Three years ago, I wrote an article to examine the home values in Park Circle, and illustrated how they were increasing at a faster clip than most other areas. Using City of Charleston as a comparison (admittedly a large swath, but works well enough to make a point), I looked at how those home values increased over time versus those in Park Circle, and speculated that Park Circle average home values could eventually catch up with the broader area, perhaps by 2020.
With an additional 36 months of data, let’s see how accurate my crystal ball was in 2016.
Park Circle Home Values Moderating
At the time of that writing in May 2016, average pricing in City of Charleston was $188/sqft, increasing at about 4.9%/year during the previous three years.
Comparatively, average home values in Park Circle were fetching $152/sqft, having increased over the previous three years at an average of 19%/year(!), mostly due to a rash of home renovations.
2016 proved to be a banner year for Park Circle home values with a 17% increase in $/sqft during those 12 months alone. However by the waning months of 2017 those values began to moderate, and the past 24 months have seen an annual pace closer to 4%, similar to that in the City of Charleston.
Home values in Park Circle may eventually catch up, though it looks like we’re in a bit more of a buyer’s market for the time being, and we may be well into the 2020s before the numbers align.