Here’s a little statistical play for your Monday. Today we received October numbers from our Charleston Trident Association of Realtors and no lie – it’s been a pretty strong fall. In many areas of the country, activity peters off from the summer until the following spring, but around my #1-in-the-United-States pretty urban center, lots of people like to buy homes to move into before the holidays. After all, it’s fun to start the new year with a new life!
So here’s what’s interesting, in these two interactive graphs below, you’ll see the median prices for the tri-county area (blue lines), compared to the median prices for Downtown Charleston and the Upper Charleston Peninsula (green lines) – both of which I call Downtown Charleston. In both cases the rate of median price increase far surpasses the tri-county area rate.
In this first one – Downtown Charleston, from the lowest point in the past ten years to today, we have seen a 44% increase in median price. (Yes, my dear clients who purchased a home in 2012 – do a happy dance!!). In the tri-county area, there has only been a 20% increase. Now – I will caveat my glee by saying this part of Downtown Charleston has seen more extreme peaks and troughs since many of the homes here are not primary, but still, it’s looking good.
Then let’s take a look at the Upper Charleston Peninsula (anything above the Crosstown). From the lowest point to today, there has been a 73% increase in median prices. No – that is not a typo. Seventy-Three Percent Increase. As a matter of fact, we are at the highest price point ever. Why is this the case? New restaurants, new schools, new businesses, renovations and new construction everywhere and all over the place, convenience and good transportation options, rising incomes…the chargrilled oysters at Leon’s...
No longer are Hampton Park Terrace and Wagener Terrace the only choice spots to be, but North Central and the Westside have turned out in force. Want to see evidence? After you look at the statistics below, scroll down for a screen shot of a map of building permits and projects on the Peninsula.
Here is the map of current projects and permits – some are slightly outdated but you get the gist. If you want the interactive version go here.
It’s pretty mind-blowing.