4 Questions Shaping US Housing Affordability | Spotlight on your Home needs, …and You!

As someone who’s called the Lowcountry home and worked with Charleston-area buyers and sellers for decades, I’m always tuned into the key questions shaping housing affordability in our market—and across the country. Lately, we’ve seen housing disinflation making headlines, with more sellers offering concessions and some potential savings cropping up for those determined to purchase a home. Yet, the primary obstacle remains clear: borrowing costs. With benchmark Treasury yields staying close to 5% and average 30-year mortgage rates climbing above the low-7% range, affordability is still stretched. In just the four weeks ending September 13, the median monthly mortgage payment rose to around $2,600—about 3% higher than last year. Most homeowners are holding onto their properties, thanks to locked-in low-rate loans, keeping inventory tight while sellers in many cases still expect prices reminiscent of the pandemic boom. Across the industry, this environment is being described as a market correction headed toward stability, rather than a downturn—thanks to strong equity positions, prudent lending, and real opportunities on both sides of the closing table. I continue to keep a close eye on these trends to support my clients with informed, practical guidance tailored to Charleston, Summerville, and the broader Lowcountry.