More importantly, people ask if the bubble is about to burst! Since housing prices in Charleston have been steadily on the rise, I am continually asked this question by locals and people who live in other areas considering a move. I have always stated that I do not believe so, and this notion is supported by not only real estate professionals like me, but also economists. You see, Charleston has many favorable economic factors that are fueling the rise in prices, mostly the result of basic supply and demand. Simply stated, employment rates are steadily rising (at the lowest level since Spring 2008) with new businesses, especially in technology and manufacturing, coming to the lowcountry. The housing inventory remains low so the high prices are supported by demand coupled with qualified buyers looking to purchase. In the previous real estate “meltdown” one can trace it to factors including unqualified buyers receiving loans for expensive houses, excessive flipping and overbuilding. The employment growth lagged behind the housing price increases, but that
is not the case today. Warren L. Wise wrote about the Charleston housing “Bubble” in the Post and Courier’s Business Section on Monday and you can read the full article for more details. Overall, it is a great time to buy, with rates at historic lows, and an excellent time to sell due to limited inventory in the Charleston Metro area. I will be happy to discuss this with anyone thinking of making a move!