Are prices dropping in Charleston?

[Christopher Mancini]

We have a house that is off Ashley phosphate for sale for $300, with a remodeled kitchen, new LVP flooring and whole home repainted. A comparable home sold in the neighborhood for 300 on 6/28. It's has been on the market for twenty days or so. We received our first offer at 260...

I know the market has changed in the last 45 days, but prices couldn't be dropping 13%. Curious what other folks have seen in the area? 

[Troy Gandee]

@Christopher Mancini I don't necessarily see them dropping. More like stabilizing and returning to a traditional rate of appreciation. What I've noticed it price reductions back down to the realm of reality where sellers should have started. These days of 15 offers and escalation clauses are mostly done for, so listings need to be priced with thought. We can't list 10, 20, 30k higher than the market data suggests. Days on market is definitely extending, but my last few listings have eventually gotten strong offers. We have to be more patient waiting for the right buyer. I think these excessive price reductions will slow down soon. Much of it is just starting too high initially and/or panicking that DOM is more than a few days.