What multifamily developments mean for sellers in Charles County.
What is going on in Saint Charles County? If you drive down the road, you’ll notice buildings going up everywhere. There are 6.1 million square feet under contract within our county ranging from manufacturing and industrial buildings to residential and healthcare facilities. The commercial environment in Saint Charles is extremely healthy.
Last year, the five major municipalities in Charles County saw almost 2,000 new units of multifamily living. Many of these are advertised as luxury apartments, which means a studio apartment will charge up to $1,000 for rent. A modest size-two bedroom will average $2,824, and a few of the new developments have three-bedroom units ranging around $3,200. If this monthly payment went toward buying a house rather than renting, it would put you close to owning a $400,000 home.
The multifamily housing growth has risen 256%, resulting in a major 21% decrease in single-family homes being built. What does this mean if you own a home? It means there are not many houses being built. Not everyone wants to live in an apartment, so if you’re thinking about selling, you have the upper hand—buyer demand is not being met.
While luxury apartments often come with amenities you’d only find in a resort, such as a pool, dog park, walking trails, and uncovered parking, you are paying off someone else’s property. It’s great we have alternatives for those who cannot yet buy a home, and you may find yourself in one of these developments for six months if you can’t find what you’re looking for, but don’t worry about that in Charles County. We have a robust commercial growth environment, which means we have a lot of jobs and people qualified to buy homes.
If you choose to make a move or change your address, we would be happy to help you. Give us a call or send an email. We look forward to hearing from you.