A bit of relief ahead for local homebuyers

Spring Housing trends in Charleston

CHARLESTON, S.C. (WCSC) - Mallory and Neil Mammele had a few prerequisites before purchasing a home, including three bedrooms, two floors, a great location, and space for their two dogs.

“This came on the market, and we jumped pretty quickly,” Neil Mammele said of their new house in Mt. Pleasant.

For home-buyers like the Mammeles, the spring and summer months represent the most active time of the year.

“You have that opportunity to get a home that fits a lot of your boxes, so it's a good time to go out there and be a buyer and get that mortgage rate locked in,” Redfin Chief Economist Daryl Fairweather said, adding that many families wait until the spring to purchase a home so their children can finish the school year in its entirety.

Fairweather said this year may feel like “a bit of relief” for homebuyers because of reduced interest rates, slowed price growth and additional homes on the market.

Unfortunately, teachers and many occupations in public service must contend with less affordable homes because of their salaries.

“In the last few years, we’ve really seen a dramatic decrease in teacher affordability for homes, and that’s true for many workers,” Fairweather said. “They’ve seen home prices go up faster than wages in many occupations. It’s a problem in Charleston, and it’s a problem in a lot of places.”

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