It looks like the year 2021 decided to cut us some slack. Coronavirus decided to chill out, the job market is on the rise again, and life in Charleston is slowly, but steadily, returning to normal. Yet, the city's real-estate scene doesn't seem to be slowing down for a second. Instead, new investment opportunities are popping out left and right. So, if you're considering investing, here are a few reasons why investing in Charleston real estate is a good idea in 2021.
Reason #1: Charleston is and always will be a prime destination
Saying that Charleston is a fantastic city would be a severe understatement. It's oozing opportunities at every step. And, we're not talking about investments only. Let's bench that one for a minute and focus on everything else.
Caption: Charleston, SC is one of the most desirable cities to live in in the whole U.S.
Alt-tag: Rowhouses at Charleston’s Historic District
Charleston is a city rich in history. It's notable in everything, from buildings and streets to the demeanor of its people. Here, modern and archaic collide yet remain in perfect balance.
The Holy City is a significant educational center of the region. With institutions such as MUSC, The Citadel, and The College of Charleston, the city will remain a prime destination for youngsters.
Regardless of what your cup of poison is, you'll find it all in Charleston. The city's art and culture scene is thriving. And, it's further boosted with vibrant nightlife, a plethora of events, and a myriad of entertainment venues.
Charleston has a reputation for being an excellent place to raise a family. This is primarily due to outstanding schools and beautiful and peaceful neighborhoods. But also because of a plethora of family-friendly activities.
Like every other city in the US, Coronavirus hit Charleston's economy hard. But, Charlestonites are nothing if not persistent, and the current state of things reflects this. The economy is already stabilizing and keeps growing at a steady rate.
Growing job market
Tying into the previous point, we have the state of the job market. It, too, survived the hit and is on the rise, once again. Hospitality and other industries are making a big comeback. Thus, Charleston remains one of the best places for job seekers in South Carolina. To this speaks the fact that the current unemployment rate is only 4%.
A quick summary, before we move on
So, it's easy to see that Charleston is a prime destination for young professionals, families, tourists, and investors alike. This means that the demand for real estate will always be high. And, not just high – but constantly growing, too. This brings us to the next point.
Caption: People are moving to Charleston en masse, due to high quality of life, steady economy, and growing job market.
Alt-tag: Stacked moving boxes
Reason #2: People are flocking to South Carolina
As we already concluded, Charleston is an incredibly desirable place. Every year, more and more people decide to make this fantastic city their home. And, we're not talking about people from other parts of South Carolina only. No – people choose to take a giant leap and go through an extensive interstate relocation process just to settle here. Millennials are coming from other parts of the country in search of jobs and ample socializing opportunities. On the flipside, boomers move here for the near-perfect climate and accessibility of amenities. This, in turn, makes Charleston grow incredibly fast. And, with rapid growth comes the increasing demand for rentals and real estate.
Reason #3: Charleston’s expansion rate is off the charts
You can consider this an extension of the previous point. There's one thing many consider a con in Charleston - rapid development. The whole Charleston-North Charleston metro area is growing at a head-spinning rate. So much so that, at moments, it seems you can't turn a corner without stumbling upon a construction site. Now, this might be an inconvenience for residents and, in rare cases, a deterrent for new arrivals. But, for you, an investor, it's a whole world of opportunity. Therefore, if you're investing in Charleston real estate intending to buy and hold, you're looking at an almost certain profit. In other words, this con is a pro in disguise.
Reason #4: Charleston real estate market is on fire
And, we don't mean a cozy, sparkly, warm hearth fire. No, this is a full-blown raging inferno of demand. What's happening at Charleston's real estate market has never happened before – ever. The prices are at a record high, while inventory is at a record low. Despite this, homes are selling insanely fast – almost the second they hit the market.
At first glance, these high prices might discourage you. The correct phrasing would be: "Prices are at a record high for Charleston". Meaning they remain affordable. The median home price in Charleston stands at around $445,000. Once again, this might seem a bit too steep. However, once again, there's a catch. This exorbitant price is only due to the high number of luxury homes hitting the market recently. The actual median price remains at around $316,000, which is quite a steal for Charleston.
Caption: A large number of luxury mansions hit the Charleston market, making real-estate prices seem exorbitant. The real situation is much more down-to-earth, though.
Alt-tag: A mansion in Charleston
Furthermore, this high demand, combined with many new residents, keeps interest rates low. In other words, this buying frenzy will persist for years to come.
Lastly, projections show that Charleston's housing market will remain among the top ten in the US – at least for the next few years. So, if you're investing in Charleston real estate with the intent to flip the profit, you're in for a treat! Especially if you're looking to invest in some of the best neighborhoods in the city.
Investing in Charleston real estate is always a good idea
So, is investing in Charleston real estate in 2021 a good idea? The answer is a resounding yes! However, it's essential to keep in mind that the real estate market is fluid. It can change and do so fast. Yet, with Charleston's rapid expansion, steady economy, and growing job market, that "fast" will, most definitely, be slower than you think. All in all, one thing remains certain. Investing in Charleston real estate is undoubtedly worth it, regardless of the circumstances.
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