Goose Creek Real Estate Market Prices, Trends and Forecast 2024

Goose Creek Real Estate Market Prices, Trends and Forecast 2024

One of the Charleston region's most desirable communities, Goose Creek is a charming enclave 30 minutes north of Downtown Charleston. Long a favorite landing spot for young professionals aiming to start a family or those in the midst of growing one, that trend continues unabated. Goose Creek's population has increased by 30% over the past decade, placing it among the state's ten most populated incorporated areas.

The growth and appeal are easy to understand.

Goose Creek's location, allure and quality of life

Touted by publications such as Business Week as among South Carolina's best places to raise a family, Goose Creek is also a business hub. The city's strategic location is at the nucleus of the Charleston-North Charleston-Summerville industrial sector, with Volvo USA's Ridgeville plant 20 minutes to the north, Boeing's North Charleston operations 20 minutes to the south, the Mercedes-Benz Sprinter Van assembly plant in Ladson 15 minutes to the west, and the Department of Defense's Naval Weapons Station, Joint Base Charleston 10 minutes to the east.

Beyond proximity to the region's expanding job market, Goose Creek is an exceptional place to call home. Its rich history, lush parks, strong community ethos, excellent schools, and various recreational activities make it an attractive destination for families and professionals. It's close enough to Charleston to explore the vibrant culture, culinary scene, historic architecture, and iconic waterfront but far enough away for anyone seeking a low-key luxury lifestyle in the heart of South Carolina Lowcountry.

Goose Creek market prices and trends

Able to maintain its small-town character amid astonishing growth, the real prize in Goose Creek is the city's homes and neighborhoods. Offering a mix of old and new, the overall home market, including the area's luxury offerings, is driven by its appealing location and relative affordability.

There is a healthy amount of new construction across much of Goose Creek. Notable developments include Hewing Farms and Carnes Crossroads, which both straddle the northern boundaries of Goose Creek and neighboring Summerville. Further south, the new Oaks community was built adjacent to several of Goose Creek's older, more sought-after neighborhoods.

Notable established neighborhoods include the 2,800-acre Crowfield Plantation, which features 27 subdivisions and more than 3,000 homes.

Even with new developments enticing buyers, the Goose Creek market has been in a holding pattern for much of the year, reflected in key metrics for the current month and year to date:

New listings: Through November 2023, new single-family listings have dropped 10.2% from 304 in 2022 to 273 this year. Year to date, new listings are down 15.6%.

Sales: Home sales are also down by 10.8%, from 295 in 2022 to 263 in November 2023. Year to date is similar, with home sales off by 19% from the prior year's reporting period.

Median sales price: To the relief of buyers, the median sales price held steady at $385,000 year over year. Year to date, the median price fell by 1.5% from $380,900 in 2022 to $375,162 in 2023.

Days on the market: Single-family homes spent one additional day on the market between November 2022 and 2023. However, for the year to date, the number has nearly doubled, from 19 days in 2022 to 36 days on the market for 2023, an increase of 89.5%.

Current month inventory: One bright spot for sellers is that inventory remains extremely low, from 703 available homes in November 2022 to 560 in November 2023, a difference of 20.3%.

The above is unsurprising, even in a highly desirable market like Goose Creek. The prior pandemic-era market could not sustain itself forever, and the recent series of interest rate hikes from the Federal Reserve to combat inflation are having their desired effect. Looking ahead, 2024 is set to be a year of transition.

Forecast for 2024

Although much of the recent market slowdown is attributable to mortgage rates, it's not entirely due to the near 20-year highs from just a few months ago. Instead, the pandemic-driven, all-time low interest rates that fueled a buying frenzy despite rising home prices are now the primary source of a holding hysteria.

Now, those homeowners who locked in sub 3% and 4% mortgages are holding onto those once-in-a-lifetime deals. Just how locked in are current homeowners? Nearly 92% of homeowners have an interest rate below 6%. Roughly 62% of homeowners have a rate that is sub 4%.

As a result, inventory continues to suffer — even with Goose Creek's recent new construction — and home prices remain at peak levels.

However, rates are expected to drop throughout 2024, even if we don't see them fall below 6% by year's end. As 2023 comes to a close, mortgages for a 30-year fixed-rate loan are at 6.61%. That's a considerable difference from the 7.79% rate at the end of October.

Looking ahead for buyers in 2024, the marketplace won't seem as bleak as it has at multiple points over the past three years. The biggest positive is that lower interest rates will prove extremely helpful even if home prices rise again due to insufficient inventory.

The entire region remains buoyed by the ongoing strength of the job market. Buyers who start a home search sooner rather than later benefit from continued appreciation, even if they pay more for their loan than in previous market cycles.

For sellers in Goose Creek, their position remains strong even if the advantageous seller's market of the past several years has dissipated. The bottoming out of inventory from tepid would-be sellers and the natural demand driven by the region's popularity for relocation will position nearly any listing as a lucrative deal.

Of course, letting go of a hyper-attractive mortgage rate will prove a difficult ask. Considering home values have increased by nearly 65% in the past half-decade, a sale with even half that return will help soften the blow.

Ready to buy or sell a Lowcountry luxury home

If you're interested in buying or selling a home in Goose Creek, Summerville or anywhere else in Greater Charleston, contact The Husted Team today to start your real estate journey. Their extensive knowledge and expertise will help you navigate all aspects of the real estate transaction, ensuring that your acquisition or sale is successful and highly lucrative.

*Header photo courtesy of the Husted Team

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