It’s going to take up to three years to return to pre-recession levels of employment, the factor that drives demand for homes, research economist Joseph Von Nessen told about 400 area Realtors on Tuesday during their midyear residential market update at the Charleston Marriott.
But economic indicators point to slow, steady growth in the Charleston housing market, said Von Nessen of Resh Marketing and the Darla Moore School of Business at the University of South Carolina. Boeing South Carolina’s presence is driving home sales in the area now, much as BMW drove sales in the Upstate in the 1990s, he said.
Although Myrtle Beach and Charleston are “doing worse” in home price depreciation than the rest of the state, foreclosures and second homes account for a lot of that depreciation, Von Nessen said. “Every quarter, things are depreciating less,” he said, to chuckles from the audience.
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