April Market Update
Prices Rise As Springtime Activity Increases In The Residential Real Estate Market
CHARLESTON, SC—(May 10, 2018) 1,614 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, 1,529 homes sold at a median price of $247,000.
Year-to-date data shows 5,567 homes sold in the region at a median price of $261,000; last year 5,509 homes had sold at a median price of $245,000—resulting in 1% growth in sales and a 6.5% increase in median price.
Inventory data shows about 11.5% fewer homes for sale over the last 12-month period, with 5,176 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of April.
“Activity has picked up significantly but we are still struggling with a considerable lack of inventory in our market” said 2018 CTAR President Kimberly Lease. “Prices continue to escalate at this pace because of the limited supply and it’s further compounding the affordability issues we face in our region. As mortgage rates are poised to rise again, we are concerned about the access to affordable housing in our region. The upside is that despite these challenges, buyers seem undeterred to investing in homes in our market” said Lease.
Preliminary data showed 1,700 homes sold in March in the Charleston region at a median price of $260,000. Updated data now shows 1,715 sales at the same median price.
391 homes sold at a median price of $202,995 in Berkeley County in April, 335 single-family homes and 56 Condos/townhomes. Year-to-date, single-family home sales have increased about 1% in the County, as median home price rose by 4.6%, to $238,000. Condo and townhome sales increased by about 1% as median price rose 6.5% to $165,000 so far this year.
There are currently 989 residential properties for sale in Berkeley County—891 single-family homes and 98 condos/townhomes.
850 homes sold at a median price of $309,375 in Charleston County in April, 626 single-family homes and 224 Condos/townhomes. Single-family home sales have increased by just under 4% in the County, as median home price has increased by about 7% so far this year, to $375,000. Condo and townhome sales declined by almost 7% as median price increased 3% to $231,000.
There are currently 2,864 residential properties for sale in Charleston County—2,214 single-family homes and 650 condos/townhomes.
283 homes sold at a median price of $207,500 in Dorchester County in April, 254 single-family homes and 29 Condos/townhomes. Single-family home sales are level for gains in the County, as median home price has increased by about 4.5% so far this year, to $230,000. Condos and townhome sales declined by 11% as median price increased 15% to $158,000.
There are currently 727 residential properties for sale in Dorchester County—682 single-family homes and 45 condos/townhomes.