Rising house prices causing problems for those looking to buy new house, this is where the most expensive homes in Charleston are located

House prices are on the rise across the country since the start of the pandemic and there are multiple reasons for that trend. South Carolina is also seeing an increase of the prices mostly because of the rising prices of the lumber and workers shortage.

Some people don’t always buy houses for living, but they buy them as a long-term investment. According to the latest data, house prices in the United States have increased for 11.6% on average and now the media national price is $281,370.

Meanwhile, the median monthly housing cost for a home with a mortgage is $1,558 and $490 without a mortgage.

Buying a house is not an easy task. According to experts, buyers should take into consideration multiple factors before they decide to buy a certain house including the status of the housing market when they buy the house, future value, taxes and many more.

Depreciation is one of the main factors that directly affects the decision of buying a new house. On average, the depreciation rate in the country is 3.636% each year, which can be a help come tax season if you use your home for business or rentals but may cost you later in capital gains taxes when you sell.

Stacker compiled a list of cities with the most expensive homes in the Charleston-North Charleston, SC metro area using data from Zillow. Cities are ranked by the Zillow Home Values Index for all homes as of June 2021.

How does your city rank? See the cities with most expensive houses in Charleston-North Charleston, SC metro below:

 

#10. Charleston, SC ($396,818)

– 1 year price change: +14.2%

– 5 year price change: +33.8%

 

#9. Wadmalaw Island, SC ($472,152)

– 1 year price change: +9.6%

– 5 year price change: +35.1%

 

#8. Awendaw, SC ($502,625)

– 1 year price change: +13.0%

– 5 year price change: +31.6%

 

#7. Meggett, SC ($540,169)

– 1 year price change: +12.5%

– 5 year price change: +32.0%

 

#6. Mount Pleasant, SC ($563,117)

– 1 year price change: +15.4%

– 5 year price change: +26.7%

 

#5. Seabrook Island, SC ($594,903)

– 1 year price change: +20.0%

– 5 year price change: +29.2%

 

#4. Folly Beach, SC ($893,856)

– 1 year price change: +16.7%

– 5 year price change: +38.1%

 

#3. Isle of Palms, SC ($1,018,470)

– 1 year price change: +17.3%

– 5 year price change: +31.3%

 

#2. Kiawah Island, SC ($1,170,442)

– 1 year price change: +15.7%

– 5 year price change: +17.4%

 

#1. Sullivans Island, SC ($2,509,086)

– 1 year price change: +17.4%

– 5 year price change: +48.4%

Alex Tuhell

Co-founder and publisher

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