Lower Mount Pleasant: Low Inventory, High Hopes

By Brian Sherman Special to The Post and Courier

There’s a lot to like about Lower Mount Pleasant, generally described as everything in South Carolina’s fourth largest municipality south of the Isle of Palms Connector. The area is about as close to the beaches at IOP and Sullivan’s Island as you can get without paying exorbitant prices for single-family homes and condominiums that are within walking distance of the Atlantic Ocean. Historic downtown Charleston is also nearby, the crime rate is low and the public schools are among the best in the state. Parks and green spaces are abundant, while lots of shopping and dining options are readily available.

So why isn’t everybody looking to buy a house in Lower Mount Pleasant? Could it be that people who already live there don’t want to leave once they’ve experienced the allure of quiet, tree-lined neighborhoods, a small but quaint downtown, waterfront dining overlooking Shem Creek and a waterway that once was home to a bustling shrimping fleet? Or maybe the reason is that there are so few houses for sale south of The Connector is that there simply isn’t enough land remaining on which to build.

Alton Brown, a broker and sales associate with Carriage Properties, is confident that home sales eventually will bounce back in South Mount Pleasant.

“The market is going to be very active this spring,” he says.

He admits, however, that there are only 85 properties listed for sale in the area, ranging in price from $325,000 to $9.95 million. Though that number typically ticks up once the warmer weather arrives and trees start to sprout their leaves. “Inventory is being absorbed quickly, despite the rise in interest rates.” However, he remains optimistic because 74 homes are under contract and another nine are pending.

“That tells me that sales are happening,” he notes. “We’ve had a couple of warm days, and everything is blooming. That’s when people get interested in real estate again.”

Maybe, maybe not, according to Melissa Martin, founding partner and Realtor with The Exchange Co.

“Back in the fall of 2022, with inventory rising, it was leaning toward a buyer’s market,” she says. “But every day, there are less and less homes for sale. Now it’s a seller’s market because of lack of inventory.”

“There’s really not much more land to build on, with the exception of a few random lots where people are tearing down and rebuilding,” she adds. “29464 is built out. You have homeowners who would like to upsize or downsize, but they can’t sell their existing home until they find their next home. I have clients who would sell their houses, but they need to have that next house, and they want to stay in South Mount Pleasant. It’s gridlocking the market.”

One neighborhood that usually draws a lot of attention from potential buyers is The Old Village, with its mature trees and gardens, historic homes and Alhambra Hall and a popular events venue located right on Charleston Harbor.

“It’s got nice public spaces, like parks and the old Pitt Street Bridge, which is basically a waterfront park. And the Pitt Street Pharmacy is an institution in Mount Pleasant. It’s one of those neighborhoods that’s ideal to grow up in,” says Brown, pointing out that The Groves and I’On are other sections of town that usually interest a large number of prospective home buyers.

Brown recently sold a house on Short Street, near the Old Village. The 3,414-squarefoot, four-bedroom, threebath custom-built home listed for $3.95 million.

Elizabeth Ramsay Dickinson, a Realtor who also is with The Exchange Co., agrees that low inventory is an issue in lower Mount Pleasant. She says as of Feb. 27, there were 68 sales in 2022 and only 45 this year. She added, however, that homes that are ready to move into often attract a lot of attention.

“Anything under a million that’s turnkey is likely to have multiple offers,” she says.

“Typically, this is the time of year when we see more inventory coming on. But we’re not seeing that this year,” she adds. “That’s about a month and a half of inventory. A healthy market would be six months or more of inventory.”

In early March, the Exchange Co. had homes under contract both in The Old Village and in Old Mount Pleasant. Carrie Hutto has the listing at 612 Royall Ave. With 3,000 square feet of living space, the fourbed, two-bath home features pond views, a three-car garage and a deep-water well. And it’s within walking distance of Pitt Street, the harbor and Mount Pleasant Academy, one of the area’s most highly rated elementary schools. The asking price is $2 million.

In Old Mount Pleasant, a 2,132-square-foot ranch-style home at 1470 Seminole, is listed at $1.495 million by Jason Ogden and was under contract in less than 24 hours. The four-bedroom, fourbathroom home, built in 1959, was recently completely renovated.

Dickinson notes that other areas of South Mount Pleasant are drawing a lot of interest, including Cooper Estates – “a consistently solid neighborhood” – Creekside – “a hidden gem” – Bayview Acres and Shemwood.

Michelle McQuillan, a Realtor with William Means Real Estate, sees signs that the market in Lower Mount Pleasant is moving forward, though she admits that there aren’t many places left to build south of The Connector.

“It was a little slow at the end of the year, with interest rates rising and people not knowing what would happen, but it has definitely picked up since February,” she comments. “There’s been a lot of activity – a lot of people looking to buy. There’s not much inventory, which is frustrating for buyers. There’s very few pockets of land left. A lot of buyers are still waiting for the right house. It’s a very good market for sellers.”

She says that in South Mount Pleasant, many homes are being purchased then completely renovated, while some homeowners are choosing to update their house rather than moving to a new one, “especially in the more popular neighborhoods.” These neighborhoods include The Old Village, Hobcaw, Olde Park and I’On, where she and her family live and where she’s sold more than $170 million in properties in the past 17 years.

McQuillan says there currently are 10 properties for sale in I’On and that four of those listings are hers. One of them is new construction on Fernandina Street. The custom-built, 3,645-squarefoot lakefront home, listing for $3.875 million, has three bedrooms, three-and-a-half bathrooms and a media room. It also features an array of extras in the kitchen and throughout the house and an elevator as well.

Also on the market in I’On is a 2,638-square-foot, fourbedroom, four-bath home on East Shipyard. It includes a two-story guest house over the detached garage and is listed for $2.25 million. In addition, McQuillan has a large lakefront home on Latitude Lane. With an asking price of $2.995 million, the 4,509-square-foot home has five bedrooms, five-and-a-half baths, an elevator, a media room and a finished room in the attic. There’s a room and a bathroom above a detached one-car garage that can be used for guests or as an office.

“It can be a great work-fromhome space,” McQuillan notes.

Her final listing in I’On is a 2,507-square-foot house on East Lake Road. At $1.75 million, McQuillan says it’s the lowest-priced home for sale in I’On. The four-bedroom, four-and-a-bath house includes a one-car garage with a full apartment above that has been renting for $1,750 a month.

“A lot of people who aren’t ready to buy want their own space in a nice neighborhood. These carriage homes are very sought after in South Mount Pleasant,” McQuillan says.

The I’On neighborhood has a lot to offer, including restaurants, shopping, a members only swim and tennis club, walking trails, a couple of lakes, playgrounds, parks, pickleball and a bird sanctuary. It’s also a short drive across the Arthur Ravenel Bridge to Downtown Charleston.

Even though there aren’t an overwhelming number of houses for sale, many people are still home shopping in South Mount Pleasant. According to McQuillin, some of her clients are choosing Mount Pleasant over Charleston and are even moving from the Holy City to its nearby neighbor – especially to I’On. One reason is that flooding on the west side of the Cooper River is generally much worse than it is on the east side.

“People ask about flood zones. They want to know if you have to have flood insurance. A lot of locals and others know that flooding has been an issue in Charleston and that it’s something they have to consider when buying a house,” she says.

The bottom line is that low inventory hasn’t kept potential homeowners from seeking that perfect home in Lower Mount Pleasant – and it hasn’t dampened the enthusiasm of real estate agents striving to bring that dream to reality for their clients.

“We could use more inventory, but we have a pretty healthy market,” Brown says. “It’s healthy from the standpoint that people are buying. We need more inventory, but there’ still a pretty strong demand.”

“It continues to be a super strong market for sellers and incredibly desirable for buyers,” Dickinson says.

“We have a great school system, and people want to be in these neighborhoods, whether or not they have children going to school. We have Shem Creek and we’re really close to the beaches,” McQuillan adds. “Everything is 10 to15 minutes away. All of that is a huge draw.”

And Martin says: “We love it here. It’s a wonderful lifestyle. One of my favorite things is walking the Pitt Street Bridge. I can do it every single day.”

“It will be interesting to see how it all plays out,” she concludes.