Understanding Today’s Real Estate Market in The Low Country
Understanding today’s real estate market in The Low Country is crucial and why you need to have a local, trusted agent guiding you.
There are chiefly three different price points in the market.
- Starter home
- Middle home
- Luxury or premium home
All three are unique, and depending on the location, the price points in these categories can vary greatly. Let’s explore what you need to know about each of these markets.
According to data from the National Association of Realtors (NAR) on realtor.com, starter homes will vary in price and are normally purchased by first-time home buyers or investors looking to flip them for a profit. Nationwide, starter homes usually have less than 6 months of inventory for sale which means there aren’t enough of them on the lower end of the market for the number of people who are looking to purchase. Unfortunately, this means an increase in competition, bidding wars, and starter homes selling above the listing price.
Middle homes are often thought of as the “move-up” properties. They are typically purchased by a buyer looking to moving up to a larger, more custom home with more features. Currently, the middle home market is more balanced than the starter home market, meaning it is closer to a 6-month supply of inventory for sale, making it more neutral, but leaning towards a seller’s market.
Luxury and premium homes are the crown of the market, being larger homes that have even more custom features and upgrades than the middle homes. Across the country, this market is growing in the number of homes for sale. The year-over-year inventory of homes in this tier has grown almost 5% since 2015. Today, there are more homes available in the premium and luxury space, suggesting more of a buyer’s market.
The bottom line is that whichever style home you are looking to purchase, you’re going to need advice. Kip and Audrey are the perfect team to help you navigate through today’s complex real estate market in the Low Country. They’ll show you the way home…