As of mid-July, the real estate market in the Central Savannah River Area (CSRA) is showing
intriguing trends that are essential for buyers and sellers to understand.
Current Market Snapshot
Homes for Sale: 1,868
Homes Pending Sale: 1,168
Average Days on Market: 100 days for closed sales from April to June
Percentage of Asking Price Received: 98.59%
Sales Trends
The first quarter of 2024 saw a robust 4,115 homes sold. However, the second quarter
experienced a noticeable slowdown with only 2,378 homes sold, signaling a deceleration in
spring sales. The trend appears to be continuing into the third quarter, with just 165 residential
homes sold to date. If this pace continues, we can anticipate fewer than 2,000 homes sold
throughout the CSRA by the end of the third quarter.
These statistics are based on recorded home sales from the Realtors of Greater Augusta
Multiple Listings Service. It's likely that a significant number of homes sold in Aiken are not
included in these numbers. However, unless there's been a massive migration to Aiken, it's
reasonable to assume they are experiencing similar trends.
Market Predictions
Looking into the crystal ball, or rather, the market data, it seems this pattern of slowing sales
may persist until October or even later into the fourth quarter of 2024. At the beginning of the
year, there was hope within the mortgage and real estate sectors that interest rates would
provide some relief for consumers. Unfortunately, interest rates have remained in the high 6% to
low 7% range, with occasional dips to the mid-6% range, allowing some fortunate buyers to
secure rates in the high 5%. However, these lower rates are not the norm.
Future Outlook
As the election season approaches, there is a possibility we might see some relief in interest
rates, which could invigorate the market. This speculation might be causing the current decline
in sales, as potential buyers hold out for better rates. Many real estate professionals, including
myself, have advised clients to wait if possible, anticipating a future dip in rates.
When interest rates eventually drop, the market is likely to experience a surge in demand. With
a limited number of homes available, prices will inevitably rise again. So, while the current
market might seem slow, it could quickly become highly competitive once interest rates become
more favorable.
Today, the CSRA real estate market is currently in a holding pattern, with sales slowing and
buyers cautiously optimistic about future rate drops. If you are considering buying or selling a
home, staying informed about these trends is crucial. As always, consult with a real estate
professional to navigate this evolving market effectively. And remember, when the rates do
come down, the market will heat up quickly, so be prepared to act swiftly to secure your dream
home.
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