful climate, so people from all over the country continue to move here.
“Our market is still very strong.”
Things have slowed since interest rates increased, as closed sales are down 30% from this time last year. However, prices remain high and are up 4% from this time last year. They aren’t as high as they were during the peak of the pandemic market, but they are just adjusting to interest rates.
These recent price adjustments are great for buyers. On top of that, many sellers are offering to pay for 2-1 buydowns for their buyers. This means your interest rate will be 2% lower than normal for the first year of your loan and 1% lower for the second year. This will help reduce the burden of higher rates until you can refinance.
Finally, you should know that inventory is still low in our area, but it’s higher than it was before. Right now, supply is right around 1.7 months. As long as inventory remains that low, I don’t expect prices to crash anytime soon.
If you have any specific questions about the market, don’t hesitate to call or email my team. We’d love to hear from you!