2025
Market Forecast
Curious about the 2025 housing market? You’re in luck! Explore these predictions from the Charleston Trident Association of Realtors (CTAR) and the National Association of Realtors (NAR) to find out what the experts are forecasting. Whether you're planning to buy or sell a home, staying informed about the market trends for the year ahead is essential. As an added resource, check out our Charleston Buyer and Seller Guides here.
On Wednesday, January 15, our agents attended the 2025 Residential Market Update and Forecast hosted by the Charleston Trident Association of Realtors. The event featured Dr. Joey Von Nessen, a research economist in the Division of Research at the Darla Moore School of Business. Dr. Von Nessen specializes in regional economics, economic forecasting, and housing market analysis. He regularly conducts economic impact analyses, feasibility studies, and independent market research for clients in both the private and public sectors. Each January, Dr. Von Nessen presents a comprehensive residential market update and economic forecast to the Charleston Trident Board of Realtors.
Statistics
Looking ahead to 2025, Charleston's economy remains resilient. The three primary factors influencing housing demand in 2025 are population growth, the strength of the labor market, and mortgage interest rates. Here are the statistics that lead economists to maintain an optimistic outlook for the housing market across the state, particularly in Charleston.
Charleston Housing Sales
The ongoing lack of inventory continues to drive housing prices higher. According to the South Carolina Realtors Association, the median price for a home in Charleston County is currently $702,500. On the peninsula, the median price south of the Crosstown is $1,625,000, while north of the Crosstown, it is $895,000.
Population Growth
According to a November 1, 2024, article in The Post and Courier, Charleston's population is growing by approximately 34 people per day. Housing demand is increasing, goods prices are stabilizing, and the job market is strengthening, as highlighted in the Charleston Metro Chamber of Commerce's Annual Economic Forecast.
US Mortgage Interest Rates
Dr. Von Nessen stated that interest rates are unlikely to change significantly in 2025. He noted that the biggest uncertainty is inflation, as the Federal Reserve aims to bring it down to 2%.
The Takeaway
Dr. Von Nessen believes housing prices will continue to rise over the next year by approximately 3% to 4%. With South Carolina experiencing the fourth-highest population increase in the country, the state is expected to maintain a healthy real estate market.
Explore Listings
Recently Closed
Our firm recently had the privilege of representing clients in South of Broad, the French Quarter and West Ashley to kick off January's closings. With over 168 years of combined experience, we love what we do and believe everyone deserves to truly love where they live.
154 Tradd Street | Ruthie Smythe
Strategically priced to drive multiple offers, we secured an above-list price deal and a finalized contract within 48 hours. We could not be more thrilled for our South of Broad seller!
3 Queen Street | Ruthie Smythe
We ensured every detail was taken care of for our French Quarter clients, from securing a ratified contract that satisfied all parties to coordinating repairs for the sellers through closing.
1 King Street, 408 | Ruthie Smythe
We successfully negotiated a highly favorable off-market offer that aligned with our South of Broad seller's objectives.
85 Sumberland Street, 3 | Lois Lane
The apartments at 85 Cumberland present an outstanding investment opportunity. Our seller’s decision to upgrade to a larger apartment within the building highlights the strong appeal of this highly desirable location in the French Quarter.
Want to see past Market Updates?
Contact us today! We can send past updates as well as statistics for specific areas you might be interested in.
- 9 Broad Street CharlestonSC29401
- (843) 270-2797
- lois@loislaneproperties.com
