For the 12th consecutive year, Charleston has been named the nation’s top travel destination by Travel + Leisure. More people are now making the decision to relocate to the Lowcountry permanently. This year, Charleston's population has grown to an estimated 163,000, which represents an 8 percent increase since 2020, according to city demographics. Owen Tyler, managing broker with The Cassina Group, a local real estate agency, noted that the Charleston market remains robust, a trend that extends back to before the COVID-19 pandemic. The influx of new buyers continues unabated.
Among the different areas within Charleston, West Ashley has experienced the most significant population growth compared to the peninsula, James Island, Johns Island, and the Daniel Island/Cainhoy area. The city estimates that 71,648 residents now call West Ashley home, an increase of 3,500 since 2020. In contrast, the peninsula has seen a smaller increase, with a population now standing at 36,867. The origins of new Charleston residents are diverse, with many coming from nearby cities like Charlotte and Atlanta, as well as Northern states such as New York and Ohio, and even as far as California.
According to Tyler, today's buyers are well-informed and have specific requirements. They are less willing to compromise on their preferences, whether it’s living in a first-floor condo or having a waterfront view with a short dock. While location remains a critical factor for families and those who work outside the home due to commuting concerns, individuals without these constraints are exploring more distant options, thus broadening their choices. Despite the strong demand, the market remains challenging with inventory still recovering from historic lows. In August 2023, active listings totaled just over 3,000, although this number increased to nearly 4,000 by year-end.
Charles Sullivan, a broker with Carriage Properties in downtown Charleston, highlighted that a healthy market typically has around 7,000 homes available. As inventory levels improved this spring, so did market activity. As of June, the median home price in Charleston County was $425,000, a 3.7 percent increase over the previous year. Notably, sales in the $1 million-plus range have surged, especially in areas like downtown Charleston's historic district, Mount Pleasant, West Ashley, James Island, Sullivan's Island, and Isle of Palms. Comparing the first eight months of 2023 to the same period in 2024, there has been a 22 percent increase in high-end property closings. The average price per square foot has remained relatively stable with a slight uptick. Sullivan attributes this to increased inventory providing more options for buyers. Despite mortgage rates hovering around 7 percent, up from approximately 2 percent pre-COVID, Sullivan sees current conditions as favorable for negotiations. Buyers face a choice: wait for potentially lower rates and pay more for a home later or capitalize on the current momentum and available inventory.
