Top Carolina Real Estate Markets to Watch This Year

 

Real Estate In North Carolina and South CarolinaGood News….The economies in North Carolina and South Carolina continue to stay strong in the first few months of 2018.

With gains in employment and income in many industries in South Carolina, a number of communities offer attractive real estate properties for investment, rentals and home purchases.

Those interested in relocating to either North Carolina or South Carolina,  and agents who want to know more about the local market can learn more about these top real estate markets in the area.

New Growth in South Carolina

Doug Woodward, a research economist from the University of South Carolina’s Darla Moore School of Business, shares an upside to the challenge of labor availability in 2018.

Smaller cities and towns outside of Columbia and Charleston may experience additional growth and economic recovery as employers look farther into surrounding areas to meet their labor needs.

Tourism continues to attract visitors and new residents to not only Charleston but all of South Carolina.

In Charleston alone, annual visitors may pass the 6 million mark according to Wayne Smith the chair of hospitality and tourism management at the College of Charleston.

Tourism is one way in which new visitors and business owners initially get acquainted with the area and its many attractions.

Additional flights to the Grand Strand Airport in Myrtle Beach, SC will encourage growth in the coastal tourism industry.

One can anticipate that visitors will need a place to stay, and the need for short and long-term rentals may increase.  This increase will benefit those with rental properties in and around not only Myrtle Beach, Charleston and all of the Grand Strand communities.

The manufacturing industry may be soon offering new employment opportunities to those in and around the South Carolina Lowcountry area.

Two assembly plants, one for Volvo Cars and the other for Mercedes-Benz Vans, should be offering employment opportunities during the start of 2018. Additional employees will need to be hired as production ramps up in years to come.

Just northwest of coastal Charleston, the Berkeley County area may be seeing significant growth this year and beyond. This all bodes well for investors and those looking to sell a home this year or the next.

South Carolina has a healthy seller’s market.

Home prices are expected to continue to rise, a benefit to homeowners and investors in and around Charleston and the Lowcountry area. Major projects throughout South Carolina address the desire for more apartments and the market is expected to absorb the new units constructed.

Changes in North Carolina

The real estate market in North Carolina may begin to normalize after experiencing higher home prices in previous years. Home values in the Charlotte area have risen faster than historical averages last year.

Home owners considering selling in the Charlotte area may easily find buyers for a well-maintained home as it is a seller’s market.

As home values begin to stabilize, homeowners may no longer want to wait to list properties for sale and instead decide to make the most of the current market.

Even though predictions have home prices in Charlotte still rising, the increase will be less than what had been recently seen.

More buyers are coming to the market with the population growth in the area and research has shown that millennial’s, in particular, find Charlotte, North Carolina an attractive location.

Condo prices are expected to continue to rise as there is not enough construction to meet the current demand. Even though, year-over-year appreciation on homes may slow, prices for houses and condos will continue to rise.

Work with Experienced Local Carolina Agents

For the best benefits and protection during each transaction, sellers, buyers and investors need to pick a qualified, experienced agent who is aware of the changes in the area and can guide them on what challenges to expect.

A seller’s market in both North Carolina and South Carolina can make it necessary for potential buyers to move quickly to snap up a property.  And some buyer’s may choose to forgo certain contingencies in order to make an offer more attractive to a potential seller.

In addition, a qualified, experienced agent can assist sellers in pricing their home at a price that will attract multiple offers and serious buyers.

Understand more about how to prepare a home in North Carolina or South Carolina for sale. Be sure to speak with a trusted agent to learn more about hyper-local real estate markets and changing trends in the Best Places To Live In The Carolinas.

north carolina and South Carolina Best Places To LiveAbout The Author

Robert Bencivenga is a professional site locator and location analyst for major corporations. Robert researches the growth of NC and SC to find the Best Places to Retire or Relocate that are still affordable.

Robert Does Not Sell Real Estate!
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