Charleston is a historic port city popular for its cobblestone streets and southern charm. The beautiful weather, award-winning dining, art galleries, and more make this city a desirable place to call home. An increase in households and employment opportunities has helped the real estate market here continue to bloom.
Real Estate Market Trends in Charleston
Charleston median home price: $395,000
Charleston’s median home prices have closely followed the national average over the last few years. Currently, just slightly under the national average of $413,000, the Charleston real estate market is still on an upward trend with values increasing by almost $150,000 since 2017. The supply on the market now is 1.5 months, while the national average is at a low 1.1 months supply.
Rental Market in Charleston
Charleston median rent: $1,769
Charleston rental vacancy: 14%
The Charleston rental market has seen an increase of 16.8% year-over-year in median rent prices and an almost $500 increase since 2017. The rental vacancy rate of 14% is high for today’s standards, as the national average is at 5.8%. The median rent prices are also lower than the national average of $1,904.
See Also: Real Estate Investing Guides and Resources
Current Real Estate Investments in Charleston
There are currently 5 multifamily and residential income properties for sale in Charleston listed on Loopnet.
The two most interesting multifamily properties for sale in Charleson right now are:
61 Vanderhorst St - A 33-unit midrise apartment building is being offered by Waterstone MHA. These are well-maintained units with on-site property management and a concierge. Excellent location and 100% occupied.
704 Rutledge Ave - Updated kitchen and baths, in addition to an enclosed yard make up this multifamily duplex offered by Coldwell Banker Commercial. Listed at $1,249,000, this investment opportunity is close to parks, restaurants, and more.
Market data source: Housing Tides
More Real Estate News From Benzinga
- New Real Estate Investment Offering: 4 Single-Family Rental Homes in North Carolina with 20.7% Target Annualized Return
- Jeff Bezos Increases His Bet On The Single-Family Housing Market
Photo by Leonel Heisenberg on Unsplash
