Folly Beach homes for sale are like an oasis in the desert.
Coronavirus has had an amazing effect on our population, and if you remember toilet paper being out of stock, that’s how difficult it is to find a home to purchase on Folly Beach. As you can see in the graph here, inventory has plummeted, driven by an influx of buyers fleeing the congested urban areas and looking for beautiful Folly Beach scenery to enjoy social distancing. When 6-8 months of inventory is a normal market, we are down to nearly 2.5 months inventory. The new norm is multiple offers within days of coming on the market and bid prices over asking prices. Oceanfront homes have been the most scarce with there often being none available, which is a new level of low inventory in my experience.
If you’re a seller, demand is abundant, so allow an expert to help you sell it for the most you can get. If you’re a buyer, low inventory means you need someone looking out for you so when that hot property comes on the market, you can be ready to pounce. Let me help you achieve your goals on Folly Beach.
Folly Beach Total Sales
Total sales were up 15% in 2020, with buyers flocking to Folly Beach. High demand coupled with low inventory has led to a highly competitive market. Buyers from all over the country were in my office looking for Folly Beach property. This is the second straight year of increasing sales after a flat 2016-2018. The demand for Folly will not decrease, and risky lending is not around anymore, so I believe the foundation of demand is solid and prices will continue to go up.
2020 Folly Beach Home Sales
Wow! This is where the action was in 2020. The number of sales was up 40% and the average price went up 18%. Inventory is low and buyers are facing fast moving competitive bidding situations. The new floor for a home on Folly Beach is $650,000. The highest-priced sale in 2020 was $2,290,000 but there has already been a $3.3 Million sale in early 2021. 15 oceanfront homes sold in 2020 from $900,000-$2.1 Million.
Folly Beach Condominium Sales
Condominiums on Folly Beach had the same number as sales the year before with a 4% rise in average price. Condominiums on the island ranged from $500,000-$900,000 and across the bridge from about $250,000-$500,000. There were 5 sales in the Charleston Oceanfront villas ranging from $800,000-$900,000. The townhouses on the Folly river were popular with about 16 sales between Waters Edge and Turtle Bay.
Folly Beach Lot Sales
7 lots were sold in 2020 and the small sample size can skew the average price comparison. An interior island lot sold for $475,000 and deep water Folly River lots sold in the high $900,000’s. Oceanfront lots are all easily valued at $1 Million with preferred West side lots going up toward $1.5 Million. Rising construction costs are a concern as building supplies are limited. Let me help guide you through the lot purchase and construction process on Folly Beach.
2020 Folly Beach Sales by the numbers
The graph below shows the shift in the number of sales of higher-priced homes on Folly Beach. There were 35 sales over $1M so I had to split the category in two. Prices are soaring and inventory is low. If you feel it is tough to gauge what your home is worth, or want an opinion on the value of the property you are interested in purchasing, please contact me and let me help you avoid costly mistakes. I love to help people build wealth in real estate, especially on Folly Beach. Thanks for reading!