The Charleston Housing Market is Changing – Charleston SC Housing Market Update June 2022 (New Video)
Kory Roscoe from Charleston Property Group has compiled this wonderfully informative video on the current Charleston area Housing Market.
About the Video
Get the latest information about the Charleston, SC real estate market with your June 2022 Charleston Housing Market Update. We look at the housing market both nationally and locally in the Charleston area. Realtor Kory Roscoe with the Charleston Property Group @ The Boulevard Company breaks down the Charleston real estate market so that you can make the best decisions!
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Thanks for sharing your assessment. Mortgage rates have gone up another hundred basis points since that chart was made. If cash buyers step away from this market (all other asset markets dropping at the moment), these predictions of continued price increases are not going to come true either.
It is true that real estate prices are much stickier than equity prices, but we have seen astronomical price increases over the past two years. Even if we avoid a recession, we should expect at least a partial reversal in real estate prices between the massive spike in mortgage rates and cash buyers taking big hits in equity and bond markets. If we do not avoid a recession, we are going to see a massive spike in inventory, and very motivated sellers.
The drop in prices will come even faster than in the great financial crisis because unlike then, when we were all told endlessly that “prices never go down”, we all now know that prices can go down, a lot. Therefore, price cuts will come much faster this time around. Any market that can go up 50+% (and much more than that in some areas) in two years is not healthy. A recession could crush this market.
Buyer should be extremely cautious right now.