August Market Report
Legislative Issues Impact the Growth of Charleston’s Regional Housing Market
CHARLESTON, SC—(September 11, 2019) 1,800 homes sold in August in the Charleston region at a median price of $285,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last August, 1,887 homes sold at a median price of $260,400.
This year’s 12,835 closings show transactions down 1% and median price up 5%, to $278,799 for the region.
There are nearly 10% fewer homes for sale than at this point last year, with 5,512 homes listed as “active” for sale in the CHS Regional MLS database at the end of August.
“Our region needs 7,500 new housing units per year to keep up with population growth and we haven’t hit that benchmark since 2006” 2019 CTAR President Edward Oswald. “For 13 years, we’ve been in a cycle of underdevelopment, and this is what you get—unattainable housing costs that are being driven up by regulatory red tape, building moratoriums and uneducated policy being put in place by municipalities” said Oswald.
“You can’t just turn off the faucet, that’s not how it works—there are consequences to inaction—residents are struggling with longer commute times, failing infrastructure and housing they can’t afford. We need leaders who understand these issues and are willing to address these issues head-on, with an open mind and a commitment to preserving and protecting the quality of life for our region,” said Oswald.
Patrick Arnold, the Executive Director of the Charleston Home Builders Association, concurs, “The development approval process is much longer for the Charleston region than it is in neighboring markets such as Greenville, which has a direct affect on housing cost and availability” he said. “We can’t keep up with the lot inventory—we’re running out of land and the land that we do have available takes considerably longer to develop than it needs to be” said Arnold.
“Our region is growing, but we’re not growing smart right now—we’re not comfortable with the idea of density, we have a real lack of planning and it seems that there’s an conscious effort to delay development. We’re simply not meeting the housing needs of our region” said Oswald.
1,806 homes sold in July in the Charleston region at a median price of $277,950. Updated data now shows 1,817 sales at a median price of $278,900.
466 homes sold at a median price of $221,125 in Berkeley County in August, 408 single-family homes and 58 Condos/townhomes. Year-to-date, single-family home sales have increased by 2% in the County, as median home price has increased 6.5%, to $261,000. Condo and townhome sales were even, as median price has increased to $177,250 representing a gain of 7% for the year.
There are currently 1,026 residential properties for sale in Berkeley County—877 single-family homes and 149 condos/townhomes.
893 residential properties sold at a median price of $323,725 in Charleston County in August, 653 single-family homes and 240 Condos/townhomes. Single-family home sales have declined by 1.5% in the County, as median home price has increased by about 2% so far this year, to $385,000. Condo and townhome sales are up 4% as median price increased 4% to $235,000.
There are currently 3,202 residential properties for sale in Charleston County—2,359 single-family homes and 843 condos/townhomes.
35 residential properties sold at a median price of $176,700 in Colleton County in August, 32 single-family homes and 3 Condo/townhomes. Single-family home sales have declined by 13% in the County, as median home price has increased by 14% this year, to $199,000. Condo and townhome sales are even as median price declined 15% to $143,900.
There are currently 186 residential properties for sale in Colleton County—171 single-family homes and 15 condos/townhomes.
321 homes sold at a median price of $212,875 in Dorchester County in August, 294 single-family homes and 27 Condos/townhomes. Single-family home sales have declined by 6% in the County, as median home price has increased by 7% so far this year, to $253,857. Condos and townhome sales declined by 9% as median price increased 8% to $168,000.
There are currently 697 residential properties for sale in Dorchester County—630 single-family homes and 67 condos/townhomes.