New Report Reveals North Charleston Tops South Carolina in Housing Growth (2005 – 2023)

While much of the country is facing a construction slowdown, a recent StorageCafe analysis of housing trends across 500 U.S. cities highlights that North Charleston has defied this trend, with housing growth surging from 2005 to 2023.

Here’s a closer look at where the growth is concentrated and the challenges that remain:

• Thee fastest-growing housing market in South Carolina and 16th in the nation, North Charleston’s housing inventory has expanded by 65% since 2005—outpacing Charleston’s 43% growth during the same period. This surge mirrors North Charleston’s 74% population increase, underscoring a strategic approach to development.
  
• The multifamily sector in North Charleston has experienced remarkable growth, expanding nearly fivefold and signaling a major shift in both current and future housing demand.Single-family homes—the largest portion of the city’s inventory, at 25,470 units—have grown by 61% during this period.Rapid migration has made this once-affordable market increasingly competitive, with median home prices rising 218% since 2005.
  
  To address affordability issues, North Charleston has made meaningful progress in expanding “missing middle” housing—duplexes, triplexes, and small apartment buildings—which grew by 64% and now comprise 36% of the city’s overall housing inventory.
  
• Charleston is another South Carolina city that earned a high ranking with 43% housing growth, while Columbia followed closely with 41% growth, ranking 55th and 60th, respectively.

“Many midsize cities have been ramping up housing stock, especially as the pandemic drove many out of the big cities, which have been slow to bounce back,” notes Mirela Mohan, the report’s author. “This influx of young professionals with well-paying jobs and a demand for amenity-rich environments has reshaped how new housing is designed and built.

Multifamily developments, with their proximity to mixed-use environments where retail and entertainment are woven into rental communities, are often better positioned to adapt to population booms. The combination of work flexibility, a preference for a slower pace of life, and convenience has fueled the success of multifamily housing in recent years.

But alongside progress, challenges remain. Cities need to address infrastructure and commuting options while tackling affordability concerns, as housing prices have surged in nearly every market across the U.S.“

For a detailed look at the latest housing inventory trends and insights into the fastest-growing housing markets in the U.S., check out our full report and in-depth analysis: https://www.storagecafe.com/blog/housing-inventory-in-the-us/

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