Summerville had a great year for real estate in 2019. Interest rates remained historically low, prices appreciated over 5%, and homes took less than 30 days to sell. Summerville sold over 3500 homes this year, keeping on par with the last two years. Below are the numbers. Click on the graph to see actual numbers.
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The median sales price was $245,000 in January and rose to above $260,000 in August and September. You can see from the graph below it has continued to rise over the last two years.
The Days on Market (DOM) is an indication if we’re in a “seller’s market” or a “buyers market.” Any time the DOM is below 180 days, or six months, it’s considered a seller’s market. Staying below 30 DOM, Summerville has definitely been in a seller’s market for the last couple of years.
Summerville has sold over 3500 this year. Just under 1000 have been new construction with over half being in Cane Bay and Nexton. These two neighborhoods rank at the top of new home construction neighborhoods in the Tri-County area.
Even though home prices continue to rise, continued wage growth along with record low-interest rates, home buyers will continue to be able to afford housing. Historically, using national averages, the percent of wages typically spent on housing payments has been 21.2%. As of September 2019, that number is down to 15.2%.
If you have a specific question or would like any additional information, please feel free to reach out at 843-270-6651 or e-mail Susan@FlowertownRealty.com.