It looks like it will continue to be a seller’s market for some time. As this article states, real estate is local, so although national numbers do add some value and context, it is only color commentary when talking about the local market.
That said, our area’s market stats do support the assertion that this article makes on a national level. As of the end of June, Charleston County had 4.6 months of housing inventory, Berkeley County had 2.5 and Dorchester had 2.4. Anything less than 6 months of inventory is considered to be a seller’s market. Charleston County is in more of a moderate situation, but Berkeley and Dorchester are running pretty thin.
If you’re considering selling your home, this is great news! Less inventory means less competition for you, and gives you an opportunity to experience premium sales prices based on the market’s reaction to low inventory levels. All isn’t bad news for buyers though. Mortgage rates are still pretty low, and although patience is a virtue in this market, your home is out there. Let me know if you have any questions or comments!