Although a bit removed from the beaches and the bustle of downtown, three Charleston-area enclaves worth watching include Goose Creek/Moncks Corner in Berkeley County, Summerville in Dorchester County and North Charleston in Charleston County. With median and average home prices in the under-$200,000 range, these markets represent some of the best values in the area.
Goose Creek/Moncks Corner
Even though Goose Creek and Moncks Corner are different fundamentally in character, the Charleston Trident Association of REALTORS reports on the two markets together because home values are quite similar. Basically, Goose Creek is much closer than Moncks Corner to popular amenities. So, when you buy property in Goose Creek, you’ll get a little less land or house for your money, but you’ll be closer to Charleston and the beaches. Many Moncks Corner properties are situated on larger-than-average lots.
In the first six months of the year, 726 Goose Creek and Moncks Corner homes sold, amounting to a 16.5% increase in sales volume compared to 2012. Despite 13.6% higher new-listing activity, the June inventory of just 500 single-family homes is not enough to sustain the current rate of sales. Homes are closing for just over 95% of the list price, with average sales price at $163,846 and median price at $163,515, up 8.7% and 2.2% respectively. Single-family Goose Creek and Moncks Corner property sells in about two and a half months.
The Greater Summerville market is a popular residential area with a nice mix of Old World features and modern amenities. Close to Charleston Southern University, the Charleston Air Force Base and the Boeing Company, Summerville property is attractive for investment purchases as well as primary residence purposes.
So far this year, 699 home-sale transactions have closed in Summerville — that’s 28.5% more than last year at this time. Although new listings have jumped by nearly 17%, inventory is off by 18.5%, with less than 550 homes active in the MLS database in June. List prices are only being discounted by about 5%, with sellers accepting offers of 95.1% of their asking price on average. The median price for single-family real estate in Summerville is $168,000, while the average price has increased nearly 2% to more than $186,000. The figure for average days on market until sale is down 30% to 72.
The closest of the three under-$200,000 markets to the downtown Charleston peninsula and the most affordable, North Charleston is really a mixed bag of real estate. Within a mile radius, prices can range from $50,000 to $300,000. Square footages vary from 800 to 2,000-plus. Homes can date to the 1940s or 2000s and everywhere in between. In the better neighborhoods, investors are able to purchase a home for around $100,000, completely renovate it and sell it for $175,000 or more. Homes in the area also rent quickly.
North Charleston has really made some noteworthy gains in terms of price. Median sales price us up 10% to just over $132,000, and average price jumped 17.4% to $128,144. Closed sales for the period between January and June 2013 are up 25%, with 420 homes sold. In June, 336 homes were listed for sale — that’s 16.6% fewer homes than this time last year. New listings, however, are up by nearly 25%, so this could keep inventory from becoming low enough to slow down the North Charleston market. Buyers are paying almost 94% of the list price, and homes are moving off the market in about 71 days.
For more real estate information about outlying markets, contact Bob Brennaman through this site or by phone. His experience spans a diverse range of properties, but his ultimate goal remains the same: to satisfy his clients.