The last five years have seen economic growth in the Charleston area, but that growth has come with several challenges, according to the Charleston Trident Association of Realtors.
Charleston Trident Association of Realtors CEO Wil Riley said the health of the housing market impacts all other areas of economic growth and development.
"In the Charleston region, we are in a significant period of growth in our economy overall and our regional housing market has followed suit," Riley said in an interview with Palmetto Business Daily. "Over the last five years, the rate of home sales in our region has increased by 40 percent and median price in the Charleston region has increased 23 percent."
Riley said the economic impact of these sales doesn’t stop at the closing table.
"For every home bought and sold, we have the additional benefits to the economy in the form of purchases for the home such as furniture, appliances and decor, as well as moving expenses," Riley said.
Riley said there are challenges that come with growth.
"Our growth has come with some challenges – low inventory has led to increased affordability and attainability concerns, which our communities are working through as our population continues to grow," Riley said.
Other areas across the state are seeing an uptick in their housing economies, including Columbia, Myrtle Beach, Florence, Rock Hill and Dillon, according to The Post and Courier.
In its 2017 annual report, South Carolina Realtors noted that median sales prices increased by 5.1 percent and the prices were expected to continue increasing this year. The report also noted that pending sales increased 4.8 percent and the number of homes available for sale was 4.6 percent lower than the previous year.
The report predicted those buying a home in 2019 are in for a competitive ride due to the strong demand in the market.