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Charleston Market Update – September

September is here!!  We all hope the temps start cooling off now, but that’s not usually until October.  It’s still a great time to be outside and in the water.  And the Cooper River Bridge Run is back this month!  That one’s been around a long time.  Making its debut is the High Tide Music Festival.  It is the last month though to get in some minor league baseball at the Joe. 

Here are the thrilling
September events:

2: Louie’s Kids Big Chef/Little Chef Dinner Event, Hall’s Signature Events

3-5: Lowcountry Jazz Festival

4-12: Charleston Water Week

5: Todd Snider, Chas Music Hall

5: Southern 500, Darlington

8: Jake Shimabukuro, Chas Music Hall

9-19: Charleston Restaurant Week

9: Dawes, Chas Music Hall

16: Blake Shelton and Friends, N Chas Coliseum

16: Nitty Gritty Dirt Band, Chas Music Hall

18: WWE Supershow Live, N Chas Coliseum

18: Crowfield Fest Car and Motorcycle Show

23: Porto Seguro, Forte Lounge

24: Kenny G, Chas Music Hall

25: 44th Annual Cooper River Bridge Run

25: High Tide Music Festival, Riverfront Park

25: Hotel California North Charleston Pops, N Chas PAC

26: Lowcountry Splash Open Water Swim

27-28: Marcus King Band, Chas Music Hall

29: Bruce Hornsby, Gaillard

Marketing Updates:

While the Charleston real estate market continues its incredible run, we are beginning to have trouble keeping up with the sales from the record year of 2020.   At midyear, we were up 31.6% in transactions year to date over the same 2020 period.  However, only a month later, we are only up 22% over the same 2020 period.  The second half of 2020 was spectacular and our current inventory will just not allow us to keep pace.   July 2021 was down 14% from July 2020.  Inventory in Charleston had gone down from 5000 active listings a couple of years ago to below 1300 recently.  We are now back up to almost 2000.  Still a long way from normal, but the shift has begun.  Still, if you sell 20k homes(which is likely for 2021), you need to have 10k active listings to have a balanced market.  Some think it may take 10 years for that to happen.  One major problem is that new construction cannot keep up with demand.  They’d love to, but they’re having problems with labor and supply chain.   But people always tend to think the market they’re currently in will last a very long time.  And it never does.  But it’s difficult to see what’s going to get us back to normal right now.

Inc.com checked out over 5,000 companies in the US and ranked them according to a 3-year percentage of revenue growth. Thirty of the 63 SC-named companies had a median growth of 138%, total revenue of $834.5 million, and added over a thousand jobs. Interfor, one of the world’s largest lumber providers is putting a $30 million investment into their Summerville sawmill operation. SC’s first aeronautics program is beginning at CSU this year. Students can fly up to 3 times a week and can focus on commercial, military, or missionary piloting.

Forbes Magazine ranked IOP as the richest city in SC. In 2021, their median household income was $122,228. The mean household income was $175,009. The Holy City is the nation’s best city to be an Airbnb host according to a recent study by XendPay. Some ranking factors include monthly revenue, occupancy rate per year, and median house price. SC Colleges and Universities received over $520million in federal funding to offset pandemic hardships. Locally TTC will receive the most at $24 million. Feeling crowded? The 2020 census results are in and the numbers say you are correct!! Charleston’s population stands at 140,476 residents, up a whopping 16.98% since 2010. MTP increased about 33% making it SC’s 4th largest town.   The tri-county area is the 12th fastest-growing metro area in the US.

If You’re Looking To Buy, Sell Or Invest In Real Estate,

Charleston-Mount Pleasant-Daniel Island-West Ashley-James Island-Isle of Palms-Sullivan’s Island 
Keller Williams Charleston/West Ashley 

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