Did you know?
Charleston ranked 7th out of 10 for cities where home values are expected to grow the most in the next decade according to a 2010 U.S. News and World Report study. In addition, Forbes ranked the city among the Top 25 Strongest Housing Markets in America in 2009.

Charleston, South Carolina is not only a great place to visit, it’s a wonderful locale to live and work. A 2010 U.S. News and World Report study ranked the South Carolina city 12th on its Best-Performing Cities Index compiled by The Milken Institute, which looks at economic performance among the nation’s 200 largest cities. In addition, and in 2010 also, Portfolio ranked Charleston fourth in the nation for its Small Business Vitality Scores.

These accolades are far from a flash in the pan. In 2009, the U.S. Conference of Mayors ranked Charleston at the top of the list for Most Livable Cities in America. Forbes named this southern city among the top ten Best Cities For Technology Jobs and MarketWatch placed Charleston in the top fifty Best Cities for Business. Other rave reviews for 2009 include second among cities with a population of 100,000 to 200,000 for Places to Live & Work for Young Professionals by Next Generation Consulting, eighth in the World’s Smartest Cities by Forbes for a strong infrastructure, attractive economy and savvy urban planning, and 11th in Progressive Environmental Stewardship & Sustainable Growth out of over 400 small cities (pop. 50,000-99,000) by Smarter Cities.

Beyond this and in 2006, Charleston was ranked in as one of America's 50 Hottest Cities for Business Expansion by Expansion Management, among the top ten Mid-Size Markets with Highly Diverse Economies by Southern Business & Development, and second among top mid-size metropolitan areas as a Hot Spot for Entrepreneurs by Entrepreneur.

In addition, in 2005, Charleston was listed among the top fifty Top Tech Cities by Popular Science.

Weathering the Economic Storm: The Future of Charleston’s Real Estate Market

For more than 25 years, vacationers have flocked to the Charleston area to spend their well-deserved downtime. Charleston’s warm climate, unique antebellum architecture, miles of sandy beaches, and acres of superb natural parks entice visitors to this relaxed and friendly community where recreational and cultural opportunities abound. Days filled with art, museums, music, dance and theater, along with watersports, golf, tennis, hunting, fishing and horseback riding, make for beautiful vacation memories.

Intrigued with what they see here, visitors often become interested in buying a home or a second home in the Lowcountry and decide to take a closer look. What they discover beneath Charleston’s historic mantle is a fast-paced, modern community with a diverse economic mix driven, in large part, by the Port of Charleston, the second largest containerized cargo port on the South Atlantic coast. In addition to its thriving multibillion-dollar visitor industry, Charleston boasts one of the Southeast’s most impressive medical hubs and a well-established base of national and international manufacturers, as well as a military presence. 

For two decades, Charleston sustained a pattern of continued growth in the housing market. “Long-term stability” was on the lips of real estate investors here even as the national housing indicators began spiraling downward in 2008. But by mid-2009, the Charleston real estate market was coming to grips with the consequences of an industry that had been overstimulated by easy financing and speculation. Almost overnight, new construction came to a halt across the region, and eager sellers were facing the biggest decline in the values of their homes in recent memory.

After the initial shock of this sudden downturn that reluctantly followed the national trend, community leaders took a hard look at the region’s economic indicators, hoping to get a realistic look into the future of Charleston’s real estate market.

A Bit of Background

Whatever the economic realities of the day, certain aspects of life in the region remain the same. In the heart of the South Carolina Lowcountry, this coastal paradise lies about halfway between the popular tourist destinations of Myrtle Beach and Hilton Head Island. Charleston is located close to several major Southern hub cities, yet is far away enough to appeal to those who appreciate a more relaxed and creative environment.

The region’s temperate climate is hard to beat, with its gently changing seasons, average monthly high temperatures around 75 degrees F, and average monthly rainfall of about 4.3 inches. The prevailing sea breezes off the Atlantic Ocean help keep this coastal city as much as 10 degrees warmer in the winter and 10 degrees cooler in the summer than those in the inland regions of the state. A world all its own, Charleston is enveloped by white sandy beaches, sweeping salt marshes, and ancient maritime forests of live oaks draped in Spanish moss, flowering magnolias and a variety of towering pines and palms.

Today the peninsular city of Charleston serves as the heart of a multifaceted community; a place where the range of lifestyles and home styles is as varied as any found across the country. In fact, the choices of where and how to live in the South Carolina Lowcountry are practically limitless.

The Future of Lowcountry Real Estate

By the end of 2009, community leaders understood that the region’s fundamentals were still intact. They also understood that what the Charleston Lowcountry needed most was a little boost to the region’s economic engine. With the announcement that a new Boeing plant was coming to North Charleston, what it got was a huge boost—a shot of economic adrenaline that will inject billions of dollars into the local economy over the next few years.

 Construction began on Boeing’s 787 Dreamliner assembly plant at its Charleston International Airport site a few weeks after the announcement. When the 584,000-square-foot expansion is completed sometime in 2011, the aerospace giant will create at least 3,800 jobs and invest more than $750 million locally within seven years. Boeing landing in North Charleston is expected to spur on an already growing aerospace hub in South Carolina.

“Boeing is one of those rarefied companies which everyone knows and recognizes as a leader in the field, and to have that in South Carolina is an intangible benefit aside from jobs and income generated,” said Doug Woodward, director of research and an economics professor at the University of South Carolina’s Moore School of Business. “It will help sell our state to other companies... and I think it will put Charleston on a lot of people’s lists of the hottest places to be in 2010.”

Even before the ink was dry on the Boeing deal, news of a substantial uptick in Charleston’s cruise traffic was already hitting the wires, adding more fuel to the city’s healthy tourism industry. In fact, the dynamic Boeing/tourism duo is expected to lift the local economy out of the nationwide recession in 2010, and thrust the region into the top 10 growing economies in the nation.

In 2010, 16 cruise ships have scheduled one-day port-of-call stops in Charleston, and 53 cruises will originate from the city’s port. That total of 69 cruise ships is up from 33 in 2009 and 49 in 2008. The increase resulted from Celebrity Cruises kicking off a series of port calls here, and Carnival Cruise Lines offering regular cruises from Charleston, setting the first-ever year-round cruise schedule for the port. A recent study by two College of Charleston professors estimates this increase in cruise business will have a $47 million economic impact on the region.

The increase in cruise business already has South Carolina State Ports Authority officials looking at building a new passenger terminal to handle the growing number of passengers expected to pass through the city in 2010 and beyond.

The icing on the economic cake is Charleston’s increasing popularity as a destination wedding location. The very same charm that has helped propel Charleston to the top of the list of favorite tourist destinations is now working its magic on couples opting to combine their wedding with a once-in-a-lifetime event for their family and friends. Each destination wedding draws nearly $50,000 into the economy, providing a living for wedding planners, florists and entertainers, as well as restaurants and caterers; photographers and videographers; hotels, inns and other venues; and limousine and carriage operators.

While talk of constructing a male version of the Statue of Liberty in Charleston Harbor met with mixed reaction, ways to solve the economic woes of the community and reinvigorate the real estate market continue to be the talk of the town. It seems the interminable spirit of Charleston’s people will again rise to the occasion and overcome any adversity in order to preserve the Lowcountry lifestyle they love.

Anyone interested in buying real estate in the Charleston Lowcountry is encouraged to contact one of the many experienced and knowledgeable real estate professionals in the area. For more information, visit the Charleston Trident Association of Realtors’ website at www.charlesrealtors.com.

Visit our guide to real estate resources including the Lowcountry's best architects, developers and interior design.

Dolphin Architects and Builders For over two decades Dolphin Architects & Builders has designed and built some of the finest homes in the South Carolina Lowcountry. From prestigious awards in design excellence and construction quality, to trendsetter awards in service, our expertise has been recognized by the industry both locally and nationally. Our clients recommend us for our unique seamless design/build process. Call us to discover The Dolphin Difference for your dream home.

Carriage Properties Charleston's luxury property leader. Charleston is a city of extreme complexity, from its distinctive historic neighborhoods to the beauty and romance of its architecture. Charleston real estate is our passion. When it comes to luxury properties Carriage Properties experience and knowledge are beyond compare. All of our 19 agents are full time realtors, a cohesive team, and have among them over 200 years of real estate experience. Offices on Exchange Street, Charleston.

R.M. Buck Builders R.M. Buck Builders, Inc. is a family-owned custom home builder with an unsurpassed reputation for building luxury homes. Their attention to detail will satisfy even the most discriminating client. Located on Johns Island, R.M. Buck Builders is unique with a high-end custom cabinet and carpentry shop to offer you architectural and artistic design. Whether your building a luxurious new home or breathing new life into your present home, R.M. Buck Builders can make you dreams a reality.