Seller’s Market with Buyer Advantages
The robust economic development, reasonable cost of living, low taxes and excellent quality of life in Charleston, South Carolina, not to MENTION the proximity to the Grand Strand, Myrtle Beach, Murrells Inlet, Seafood Capital of South Carolina, are driving positive growth in the region’s real estate MARKET.The 2016
One of every four jobs created in the state of South Carolina between 2009 and 2015 were created in the Charleston region.
Charleston was voted the Top Small City in the U.S. for the fth year in a row, according to Condé Nast Traveler’s annual Readers’ Choice survey.
The Milken Institute ranked the Charleston metro 4th in the nation for high tech GDP growth over the past five years. Sectors contributing to Charleston’s performance include aerospace, manufacturing and increased volume at the Port.
The Charleston metro ranked #18 with 34,230 (10.5% share) employees in advanced industries sector in 2015. Advanced industries include automotive and aerospace manufacturing, energy activities, digital services like computer system design and software, and logistics and transportation. We have it going on! The Charleston Convention and Visitors Bureau does a terrific job of promoting the “Holy City”, with almost 5 million visitors a year.
421 locations were analyzed and ranked based on population size. Data for the report included economic potential, business friendliness, human capital and lifestyle, cost effectiveness and connectivity.
Comprised of three counties – Berkeley, Charleston and Dorchester – the Charleston region is a highly diverse market, strategically located on the Atlantic coast half-way between New York and Miami. The region, which covers more than 3,100 square miles (8,192 kilometers), combines a thriving economy, rich history and breathtaking environment to offer an outstanding business climate and a quality of life that is second to none.
The Charleston metro has emerged as a globally competitive region and the economy has transformed over the past decade from a service-based economy to STEM-based thanks to Boeing, Mercedes, Google, Volvo and many others. This emergence
was evidenced by this year’s release of the Advanced Industries Study by Brookings Advanced Industries that ranks the region’s economy number 18 in the U.S. among the country’s top 100 metros. With a plentiful supply of skilled workers, access to the global marketplace through its logistics and transportation system and a diverse portfolio of location opportunities, the Charleston region offers a winning combination for business.
Charleston Harbor will soon be the deepest port on the East Coast of the U.S. – in time to welcome Post Panamax ships 24/7. There is no question that the Charleston metro is a profoundly different place than it was 25 years ago when the economy was centered on the nation’s third largest Navy Base. There is also no doubt we will be profoundly different a decade from now when Boeing, Volvo and Mercedes are all fully operational with their supply chains in place, and our airport and port offering thriving logistics and transportation options to reach the global supply chain. Charleston has earned its place on the global map as a visitor destination and now we are also recognized as a global business destination.
The region’s labor market expanded in 2015, with total employment growing
by 2.8 percent. The largest job gains were in Leisure and Hospitality (+6.7%), Education and Healthcare (+4.4%), Information (+3.8%), Professional and Business
Services (+3.7%) and Manufacturing (+2.8%). All sectors experienced gains in 2015.
For the Charleston region, job gains are expected in both 2016 and 2017. Total employment is projected to increase by more than 10,000 net new jobs in 2016 and another 11,000 in 2017, resulting in unemployment continuing to decline, falling to 4.9% by the end of 2015e Construction
The region’s residential real estate market experienced robust growth
in 2015, with builders describing the market as active as pre-recession levels by the end of the year. Total single family permits increased 9.1 percent compared to 2014. Multi-family permits declined in 2015 from a record high in 2014.
The forecast for the residential building market is for continued growth in 2016 and 2017. Multi-family construction is expected to see slow growth in 2016 as a result of continued population growth in the region and demand for more multi- family units grows.Real Estate Sa
The number of residential home sales in 2015 increased by 13.7 percent above the previous year with the average sales price increasing by 5.8 percent.
Residential housing sales are also expected to continue to grow in 2016
and 2017. The forecast is for a 6 percent increase in the number of sales in both 2016 and 2017. The average sales price is predicted to increase by 4 percent in 2016 and another 2 percent the following year.
The area boasts a strong business culture, led by tBoeing whose investment in Soutj Carolina will have invested 10 billion dollars in the local economy. The econonmic impact that BMW has contributed to the state is over 7.2 billion dollars and Volvo’s total economic impact will be over 4.8 million dollars.
The healthcare industries including MUC Medical and Dental schools and Hospitals have made Charleston a stand out compared to Austin and Charlotte.
South Carolina is one of the lowest property taxes in the nation are making the county an attractive place to buy.
“The quality of life is extremely desirable,” major draws to the area are the schools, employment opportunities and community spirit. “The residents enjoy the ability to work there, educate their children there and play there.
To find out the latest information on the overall Charleston Real Estate Market, call Josephine today!
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