Home prices in the Charleston area are growing at about the same rate as the national average, according to CoreLogic, a financial and property data analysis company.
Between December 2016 and December 2017, home prices increased 6.7% in the Charleston region and 6.6% across the United States.
Statewide, home prices increased 5.3% year over year.
Frank Nothaft, chief economist for CoreLogic, said the number of homes for sale across the country is very low and unemployment is at 4.1%, the lowest level in 17 years, which increases consumer confidence and income.
“The net result of rising demand and limited for-sale inventory is a continued appreciation in home prices,” he said in a news release.
On a month-by-month basis, home prices increased by 1% in December compared with November in the Charleston region, and 0.5% across the country.
CoreLogic projected that home prices will increase by 4.3% nationally by December.
“As home prices and the cost of originating loans rise, affordability continues to erode, making it more challenging for both first-time buyers and moderate-income families to buy,” CoreLogic President and CEO Frank Martell said in the news release. “At this point, we estimate that more than one-third of the 100 largest metropolitan areas are overvalued.”