Affordability in the housing market is shaped by three main factors: mortgage rates, home prices, and wages. Right now, all three of these elements are aligning to make buying a home more accessible. Here's how each factor plays a role—and why it might be the perfect time to start your home search in Charleston.
First, mortgage rates are gradually declining. While rates reached record highs over the past year, recent trends show a slow but steady decrease, which is good news for buyers. Lower rates can significantly reduce monthly payments, allowing buyers to afford more home within their budget.
Second, home prices have started to level off. Charleston’s market remains competitive due to its coastal appeal, but home price increases have begun to moderate. This stabilization in prices gives buyers more confidence and creates a balanced market, allowing for better negotiation opportunities.
Finally, wages are on the rise. As wages climb, so does purchasing power, making homeownership more realistic for many buyers. This factor is especially important in Charleston, where job growth in industries like technology, healthcare, and hospitality continues to strengthen the local economy. Higher wages mean more residents can now afford homes without stretching their finances as thin.
If you put your home search on hold because it felt too expensive, this changing landscape could be your opportunity. With mortgage rates trending lower, home prices balancing, and wages increasing, affordability is improving—and Charleston’s housing market is no exception.
Let’s talk about your goals and explore why now may be the perfect time to jump back into the Charleston market. Whether you're a first-time buyer or looking to upgrade, you might find the home you’ve been waiting for.