April Market Report
Affordability and Inventory Impacting the Charleston Regional Residential Real Estate Market
CHARLESTON, SC—(May 10, 2019) 1,595 homes sold in April in the Charleston region at a median price of $270,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last April, 1,637 homes sold at a median price of $270,000.
Year-to-date, sales volume is about 4% behind where it was in 2018, while median price is up 3.4%. So far this year, 5,365 homes have sold at a median price of $270,000. Last year, 5,608 homes had sold at a median price of $261,166.
Inventory data shows 2% fewer homes for sale with 5,758 homes listed as “active” for sale in the CHS MLS database at the end of April.
“Sales volume is down slightly, just under 3%, and median price has leveled out” said 2019 CTAR President Edward Oswald. “We’ve been talking for several years about the affordability and inventory issues in our region and I think we’re seeing the measurable effects of that now” said Oswald. “CTAR is committed to being part of the affordability solution and we’re getting involved wherever we can to lend our data, our voice and experience to this critical conversation. Without a healthy amount of inventory in a wide range of prices, or considerable growth in our region’s wages, our market will be closed to many prospective buyers and I think we’re starting to see that with this year’s data so far” he concluded.
CTAR’s Government Affairs Director, Josh Dix, serves on the Charleston County housing taskforce and presented their interim report on housing affordability in our region to County Council earlier this week. It is the Association’s belief that “Every person who desires to should have the opportunity to own real property. It is imperative that government actions foster an environment conducive to new housing and existing housing purchases for all income levels in all areas”.
Preliminary data showed 1,561 homes sold in March in the Charleston region at a median price of $275,000. Updated data now shows 1,571 sales at the same median price.
431 homes sold at a median price of $212,507 in Berkeley County in April, 381 single-family homes and 50 Condos/townhomes. Year-to-date, single-family home sales have increased 2.4% in the County, as the median home price has increased by nearly 7%, to $254,500. Condo and townhome sales are down 10% as median price is up slightly at $167,990 so far this year.
There are currently 1,075 residential properties for sale in Berkeley County; 947 single-family homes and 128 condos/townhomes.
804 homes sold at a median price of $312,375 in Charleston County in April, 614 single-family homes and 190 Condos/townhomes. Single-family home sales have slowed by about 7% this year, as median home price is steady at $375,000. Condo and townhome sales declined by 4.4% as median price rose 1.6% to $235,245.
There are currently 3,380 residential properties for sale in Charleston County—2,492 single-family homes and 888 condos/townhomes.
18 homes sold at a median price of $134,000 in Colleton County in April, all single-family homes. Single-family home sales are down 3% when compared to 2018, as median home price has increased by 22% to $134,250. Condo and townhome sales showed no variance from last year.
There are currently 121 residential properties for sale in Colleton County—119 single-family homes and 2 condos/townhomes.
285 homes sold at a median price of $208,297 in Dorchester County in April, 241 single-family homes and 44 Condos/townhomes. Single-family home sales declined by 5% in the County, as median home price is up 9% so far this year, to $249,000. Condo and townhome sales saw a decline of 7% as median price increased 5% to $166,910 for the year.
There are currently 675 residential properties for sale in Dorchester County—600 single-family homes and 75 condos/townhomes.