Mount Pleasant, SC Real Estate Market Prices, Trends and Forecast 2024

Mount Pleasant, South Carolina, is a coastal town known for its charm, proximity to Charleston, and thriving real estate market. As a premier destination for families, professionals, and retirees, Mount Pleasant offers a balanced blend of historic, southern aesthetics, and modern luxury. It remains one of the most desirable locations in the Charleston metropolitan area, with an ever-growing demand for residential properties. Low inventory and steady price appreciation characterized the market in 2024, and both buyers and sellers should expect the trend to continue into 2025.

Split into two distinct areas—Upper and Lower Mount Pleasant—each offers unique real estate opportunities. In Lower Mount Pleasant, closer to historic Charleston, properties are predominantly higher-priced, with a median sale price above $1 million. The area features a blend of waterfront estates, luxury single-family homes, and charming historic properties.

As of August 2024, the median sales price for single-family homes in the Lower part of the city is $1,170,250, an increase of 13.1% year over year. The area’s condo market also saw a positive uptick with a median sales price of $569,000—a 25.3% increase from August last year.  The market continues to favor sellers with relatively low inventory, with sellers capturing more than 95% across both housing segments.

Though historically low, inventory for both homes and condos closed August 2024 up by a considerable margin year over year, with 166 homes versus just 95 homes last summer. However, the market in Lower Mount Pleasant remains tight, keeping prices elevated, with homes spending an average of three weeks on the market prior to the sale.

Meanwhile, Upper Mount Pleasant boasts newer developments, offering more affordable options. The median sales price ranges from $525,000 for condos to $882,000 for single-family homes. Both sales figures were off year over year, 8.6% and 1.2%, respectively.

Overall, price growth has been robust, with single-family homes in Mount Pleasant seeing steady appreciation throughout 2024, fueled by high demand and limited supply. The luxury market, in particular, has thrived, with an increase in out-of-state buyers from high-cost areas seeking Mount Pleasant's impressive value proposition for high-end properties.

Looking forward to 2025, the Mount Pleasant real estate market is expected to remain competitive, with demand continuing to outpace supply. The influx of new residents and limited inventory will likely keep prices high. The median home price is forecasted to increase by approximately 6% to 8%, maintaining Mount Pleasant’s reputation as one of the more expensive markets in the coastal Lowcountry and South Carolina. Several factors will shape the real estate landscape in Mount Pleasant in 2025:

Continued interest from out-of-state buyers, particularly from regions with high tax burdens and expensive real estate, will bolster demand in both the luxury and mid-market segments. These buyers are attracted to Mount Pleasant for its quality of life, access to excellent schools, and proximity to Charleston. Mount Pleasant's population is expected to increase by nearly 10% in the next five years—the highest increase of the state's ten most populated cities.

While there may be modest increases in new developments in Upper Mount Pleasant, overall inventory will remain low, keeping pressure on prices. New construction is primarily limited to townhomes and single-family homes in planned communities, but these will not be enough to satisfy growing demand.

The luxury sector in Mount Pleasant will thrive, especially for waterfront properties and large estates. Homes in the $1 million-plus range are expected to see more potent price growth, driven by the limited availability of premium land and continued buyer interest in coastal living.

Although forecasts call for mortgage rates to stabilize around 5.7% by the end of 2025, this relatively low rate should help maintain buyer activity, particularly among those relocating from states with significantly higher real estate prices.

Overall, Mount Pleasant remains a highly attractive market for buyers and investors, with strong appreciation potential, especially in the luxury segment. Despite challenges posed by low inventory and rising costs, the area’s lifestyle appeal and proximity to Charleston will continue to make it one of South Carolina’s most sought-after locations in 2025.

If you’re interested in learning more about the high-end, low-key lifestyle awaiting you in Mount Pleasant, contact Mandy Manchester today to start your Charleston real estate journey. Allow Mandy’s experience and unparalleled local expertise to be your guide to the best of the Mount Pleasant luxury real estate market.

_{*Header photo courtesy of Mandy Manchester’s website}