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Berkeley County homeowners may see increase in property values thanks to Volvo plant

Photo Source: Live 5 Photo Source: Live 5
SUMMERVILLE, SC -

Volvo's decision to build a car plant in Berkeley County may be great news for people looking to sell their homes.

In the coming months and years, more and more neighborhoods will be built to accommodate the families locating to Berkeley and Dorchester Counties.

“There will be huge changes, huge changes,”Jim Bailey said.

Bailey is a real estate agent in Summerville.

After Volvo's announcement that the automotive giant will build a car plant in Berkeley County, Bailey says the demand for homes will rise in the area, which means the value of existing homes will likely rise, too.

“When you have a great demand of something (and) we don't have quite the supply necessary to meet that demand, it's going to put some upper pressure on pricing,” Bailey said.

Which is welcome news for homeowners nearby.

“We moved here about four years ago, so if our house went up in value that would be icing on the cake for us. It would be great," Angie Schofield, a homeowner in Dorchester County said.

Bailey says it's not just property values in Berkeley and Dorchester Counties that will change due to Volvo's new car plant, it's also the lifestyle in the area.

“They are going to see a much different market than what they bought into," he said. "People who buy out there, bought out there to be way out in the country away from everybody, but town is coming to country at this point.”

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