The Charleston real estate market is on a roll these days, with the population rising and businesses moving in to take advantage. In fact, Charleston’s population is growing at three times the national average. As a result, properties are going quickly. If you’re interested in owning property in the Holy City, you should act fast. The following are just a few of the benefits of owning a property in Charleston.
The Charleston economy is growing in practically every sector. The economy is now diversified among business, manufacturing and development, the health industry, and more. Manufacturers like Boeing and Mercedes have helped expand the manufacturing industry and provide jobs. With Charleston ranked as one of the top tourism destinations in the U.S. – and named Travel + Leisure’s best city in the world in 2016 – the visitor industry has continued to remain strong. The area population grows at a rate of 48 people per day, making the area a hotspot for new developments and business expansion.
Real estate market
The manufacturing, commercial, and residential markets in Charleston are doing great and expected to continue on a positive trend. Many are choosing to buy property instead of renting due to high rental rates. Because the market is doing so well, we may soon see a shortage in property until development catches up. The key to taking advantage of the Charleston real estate market is to act quickly.
With development going strong, a lot of great spaces are opening up all over Charleston – on the peninsula and beyond. These spaces are designed to give Charleston residents and visitors a unique experience that takes advantage of the area’s residential and retail markets. Some developments offering both commercial and residential spaces are 601 Meeting and WestEdge in the heart of downtown and Central Island Square on Daniel Island.
The expanding job market and the opportunities it provides are another benefit of owning property in Charleston. In 2016, one of every four jobs created in South Carolina was created in Charleston, and job growth is expected to increase. With a growing startup and tech communities, Charleston is becoming an innovation-based job market. It’s an exciting time for business and job growth in Charleston, and office space is going quickly as a result. Developers are looking to keep up with the upswing in employment opportunities and company growth, so business owners should keep an eye out for Charleston spaces.
Charleston’s economy and real estate market are expected to continue on positive trends, with the city continuing the economic growth it has experienced for decades. If you have been considering buying property in Charleston, now is the time to take advantage.