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Has Charlestons Real Estate Market Hit Bottom ?

Has Charlestons Real Estate Market Hit Bottom ?

By on Jan 28, 2009 in Charleston Real Estate Statistics | 0 comments


Recently on The Today Show Barbara Corcoran, a Real Estate Expert, said that by the time we realize we hit the lowest prices in the Real Estate Markets, it will be too late because they are already going to be going up. I believe this. I know buyers are waiting for a deal, but are we there yet? With Mortgage rates lower than they have been at in years (but also starting to see some increases).

Take a look at these Charleston statistics and you decide.

THE CHARLESTON REAL ESTATE UPDATE

The house prices are for homes with an apx. sqft range of 2000-2500.

………………..2004 ……..2005…….. 2006…….. 2007……..2008………Diff 2004-2008
Rivertowne…..$297,240…$387,664…$421,212…$4 03,850…$360,500…18%
Bell Hall……….$335,093…$401,343…$408,514…$36 2,700…$378,705…12%
Brickyard……. $281,750…$345,571…$386,279…$375,129…$336,3 86…16%
Park West…… $261,499…$324,219…$335,338…$345,067…$303,8 44…14%
Charl Natio….. $266,640…$330,525…$381,013…$378,625…$342,9 94….22%

As you can see, all of the neighborhoods are at least 12% more than their 2004 price. However, these are prices not adjusted for inflation. When adjusted for inflation, the home prices look like:

………………..2004 ……..2005…….. 2006…….. 2007……..2008………Diff 2004-2008
Rivertowne…..$332,909…$421,657…$443,829…$4 13,750…$360,500…7%
Bell Hall……….$376,824…$436,535…$430,549…$37 1,592…$378,705…0%
Brickyard……. $316,838…$375,873…$407,020…$384,325…$336,3 86…6%
Park West…… $294,065…$352,648…$353,344…$353,526…$303,8 44…3%
Charl Natio….. $299,846…$359,507…$401,472…$387,907…$342,9 94….13%

As you can see now, the home prices are much nearer the 2004 price.

Make your own conclusions, but we may be nearer the bottom than most people think.

Search ALL Mount Pleasant Homes.

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