Good [news] Friday, Charleston real estate outlook
As I wrote yesterday in Back to the Future [Charleston home prices], my instincts (and market knowledge) suggested that prices of Charleston real estate had declined to 2005 prices. An article in CNN Money not only came to the same conclusion but was even more optimistic about when the bottom would be reached and the potential for further price declines. That's good news I'm happy to report.
A few highlights (report is below):
- 10.2% decline from peak
Bottom: Q3 2009
Prices at bottom equivalent to Q3 2005
Rank 89 out of 100 (high is good)
To be fair, please note that while the article is very current, data was collected and forecasts were based on market conditions before the economic meltdown during the 4th quarter of 2008. But having said that, it still demonstrates that the Charleston real estate market should hold up much better than many other locations around the country.
Another article in CNN Money also offered some helpful tips for both buyers and sellers.
