Rise in interest rates not slowing homebuyers

In March, 38 homes sold on Daniel Island. The least expensive home sold was a condo at Daniel’s Landing which sold for $251,000. The most expensive home sold was in Daniel Island Park on Chimney Back St. which closed at $2.99 million. Total sales for March were $47,581,769. As of April 14, a total of 22 homes were for sale on Daniel Island, with eight of those under contract. The average sales price in March was $1,252,152. 

 

According to Tricia Peterson with Island House Real Estate, Daniel Island is still showing signs of high prices per square foot, compared to other areas in the Lowcountry.

 

“The average price per square foot on Daniel Island rebounded to $411/sq foot after a slight drop off in January. The remaining Charleston area average price per square foot was $206,” Peterson noted.

 

With interest rates on the rise, Peterson doesn’t see that affecting the Daniel Island market.

 

“The rise in interest rates has not slowed homebuyers down,” Peterson added. “If anything, it has made buyers more anxious to secure a home now before they rise further and diminish more of their buying power.”