Charleston Trident Association of REALTORS reports median prices rising again
According to the Charleston Trident Association of REALTORS’ March Market Report, the median price of a home in the Charleston region was $275,000. This time last year it was at $257,580. The report showed year-to-date sales volume down five percent from 2018 and median price up four percent.
Year-to-date: 3,760 sold at median price of $270,000. Last year: 3,971 homes sold at median price of $259,050.
Berkeley County: 404 homes (348 single-family, 56 condos/townhomes) sold at median price of $211,100 in March. As of April 11, 2019, there were 1,045 residential properties for sale in Berkeley County; 910 single-family and 135 condos/townhomes.
Charleston County: 788 homes (596 single-family, 192 condos/townhomes) sold at a median price of $303,225. As of April 11, 2019, there were 3,316 residential properties for sale in Charleston County; 2,443 single-family and 873 condos/townhomes.
Dorchester County: 295 homes (270 single-family, 25 condos/townhomes) sold at a median price of $211,541. As of April 11, 2019, there were 660 residential properties for sale in Dorchester County; 589 single family and 71 condos/townhomes.
Where retirees are headed
According to a recent CNBC article, retirees are headed to areas that give them the most bang for their buck. Historically, that’s always been the case but the three states they’re headed to may surprise some. Florida is one of those states and has typically been a popular retirement area. Florida has lower taxes and no state income tax, which means social security, pensions, IRAs and 401(k)s aren’t taxed. A 2018 study by Kiplinger put Florida in the top five states to retire. Residents 65 and older can also qualify for extra homestead exemptions. According to the same study, “The median property tax on the median home value of $166,800 is $1,702.”
The new retirement kid in town? New Mexico secures the number one spot. As the CBNC article reported, United Van Lines’ research revealed that over 40 percent of their customers moved to New Mexico; Florida welcomed 38 percent for retirement and the third most popular destination was Arizona.
New Mexico’s cost of living is approximately 3.1 percent lower than the national average according to LeisureCare.com, there’s wide open spaces with fewer people and there’s some areas in the state tout that it’s possible for retirees to live only off their Social Security income.
Arizona doesn’t tax Social Security retirement benefits, but withdrawals from retirement accounts are fully taxed according to Smartasset.com. Yard maintenance is nearly non-existent, what with the dry climate (think rocks and plants in lieu of green grass) and Sun City, close to Phoenix was the first active adult community in the U.S. According to a March 2018 article from After55.com, “about 17 percent of Arizona residents are age 65 or older,” and most are enjoy the culture and the outdoors that Arizona offers. The cost of living near the Phoenix area is five percent below the national average.
South Carolina doesn’t tax Social Security retirement and has a $15,000 deduction for seniors and has some of the lowest property taxes in the country.
Moving in, moving out
The 2018 National Movers Study by United Van Lines determined the top ten states people are moving into and the top ten people are leaving. The reasons for leaving a particular place are career change, retirement, proximity to family and lifestyle change. Not surprisingly, South Carolina had a high percentage of people moving in at 59.9 percent. The top reason for moving to the south was job change at 46.6 percent and retirement at 22.3 percent.
People are leaving the northeast; New Jersey ranked as the number one state that realized that trend at 66.8 percent, with Connecticut and New York not far behind. Some Midwestern states saw a high percentage of exoduses as well.
2018 Top Ten States – Moving In
6. South Carolina
8. North Carolina
9. South Dakota
10. District of Columbia
The Top Ten States – Moving Out
1. New Jersey
4. New York
The two states that were “balanced” states (same move in/move out rate) were Arkansas and Mississippi.