Why Charleston Is One of the Country’s Top Ten Real Estate Markets
For years, Charleston has been known as a top travel destination, winning accolades like Top City in the U.S. byTravel + Leisure and #1 Small U.S. City by readers of Condé Nast Traveler. But these days the national media has also been focusing on our city’s robust real estate market and desirable lifestyle. Recently, real estate website Trulia’s Chief Economist included Charleston on his annual list of 10 hot real estate markets to watch in 2016. The city’s recent ranking as the sixth-highest for job growth in the U.S., plus its reputation as a foodie’s paradise, helped solidify Charleston’s spot on the list, which was published by Forbes magazine.
There are many reasons for Charleston’s increasing popularity as a place to live. Historically, the region has been a popular place for retirees looking to relocate. But now, the Wall Street Journal reports, young affluent families are also moving our way. They appreciate and enjoy the quality of life here – good schools, great restaurants and cultural activities, area beaches, a year-round temperate climate, and an overall more relaxed pace of life.
Another reason people are moving to Charleston? The city’s thriving economy is bringing thousands of new jobs to the region, including the growing technology sector and multimillion-dollar campuses like Boeing, Google and Volvo. And for those who still need to commute for work, numerous daily flights to New York, Chicago and Washington, DC from our newly renovated and easily navigable airport make commuting a simple option.
While this increased popularity in Charleston has been great for the overall area economy – including the real estate market – there has been some cause and effect. The Post & Courier recently predicted that home sales in the area will continue to surge in 2016, but inventory is at an all-time low, mortgage rates could also increase up to one percentage point and home prices up four to six percent.
Each day, more individuals and families are moving here – in fact, Charleston’s population rose 15,000 just in this past year. If you are interested in buying a home in Charleston, you may not want to wait much longer!