It's still November, but Charleston communities are already trimming the trees!

Local Sales & Mortgage Rates

Real estate sales continue to be slightly tepid mostly due to the rise in mortgage rates. Mortgage rates are now over 7.5% for a national average. The Fed is trying to navigate a soft landing in its goal to lower inflation to 2%.  There was economic news in November that the economy might be slowing. This is what the Fed wants to hear in regards to lowering inflation. There is hope that this will perhaps bring an end to their interest rate increases. Year to date, Charleston is down 17.3% in transactions versus the same 2022 time period. November though January are typically active, but slower months for sales. Median sales prices continue to be strong for our region.

Strong Charleston Economy



Meanwhile, the Charleston area economy has been doing great. The first day of the Dubai Airshow brought a stream of sales for Boeing, including a $52 billion deal with the host country’s Emirates Airline. The second day brought more when Ethiopian Airlines agreed to order 11 Dreamliners. Breeze Airways is offering new service from Charleston to Newburgh starting Feb 16. Carpenters Woodworks and Restoration, a family-owned business specializing in custom woodworking and restoration, is expanding of its operation in Charleston County. The $1.54 million investment will create 20 new jobs. Charleston Southern University has adopted a program called Buc Promise that makes it the first private school in the state with a tuition guarantee that covers the cost of tuition for qualifying students. An affiliate of Northbrook-based Pine Tree, in partnership with London-based Blue Coast Capital, acquired Azalea Square, a market-dominant shopping center in Summerville, for $59.7 million. QuicksortRx, a software-enabled service company that provides pharmacy supply chain management solutions for health systems, will grow its corporate headquarters with an expansion in Charleston County. The $220,000 investment will create 41 new jobs over the next three years.