Here’s what’s happening in our market as we head further into fall.

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It’s officially the first few weeks of fall. There’s pumpkin spice in the air, Halloween decorations are all around town, and it still feels nice and warm outside. It’s a great time to be in Charleston, but people have expressed concern about the future of our real estate market. Today I want to give you a brief overview of what’s happening in our market now that we’re in the fall months.

 

We’ve seen a slight decrease in the number of luxury homes being sold. Some agencies around the country are reporting a 15% to 19% decrease in the number of second-home luxury buyers, and we’re seeing a bit of that here. However, there are still many more buyers than homes in our current market, so it’s still a strong seller’s market.

 

We’ve seen a similar trend to a lesser degree in the primary luxury market. Demand remains high, though. Especially if your home is on the newer end, it will sell quickly and for top dollar.

 

For the upper-middle range of about $700,000 to $1 million, we’re still seeing a ton of demand. When you go further down the price range into starter homes and rentals, the demand is still crazy. As you can tell, the less expensive the market, the more demand we’re seeing.

 

"If your home is on the newer end, it will still sell quickly and for top dollar. "

 

There are outside factors that could impact our real estate market. For example, one of China’s largest real estate companies faces a major debt crisis that could have international implications. It could have a major impact on our market, or we could barely notice it. It’s currently up in the air. There are also supply chain issues that may affect the stock market, although it’s too early to say for sure.

 

In the super long term, inflation could be a factor as well. Spending during the pandemic has increased U.S. debt, and it seems likely inflation will rise to compensate. This is good for homeowners, but this too may have ripple effects on our economy.

 

At the end of the day, I predict a soft landing from our real estate market. Things are slowing down at the top, and eventually, they will slow down at the bottom. However, I don’t predict a crash anytime soon.

 

If you have questions about today’s topic or anything else, please call or email me. I am always willing to help.