CHARLESTON, SOUTH CAROLINA –Daniel Ravenel Sotheby’s International Realty announces the release of their third quarter market report, an analysis of residential home sales in the Charleston area from July 1, 2023, to September 30, 2023. The comprehensive market report, which includes data points like total sales, sales prices, and days on the market, covers large suburban areas such as Summerville and peninsular neighborhoods like South of Broad. The report is currently available online at DRSIRMarketReport.com.
Daniel Ravenel Sotheby’s International Realty Chief Financial Officer Ruthie Ravenel finds the data encouraging, “What the general public needs to understand is we are trending to a more stabilized market. With interest rates remaining high and inflation appearing to level off, an optimistic outlook emerges.”
Inventory remains low across all markets, creating a seller-friendly environment with home prices steadily climbing. On the buyer’s side of the transaction, many still face bidding wars with multiple offers and heavy competition. Well-priced inventory continues to move fast.
“Overall, we saw the sales price dip roughly four percentage points from last year, but an overall 5% increase in average price per square foot balances the drop and supports a positive outlook,” Ravenel claims.
Luxury remains king, with waterfront and high-end properties performing well across the board as cash buyers strive to procure hard assets. A continuation of remote work drives demand in the Lowcountry markets. The emerging trend of moving closer to extended family and household formation creates inbound migration that spans generations.
“We’re in four Lowcountry markets: Charleston, Hilton Head Island, Bluffton, and Savannah,” Ravenel explains, “So, we’re able to look at these trends from a regional perspective, and the data speaks to the continued popularity of the southern East Coast.”
Daniel Ravenel Sotheby’s International Realty’s unique position in Georgia and South Carolina means localized knowledge with a global approach. Learn more at DRSIRMarketReport.com.
About Daniel Ravenel Sotheby's International Realty
Serving the Lowcountry for 40 years, Daniel Ravenel Sotheby's International Realty has closed over $3 billion in real estate sales. Joining the Sotheby's International Realty brand in 2007, the company has taken its local market expertise and expanded into the international arena through a close partnership with the Sotheby's Auction House and a powerful referral network across affiliate offices worldwide. As of fall 2023, the brokerage supports nearly 100 agents throughout its markets of Charleston, Savannah, Hilton Head Island, and Bluffton.
Each office is independently owned and operated.
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