Post & Courier Archives Previous story!  Next story!  (3/5 - Index)

Post & Courier Archives

The Post and Courier (South's Oldest Daily!)

Charleston tops U.S. in rising home prices

Originally Published on 8/13/98
Page: A1 (Front Page News)
Keyword: Real estate; Home; Report

Home prices continue to rise in Charleston more than anywhere else in the nation.

The median sale price of an existing home in the Charleston metropolitan area rose 19.7 percent last quarter over a year earlier, the National Association of Realtors said Wednesday.

The price in Charleston rose from $101,200 to $121,100 in that time period.

Median is the midpoint, meaning half sold for less and half for more. The report does not include new houses.

Nationally, the median price for existing homes rose 6 percent in the second quarter. The second-highest increase was 16.6 percent in Bradenton, Fla.

Charleston also topped the list of price increases in the last quarter of 1997 with a 16.7 percent increase from a year earlier.

So what's going on in Charleston? Interest rates are low, but that's true everywhere. What's different here?

"It doesn't surprise me at all that Charleston leads the nation in home price increases", said Charleston Southern University economist Al Parish.

He attributes rising home prices to an influx of workers attracted by new jobs created after the closing of the Charleston Navy Base and Naval Shipyard.

Charleston created 17,000 more jobs the first half of this year than the first half of last year, which is three times the national average, he said.

"Many of those new workers are moving into the area from elsewhere, and they have to live somewhere" he said.

Increased demand naturally drives up prices, he said.

The population in the Charleston area has been growing 3 percent annually for the last three years and even more in Mount Pleasant, he said.

New workers are moving into existing houses because builders can't build new houses fast enough to keep up with demand, he said.

Despite the price increases, Charleston remains below the national average for housing prices, making it an attractive place to live, he said.

Charleston Trident Association of Realtors president Robert Pratt gave a similar assessment.

"Supply and demand drive the market, and Charleston is hot right now", said Pratt, a commercial real estate agent with RE/MAX Professional Realty.

ED: Dave Munday can be reached at 937-5720 or at DMunday@PostandCourier.Com.

Previous Story in this Series!  Next Story in this Series!

Windsor Hill Plantation site uses Valid XHTML 1.0. | Windsor Hill Plantation site uses Valid CSS. | Windsor Hill Plantation site is valid in HTML Tidy.

Back to Windsor Hill Parkway Association Home Page! Take me back to the top of Windsor Hill Parkway Association Home Page!
Please vote for Windsor Hill in Top North + South Carolina Web Sites List!
All photos are Copyright © 1998-2017 Windsor Hill Parkway Association.
Copyright © 2017 Award Winning Web Site Designs. All Rights Reserved.
WHPA site is maintained by Bob Chapman (
Site conforms to W3C Web Content Accessibility Guidelines at Level 1-A.