Thinking about moving to Charleston? You're not alone. In 2017, according to the US census, a net of 28 people a day moved to the Holy City, with the population of Charleston growing at 3x the national average. Because of this rapid growth, Charleston has also become the 49th fastest growing metro area, a number that's expected to increase over the next couple of years. Whether you're a current Charleston resident, or looking to make the move, let's breakdown what this influx means for you.
Increased Property Value
Because living in Charleston is in such high demand right now, property values are increasing, with sales prices increasing about 3.5% over the past year, according to Trulia. This is great for those looking to sell their homes in the near future, as they can hopefully expect to see a nice return on their investment.
Investment Property Security
With more people looking to move to Charleston, but not always ready to buy property, investing in rental properties can be very beneficial to those looking to make a little extra income on the side. Charleston is a very attractive rental market, with rental prices steadily rising over the past few years. That, coupled with the influx of people the area receives, makes it a relatively safe city for those looking to invest in rental properties.
Attracting New Industry
An influx of talented, skilled laborers into the city means that new industry will follow, doing wonders for the employment in the area and the local economy. And when new industry comes in, it attracts more skilled people to the city, helping to fuel a cycle of growth and prosperity within the metro area.
Increased Cultural Opportunities
Because a big city is filled with lots of people with diverse tastes and interests, more varied cultural activities and opportunities are likely to develop. This can be anything from musical acts, to theater troupes, to comedians, to festivals and fairs. Not to mention, with a larger audience comes more culinary options, a wider variety of activities and entertainment, more parks and public spaces, and a lot more benefits for enjoying the city. Even the airport can get involved, as airlines will offer flights to new locations, which will open up the opportunity for Charlestonians to travel more.
Whether you're looking to move to Charleston or to sell your current property, our friendly and knowledgeable real estate agents are happy to help you!