You can't buy a median priced home in Charleston
That might sound like a silly statement coming from a Charleston real estate agent who depends on selling homes in Charleston in order to earn a living and with over 10,000 homes available for sale in the Charleston real estate market.
But what I mean by that is that the median price of a home is simply the middle point of all sales and therefore, it's a moving target.
Now as you'll see, not only has the median price declined but the average sales price has been declining as well from the previous year and that reflects the fact that there is too much supply and too little demand putting pressure on prices.
Compare the past 3 months to the same months in the previous year.
But I think one of the biggest reasons for the price declines we are seeing in the past 3 months is that the mix of homes that are being sold is more heavily concentrated at lower price points. From what I am seeing in the market lately, there has been far less activity in the Charleston luxury real estate market along with slowing activity at the middle price points.
While it doesn't mean that a $400,000 house is now worth $200,000, it's a tough time to be selling. And yet, I am still looking at listings that are languishing on the market because there are still some sellers who still don't get it and have priced their home as if nothing has changed. And if and when they finally do get it, the price reductions are sometimes too little and too late.
When you hire me to help you buy a home, you're hiring not only a knowledgeable professional but a fierce negotiator that can get you the house you want at the best price and terms. You're hiring one tough dawg to represent your interests like no one else can. You see, I'm not afraid to tell the listing agent for the seller how much that house is really worth and I have the data (and the guts) to back up my bark.