With the recent change in the Mount Pleasant SC real estate market, Labor Day takes on a completely new meaning. A few years ago the real estate market was tough. The sky was falling and nobody knew really what the future held. It's always easy to look back in time and really see what has happened, and with that being said I can safely say that the bottom of the real estate market in Charleston SC happened in the fourth quarter of 2011.
One of the biggest changes that I've seen since then has been the construction of new homes. It's wonderful to see contractors working on their projects, rather than the tumbleweeds rolling by like they were in 2009. It seems like every day in Mount Pleasant is Labor Day. This is fantastic news for the people of Charleston South Carolina.
Of course there are factors in the future that may change things. Those things could be for the better, or for the worse. I have heard many buyers and sellers discussing the raising interest rates recently. I have to quickly remind them that even during the boom time of 2005, rates were still higher than they are today.
I will give you an example of just how crazy things were with a 6.5% rate:
I was selling a home in Mount Pleasant SC, and the real estate market was on fire. I was representing a buyer and they were buying a new home. It was listed for 600,000. During that time, there were so many buyers clamoring for properties, we knew we had to pay full price to avoid someone else "winning it". That was the standard back then.
Fast-forward 10 days… while the buyers were getting the home inspected, and preparing for closing, a buyer that had missed the home came along and said that they were really upset that they couldn't buy it. They offered $750,000 cash. Not surprisingly, this was welcome news to the buyers that I was working with in the Mount Pleasant SC real estate market. Long story short, we closed in the morning on this home for 600,000, and then that afternoon for 750,000. Now I was working that day, but it wasn't much of a Labor Day for me. This happened all the time. Sales just came easy for everyone.
Will this happen again? Will we see the meteoric rises that we did between 2002 and 2005?
Experience has taught me to never say never. There was a time when I would say that I could never see the real estate market going downhill in Charleston. Well, this obviously was not true, because as we all know the real estate market across the country took a dive in the fourth quarter of 2006 (some might say the first quarter of 2007.)
And while we are in a much more challenged market than we were back then, we are really in a better market. And how does this relate to labor day? Because mortgage lending is much more difficult these days. A buyer no longer just needs to fog a mirror in order to purchase property. They actually have to qualify for a loan, jump through mortgage lenders hoops to obtain that loan, and they also have to have money down in order to make it happen. And while this may seem painful for some, it's actually a much better atmosphere moving forward.
So if you are looking for Mt. Pleasant SC real estate today, and you're missing out on properties because there are multiple offer situations, don't take this as a return to yesteryear. Simply take it as a note that the consumer feels like the market has turned around, and waiting for the bottom is something that buyers have seen already come and go. If interest rates go up a few percentage points over the next few years, so be it. We are it 4 now, 7 still won't be so bad in the future. The timing simply has to be right for you and your family.
So how does all this tie into Labor Day again? Well, that's a great question.
It can mean many things:
- When you see construction workers laboring in the heat, building homes it's a good sign.
- When it's difficult to obtain a mortgage, and it feels like you're laboring away painlessly trying to fulfill every need of the mortgage lender, remember all this work is healthy for the market.
- When a home doesn't sell in the first 30 days, and I've heard that having a home on the market from sellers can almost be like being in labor, remember it's better than having to fight to pay more than full price when competing with other buyers.
While the Mount Pleasant SC real estate market is no longer booming and untouchable, it's still doing quite well. And while some homes are more difficult to sell than others, they are still selling. Thanks for reading!
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Nat Wallen is a Realtor in Charleston SC specializing in residential property sales. He has been licensed since 1995 and is the top listing agent with Carolina One Real Estate. Carolina One Real Estate is the largest company in the Charleston SC area of 700 plus agents. NOTE: Nat Wallen never solicits consumers interacting with his blog unless requested. YOUR comments are encouraged and welcomed. Thanks!
Nat Wallen
Born and raised in Charleston, SC, I’ve had the privilege of calling this beautiful city home my entire life. From growing up in its historic neighborhoods to attending high school in Mt Pleasant, and college right here in Charleston, I’ve developed a deep connection with the community and an insider’s knowledge of what makes each area unique. After graduating, I knew there was no better way to combine my love for this city and my passion for helping people than by jumping straight into real estate—and I haven’t looked back since.
Beyond helping clients buy and sell homes, I love creating content about Charleston, showcasing everything from the best neighborhoods to hidden gems that make living here so special. Whether you're searching for your dream home or preparing to list your property, I believe that an informed decision is the best decision—and I make sure my clients have the knowledge and guidance they need every step of the way. My expertise goes beyond just transactions; it’s about truly understanding the Charleston lifestyle and what makes this market tick.
When it comes to buying or selling real estate in Charleston, no one knows this city better than I do. My goal is to make your real estate experience seamless, stress-free, and ultimately rewarding. Whether you’re a first-time buyer, a seasoned investor, or a homeowner looking to sell for top dollar, I bring local expertise, market knowledge, and a results-driven approach to help you achieve your real estate goals. Let’s make Charleston your home—or help you move on to your next adventure with confidence. I’d love to be your trusted Charleston real estate expert!
Elizabeth Nightingale
I’m not just a Realtor who helps you buy or sell a home—I’m your neighbor, your advocate, and your trusted guide through every step of the real estate journey and beyond.
My roots in the Lowcountry run deep. My parents met and married in Beaufort, SC, and though I’ve traveled the world and lived in many places, Charleston is where I’ve chosen to call home. Moving back to the Lowcountry to be near family reminded me just how special this place is. I became a Realtor in 2019, and I’m proud to be part of the Nat Wallen Real Estate Team at eXp Realty, LLC.
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