August Market Update
Charleston Region Residential Real Estate Market Finally Sees Summer Sales Swing
CHARLESTON, SC—(September 10, 2018) 1,860 homes sold in August in the Charleston region at a median price of $260,800 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last August, 1,710 homes sold at a median price of $245,000.
With this burst in sales activity, year-to-date sales data shows an increase of about 1.5%, with 12,923 sales thus far in 2018 compared to 12,727 at this time last year. Median price has increased by 6% in the region, at $265,000 in comparison to last year’s $250,000.
Inventory data shows about 11% fewer homes for sale over the last 12-month period, with 5,366 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of August.
“In August, we finally saw the ‘typical’ summer flurry of sales activity, with sales increasing almost 9% from last year. This jump could be the result of pent up demand, caused by the search process taking longer than it has in the past—with such limited inventory, it is taking buyers longer to find the home that is right for them” said 2018 CTAR President Kimberly Lease. “Interest in our region continues to grow, so we are well-positioned on the demand side, but could use an influx of affordable, attractive housing in a variety of price ranges” she said.
Preliminary data showed 1,685 homes sold in July in the Charleston region at a median price of $268,583. Updated data now shows 1,689 sales at $267,800.
539 homes sold at a median price of $208,929 in Berkeley County in August, 463 single-family homes and 76 Condos/townhomes. Year-to-date, single-family home sales have increased by about 5% in the County, as median home price has increased by 6.5%, to $244,900. Condo and townhome sales are down about 5% as median price rose 1% to $163,750 so far this year.
There are currently 1,022 residential properties for sale in Berkeley County—912 single-family homes and 110 condos/townhomes.
824 homes sold at a median price of $303,756 in Charleston County in August, 630 single-family homes and 194 Condos/townhomes. Single-family home sales have declined by about 1% in the County, as median home price has increased 5% so far this year, to $378,785. Condo and townhome sales declined by 7% as median price increased about 1% to $225,600.
There are currently 3,040 residential properties for sale in Charleston County—2,317 single-family homes and 723 condos/townhomes.
371 homes sold at a median price of $195,000 in Dorchester County in August, 326 single-family homes and 45 Condos/townhomes. Single-family home sales have increased by about 6% in the County, as median home price has increased 5% so far this year, to $237,000. Condo and townhome sales increased by 6% as median price increased about 13% to $155,000.
There are currently 750 residential properties for sale in Dorchester County—683 single-family homes and 67 condos/townhomes.