Real estate agents in Charleston say they expect to see a surge in the sale of luxury homes and apartments as new construction nears completion on the city’s downtown and in other parts of the city.
Charleston realtors said they expect a significant jump in the value of homes in Charleston due to the new construction, and they said the city is poised to see $5.4 million in sales for each new home and $5 billion in new real estate investment.
According to the real estate site Zillow, the average price of a home in Charleston was $2,543,907 last month, up 12 percent from a year earlier.
The city is currently ranked the 16th most expensive U.S. city for a home, according to Zillower.
While many of the new homes and condominiums are located in the city, the Charleston realtresses said the most expensive residential property in the area is located on North Avenue and is expected to be valued at more than twice the $5-million mark.
According the realtress, the median price of an average home in the Charleston area is $1,821,879, while an average condo is valued at $3,095,957.
The highest-end condominium in the neighborhood is priced at $926,400, and the most affordable condo is at $350,000, the realtor said.
The median sale price of the average condo in Charleston is $2.9 million.
Charlotte realtor Alex Steeger, who specializes in luxury real estate in the South, said that as the city gets ready to start construction on the new Columbia River Bridge, many properties in the downtown will be worth $5M or more.
“Columbia Bridge is going to get built,” Steeg said.
“So many of these properties will be at the end of this decade.
The Columbia River bridge is going up, so the houses are going up and the condos are going down.
The only way to get them to $5,000 or $6,000 is if the Columbia River is built.”
That means that when it’s done, the city of Charleston will have a very, very nice and very luxurious city.
I’ve seen the pictures of the Columbia Bridge and I’ve never seen anything like it.
It’s going to look fantastic.
“The real estate website Zillovision reported that the number of new homes in the region will increase from 6,300 to 8,200 in 2018.
The site said the median sales price of new condo units is $852,700.
The most expensive condos are valued at almost $1 million.
The city’s median home price is $3.1 million, and it is expected that the median sale prices will increase slightly.
Zillows report said that the average sale price for a condominium is $939,800.
The average sale value for condos is $769,600.