Charleston is a historic port city known for its cobblestone streets and southern charm. Great weather, award-winning restaurants, art galleries and more make this city a great place to live. An increase in the number of households and job opportunities has helped the real estate market here continue to thrive.
Real Estate Market Trends in Charleston
Median home price in Charleston: $395,000
Charleston’s median home prices have closely tracked the national average in recent years. Currently, slightly below the national average of $413,000, Charleston’s real estate market is still on an upward trend with values increasing nearly $150,000 since 2017. Supply on the market is now 1 .5 months, while the national average is at a low of 1.1 months supply.
Rental market in Charleston
Charleston median rent: $1,769
Rental vacancy in Charleston: 14%
Charleston’s rental market has seen a 16.8% year-over-year increase in median rent prices and an increase of nearly $500 since 2017. The rental vacancy rate of 14% is high by today’s standards, the national average being 5.8%. Median rent prices are also below the national average of $1,904.
See also: Real Estate Investing Guides and Resources
Current real estate investments in Charleston
There are currently 5 multi-family and residential income properties for sale in Charleston listed on Loopnet.
The two hottest multi-family properties for sale in Charleson right now are:
61 Vanderhorststraat – A 33-unit mid-rise apartment building is offered by Waterstone MHA. These are well-maintained units with on-site property management and concierge. Excellent location and 100% occupied.
704 Rutledge Ave – Updated kitchen and bathrooms, plus an enclosed yard, make up this multi-family duplex offered by Coldwell Banker Commercial. Listed at $1,249,000, this investment opportunity is close to parks, restaurants and more.
Source of market data: Housing Tides