Charleston Real Estate Trends: A Look Back at 2024

The Charleston real estate market in 2024 was defined by resilience, moderate growth, and evolving buyer preferences. From rising home prices to the influence of interest rates, the past year offered valuable lessons for homeowners, buyers, and investors navigating this vibrant market. Let’s explore the key trends that shaped Charleston real estate in 2024.

1. Home Prices Showed Steady Growth

In 2024, Charleston’s housing market continued to see price appreciation, though at a slower pace than in previous years.

Premium Neighborhoods Thrived: Mount Pleasant, Isle of Palms, and downtown Charleston maintained strong demand, keeping prices elevated.
Opportunities in Emerging Areas: Suburban communities like Summerville and Ladson became popular alternatives for more budget-conscious buyers.

2. Inventory Challenges Eased Slightly

While inventory remained tight, 2024 showed promising signs of improvement:

New Construction Projects: Builders introduced more homes, particularly in suburban areas, addressing the needs of first-time buyers.
Increased Listings: Some homeowners who had paused selling in previous years entered the market as interest rates stabilized.
Affordable Housing Initiatives: Efforts to increase housing availability for middle-income buyers gained momentum across Charleston.

3. Mortgage Rates Influenced Buyer Behavior

Interest rates in 2024 played a pivotal role in shaping buyer activity.

Rates : In 2024, mortgage rates fluctuated, with the average 30-year fixed rate ranging from 6.08% to 7.22%
Shift Toward Affordability: Buyers focused on properties within their budgets, with many prioritizing smaller homes or suburban locations.

4. The Coastal Lifestyle Remained a Major Draw

Charleston’s charm and coastal living opportunities continued to attract buyers nationwide.

Waterfront Properties in Demand: Areas like Sullivan’s Island and Folly Beach remained top choices for buyers seeking scenic and luxurious living.
Lifestyle Communities: Master-planned neighborhoods featuring amenities like golf courses, pools, and fitness centers saw growing popularity.

5. Sustainability and Resilience Became Priorities

Environmental considerations shaped real estate decisions in 2024, particularly in flood-prone Charleston.

Flood-Resilient Design: Elevated homes and properties with advanced drainage systems gained traction in high-risk areas.
Energy Efficiency: Smart thermostats, and eco-friendly building materials became standard for new construction.
Community Green Initiatives: Neighborhoods that promoted sustainability and outdoor living appealed to environmentally conscious buyers.

Final Thoughts

The Charleston real estate market in 2024 showcased steady growth, evolving buyer preferences, and a renewed focus on sustainability. With demand for coastal living and lifestyle-driven communities remaining strong, Charleston continues to be one of the most desirable housing markets in the Southeast.

As we move forward into 2025, staying informed about these trends will help you make the best real estate decisions. For expert guidance or personalized advice, connect with the Lowcountry Life and Property Navigator today.