Summerville Real Estate Year in Review - 2017
The market will continue to be strong in 2018. Per the Charleston Chamber of Commerce, 48 people are moving into the Tri-county area a day. The job growth rate is expected to accelerate, increasing by more than 3% this year. Volvo is hiring 3900 workers and is on track to open in late 2018. Mercedes is building a new facility and other industry and supporting industry is moving in as well. Mortgage rates are expected to rise slightly, per the Mortgage Bankers Association, hitting mid 4% and reaching 5% for a 30-year loan by year-end. The number of new homes being built will continue to increase to help ease the high demand.
Below are the stats and trends for the market, let me know if you need anything this coming year!
Summerville Number of Homes Sold
2016 - 3,392 homes sold
2017 - 3,451 homes sold
+1.7% increase
Summerville Median Sales Price
2016 - $221,000
2017 - $231,215
+4.6% increase
Summerville Median Days on Market
2016 - 19 days on market
2017 - 15 days on market
-21.1% decrease
Summerville Sold Price Percentage of Original List Price
2016 - 99.0%
2017 - 99.2%
Summerville Number of Homes for Sale
2016 - 896 homes
2017 - 785 homes
-12.4% decrease
Summerville Months Supply of Homes for Sale
2016 - 3.3 months
2017 - 2.7 months
-18.2% decrease
Summerville Median Price per SFT
2016 - $108/sft
2017 - $116/sft
+7.4% increase
It was a strong year for Summerville real estate in 2017. The number of homes sold increased while the number of homes on the market decreased over 2016. This strengthened the “Sellers Market” (where the number of months supply is less than 6 months.) In a Sellers Market, the buyer has less negotiating power and this shows to be true with sellers getting 99.2% of their original asking price. The median Days on Market dropped from 19 to 15 as buyers were quicker to make offers when homes came on the market.
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