Charleston Real Estate Market Named 2nd Hottest to Watch

pineapple-891984_1920When we talk about Charleston’s allure, we think about the antebellum architecture, and of course, the local Southern charm and hospitality, but, now Charleston’s real estate market is starting to draw new life to a city that was once a significant colonial seaport. Others have started to notice too, so as a result Charleston was recently named number 2 on Trulia’s “10 Hot Real Estate Markets To Watch In 2016.” And while Trulia may not have had our colonial landscapes in mind when they compiled this list, there’s no doubt that Charleston real estate is on the rise.

The list, put together by Trulia’s chief economist Ralph McLaughlin, examined each city’s affordability and job growth, in addition to other factors like vacancy rates, to determine ranking. Charleston nearly claimed the top honor, but was beat out by Grand Rapids, Michigan. McLoughlin says Grand Rapids claimed first place since it ranks as the 14th most affordable city in the U.S., and has experienced the nation’s 22nd strongest job growth over the past year. Charleston on the other hand, ranks in 6th place for job growth in country. While the rates of affordability and vacancy make have dropped our ranking on this list, Charleston is still a growing city that will achieve the rates to top any list.

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The Charleston real estate market is continually growing, as demonstrated by new complexes being built in the area. At the moment, there are two workforce housing apartment complexes in development. The two complexes will fulfill some of the demand for affordable housing, but there is no doubt that residential development won’t stop there. The Armada Development of Summerville’s president, John Gantt told The Post and Courier that they will build a $30 million, 300-unit rental complex in Lincolnville, and are beginning construction of a $35 million, 336-unit apartment complex nearby in Goose Creek. Nonprofit organization Atlantic Housing Foundation of Dallas is also bringing more affordable housing to the Charleston area The tax credits they receive as a nonprofit will also benefit future renters. These projects will be similar to others currently in development in the Charleston area, but the rents will be more affordable. Rents will be based on 80% of a median family of four’s income, within a five-mile radius. The developments will be a welcome solution to house Charleston’s growing workforce.

walking-68704_1920While Charleston may not top this list, there are still plenty of other things drawing new home-buyers to our city. As McLaughlin says, “There are lots of reasons why so many people love the Lowcountry. Charleston is a serious foodie destination, with 11 restaurants earning nominations for coveted James Beard Awards in 2015 alone, and the popular Charleston Wine + Food Festival, which will celebrate its 10th anniversary in 2016.” Our list of attractions is only growing, as is the real estate market, so make sure you grab a piece before you miss your chance!