Is Now the Time to Sell Your Summerville Home?

Moving to Summerville, South Carolina, is a dream for many. The weather is great, it has attractive neighborhoods with good schools, and the community is friendly. As idyllic as it may seem, there may come a time when you need to sell your Summerville home.

Regardless of your reason for selling, you want to put your home on the market at the right time. If the market is cold, you might not get as much for your home as possible. Fortunately, people are always looking for homes in Summerville. This post will cover the trends that indicate a good time to sell in Summerville.

Signs of a Seller’s Market

Summerville is home to several beautiful neighborhoods. For people moving to South Carolina, it is often near the top of the list of places to look home. Over 90% of the houses are from after 1970, with more than 45% coming after 2000.

Rising median home prices are one indication of a strong housing market. Homes for sale in Summerville, SC, have a median price of over $350,000 as of this writing. That is an increase of nearly 22% year-over-year. The median square footage is about $181 per square foot.

Homes are also selling faster than they were at this time last year. The average home for sale in Summerville spends about 38 days on the market. That is down by six days from the same period last year.

We also see many homes selling for more than the list price. The average house is selling for about 101.9% of the list price. That is up by about 1.3% year-over-year. This trend accounts for about 57.2% of homes selling above the list price. That is an increase of 13.7% from last year at the same time.

According to some reports, there are almost 1,400 homes for sale in Summerville as of this writing. April also saw 243 home sales in Summerville, SC.

The Caveat – Rising Mortgage Interest Rates

While this scenario looks rosy for sellers, some headwinds are coming in the housing market nationwide. With mortgage interest rates climbing and demand for mortgages sinking fast, it won’t be long until the inventory of homes for sale starts to increase, resulting in home prices coming down. This year could be the best time to sell over the next few years.

Sell Your Home in Summerville

Most residents would never want to sell their homes in Summerville. That said, life’s circumstances can make it necessary for many reasons. If you do need to sell, now could be a good time.

Are you considering buying or selling a home in the Summerville/Charleston area? We’d love to help you! Please click here for our contact page and we’ll reach out to you promptly.

Would you like to see more great info from Peacher Real Estate? Please click here for our blog page.  To learn more about my team, please click here for our “About Us” page.

Thanks for visiting!