Key Takeaways from the SC Realtors Report
- Overall Economy: Confidence is low due to inflation and reduced purchasing power, but growth remains positive. Last year's decline reflects a correction from the pandemic bubble.
- Growth & Spending: Concentrated in higher-wage jobs and industries — which bodes well for the Charleston area specifically.
- First-Time Home Buyers: Expected to make up a larger portion of the market this year.
- Housing Market: Sales volume and pricing have returned to pre-pandemic levels.
- Inventory: Still limited. Sales have slowed, but prices remain strong.
- Population Growth: South Carolina has ranked in the top 5 for growth since 2020.
- Consumer & Job Market: Both remain stable.
- Interest Rates: Marginal shifts may happen, but no major pullback is expected in 2025. Important reminder: a federal funds rate cut does not always mean lower mortgage rates — inflation is the key driver.
What This Means for Old Village & Old Mount Pleasant
The state-level picture confirms what I'm seeing on the ground here at home. The Old Village and Old Mount Pleasant are somewhat insulated from broader market volatility — there's a fixed supply of homes in this neighborhood, and you simply can't build more of it. Demand from buyers who specifically want to live here remains strong and consistent.
The inventory picture is especially relevant locally. Active listings in our neighborhood lean heavily toward the high end, and the sub-$1.2M segment has very little available — which continues to support prices at that level.
Note: These insights reflect the South Carolina market overall, not just Charleston. Reach out if you'd like a deeper dive into what the numbers mean for Old Village or Old Mt. Pleasant specifically. Jackie@TheCassinaGroup.com