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Is the economy improving for home sales in South Carolina?

Living in Charleston, you need to know how your economy is affected by changes in real estate. For instance, some of the latest information out of South Carolina reports that December was a month for positive selling, Nearly 20 percent more homes were sold than in previous years and on top of that, the home prices increased by nearly 2 percent. While that may not seem like much, considering how hard the area was hit by the recession, this is an improvement and means the value of homes in the area is finally on the rise.

According to a trade association in South Carolina, there were 4,376 homes sold in December 2014. Areas with particularly high rates of sales included the Coastal Carolinas, Greater Greenville, Greater Columbus and Charleston Trident. With the data collected, the association showed that the state's median home price of $163,000 was recorded in December, but some areas, like the Hilton Head Island area, saw homes with a median price range of $275,000.

Also good news for sellers is the fact that the amount of time a property stays on the market has decreased by 5.7 percent. After 12 months of declines, the number of days a home is expected to stay on the market has fallen to 115. In the Charleston Trident area, the amount of time was listed, on average, as only 71 days.

When you want to buy or sell a home, understanding how the economy has affected the prices is vital. With limited foreclosures and markets available, you need to make the right choice when you buy or sell your home. With assistance, you can make sure your transaction goes smoothly.

Source: Charleston Regional Business Journal, "Number of homes sold in Charleston Trident up 18%" Ashley Heffernan, Jan. 21, 2015

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