Charleston, South Carolina: A Hotbed for New Home Construction
If you’re living in or near Charleston, you may have already noticed the boom in new home construction around the city. Well, a recent report has confirmed what many locals suspected—South Carolina is leading the charge in new homebuilding across the nation! According to the latest findings from Realtor.com, South Carolina, along with its neighbor North Carolina and Idaho, ranks among the top states for new home construction, much to the delight of hopeful homebuyers.
The Data Behind the Buzz
The report titled “New Construction Insights” provides valuable insight into the factors making these state’s markets so attractive. It evaluated various metrics including the share of new listings that are newly constructed homes, the difference in price per square foot compared to existing homes, and the number of permits issued for new single-family homes. South Carolina came in strong, placing fourth in new construction as a share of total listings and second when it comes to understanding the premium per square foot for new builds. Not to mention, the state also scored high in permits per capita, making it clear that builders are keen to create more housing options for residents.
“This will come as no surprise as the South and West have the fastest-growing overall levels of inventory,” said Joel Berner, a senior economist at Realtor.com. He noted that for those considering buying a newly constructed home, these states offer plentiful options that are not only more affordable but are also rapidly growing in inventory.
Why Are New Builds So Appealing?
One fascinating point is that South Carolina is one of a select few states where newly constructed homes are actually priced lower than existing homes on a price-per-square-foot basis. This is a golden opportunity for buyers looking to snag modern amenities without breaking the bank. In many areas across the country, finding reasonably priced new builds can feel like searching for a needle in a haystack, making South Carolina feel like a rare gem for prospective homeowners.
What About Other States?
Interestingly, the report did not include California among the top 10, despite it being ranked number one in terms of new construction premium. California’s overall weaker rankings along other metrics like new construction share and permitting likely contributed to its absence from the list.
What Else is Happening in the Charleston Area?
In other exciting news, EventWorks, an event rental company, just announced the acquisition of assets from Marquee Event Group, making waves in the Charleston area. This expansion aims to enhance and broaden their inventory, offering even more options for large-scale events. With locations already established in five states including Charleston, this development is set to create a seamless experience for event planners by unifying their rental systems across different markets.
Then there’s Shaw Circle, a new fintech startup that recently launched operations in Charleston. Founded by recent graduates of the University of South Carolina, it plans to leverage advanced computing and big data to carve its niche in the financial landscape. It’s refreshing to see young talents choosing to innovate in their hometown rather than chasing big city jobs; clearly, innovation is proving to be alive and well in South Carolina.
New Developments on the Horizon
On the housing front, First Continental has closed a massive $9.4 million loan for Auberon Woods, a community in Conway, SC. This project is set to develop 194 single-family homes across 127.6 acres and is expected to wrap up by summer 2025. The larger plan envisions over 1,100 homes and state-of-the-art amenities that will appeal to residents looking for quality and affordability in a new neighborhood.
Overall, Charleston and South Carolina at large are experiencing rapid growth in various sectors, particularly in real estate and event management. As more businesses and homeowners flock to the area, it serves as a testament to the appeal and growth potential that South Carolina holds. Whether you’re considering a new home or looking to launch a business, now might just be the perfect time to dive into the thriving market here in the Palmetto State.
