If the median income in Charleston is just over $36K, but.....

Asked by Cheryl, 22207 Wed Jul 2, 2008

If the median income in Charleston is just over $36K, but it appears that the median home price in 29401 is $807K-plus, then who is buying them?

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12
J R, , New York, NY
Fri Mar 13, 2009
Transplanted New Yorkers.
1 vote
Bill Eckler, Agent, Venice, FL
Wed Mar 11, 2009
Obviously, not the people with the $36,000 income.
1 vote
Bryan Crabtr…, Agent, Atlanta, GA
Sat Jul 26, 2008
Well, the numbers here are all over the place. First off, the median income is a less of a factor for our market because there are a large number of people relocating and retiring here. These individuals typically are moving from areas where housing is much more expensive. As for 29401, that zip code happens to be the third most expensive zip code in the Nation, right up there with Palm Beach and Beverly Hills, according to a recent report. But, zip codes like 29483, 29485, 29445 and 29414 have great $175,000-250,000 homes. Use our quick search to learn more about the area. If you'd like, we can send you a free area information guide that will help you find the right area. Call me if interested: 843-343-4141
Web Reference:  http://www.housedog.com
1 vote
Top Producer, Both Buyer And Seller, Raleigh, NC
Fri Mar 13, 2009
Looks like this market is headed way down. 20% more in 09.
0 votes
Why Buy? Ren…, Both Buyer And Seller, Wilmington, NC
Tue Mar 10, 2009
Here is the latest on Charleston housing. Does not look like a good time to buy.

---Area home sales continue to weaken

The Post and Courier
Wednesday, March 11, 2009


The Charleston region's home sales market continued to weaken last month in step with waning consumer confidence and rising unemployment.

Newly released figures from the Charleston Trident Association of Realtors show that 363 homes sold during February, a slight drop compared to January, which is typically the slowest month of the year.

Last month, the sales total was down 43 percent compared to February 2008.

The median sales price was $183,180, down from about $200,000 a year ago but a slight increase from January. Inventories remained high, with 10,051 homes currently listed with the association's Multiple Listing Service.

At Carolina One Real Estate, the region's largest residential agency, local home sales have dropped to 1997 levels.

Patty Scarafile, Carolina One's chief executive officer, said February's numbers were affected by broader economic trends.

"This is reflective of the fourth quarter, when the country was reeling from the global economic crisis," she said.

The number of homes listed as "under contract" on Tuesday had risen in the previous 30 days to 277 from 239, but it was unclear whether the 16 percent increase came after the Feb. 17 tax credit announcement. National studies estimate first-time purchasers make up more than half of current buyers.

Other types of buyers also are in the market, though not in the numbers they were a few years ago.

Reach Katy Stech at kstech@postandcourier.com or 937-5549.
0 votes
Why Buy? Ren…, Both Buyer And Seller, Wilmington, NC
Tue Mar 10, 2009
Only about 300 houses sold per month in the entire 3 county Charleston area. Cheryl, you figured it out early. Prices are way down and probably getting worse. Income does not match price.
0 votes
Andy Hoover, , Goose Creek, SC
Wed Aug 6, 2008
The answer would be people that want to be in the middle of one of America's Most Charming and Mannerly City and have the resources to make it happen. Currently there are about 30 opportunities for like minded to join this elite group.
0 votes
Lee Keadle, Agent, Charleston, SC
Mon Jul 7, 2008
Cheryl,

One more thing to consider is that buyers often are using money that they have made from previous property sales to fund their new home purchase. I call this monopoly money because buyers forget sometime that this is real money... they feel that it is more like trading houses. In many cases, I know friends that live in million dollar houses that they couldn't afford now with their moderate income... they just were lucky enough to by when properties were more affordable and they have either gotten lots of appreciation on their house or sold a property that had appreciated greatly to buy their current house. Sometimes you get rich through work and intelligent investment, sometimes its just luck!

Lee
0 votes
Marika Kary, Agent, Summerville, SC
Wed Jul 2, 2008
Being a former demographics planner for the tricounty region - I warn you to be careful of your source for your stats. Out of curiosity, I did a quick check on another downtown zip code - 29403 - those stats say the median income is 19K, with the median house value of 100K. However, these stats are 9 years old! In our MLS service, I find that the median sales price in 29403 for the first six months of this year at 320K. Although I don't have an updated income figure, I suspect it has increased closer to our regional average of 46K. Great information is available through the Charleston Chamber: www. Charlestonchamber.net
0 votes
Laura Sargent, Agent, Awendaw, SC
Wed Jul 2, 2008
That zip code covers that downtown area which is a whole ballfield on it's own. Between the water, the history, the tourist, the arts, the college - downtown is amazing! It's hard to pinpoint the buyers, but many are moving to the area from other states. When you look at Charleston in general it really lowers the numbers.
Web Reference:  http://www.laurasargent.com
0 votes
Dan Mengedoht, Agent, Charleston, SC
Wed Jul 2, 2008
The zip code 29401 is but a tiny, and very affluent area of Charleston. It appears that your figure for the median income may be for the city as a whole. I found the statistic that shows the average AGI for 29401 to be $134,000 in 2004.

I hope this clears things up for you.

Dan Mengedoht
0 votes
Cheryll Wood…, Agent, Mount Pleasant, SC
Wed Jul 2, 2008
When data is collected on Charleston, it is collected on the Charleston area which includes areas outside of the 29401 area code. 29401 includes historic homes on the peninsula of Charleston which commonly sell for millions of dollars. I hope that is helpful! There are many homes outside of the peninsula that can be purchased for far less depending on how close you want to be to the peninsula and to the beaches. Visit my website where you can search all Charleston area homes.

Cheryll Woods-Flowers, ABR
Keller Williams Realty
http://woodsflowers.com
843-442-2219
Web Reference:  http://woodsflowers.com
0 votes
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