February Market Update
Charleston Residential Real Estate Market Prices Continue Upward Climb
1,122 homes sold in February in the Charleston region at a median price of $257,500 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last February, 1,276 homes sold at a median price of $240,750. This reflects a 12% decrease in sales volume as compared to last February’s data and a 7% rise in median sale price. Year-to-date, 2,237 homes have sold in the region at a median price of 257,580; in 2017, 2,309 homes had sold at a median price of $240,000—a 3% decline in sales and 7.3% increase in median price when compared to 2017 data.
Inventory has declined by nearly 11% over the last 12-month period, with 4,917 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of February.
“We were a bit surprised by the surge of sales last month, particularly with such low inventory at the beginning of the year. This month’s activity was what we expect—very similar to market activity last fall” said 2018 CTAR President Kimberly Lease. “We expect this year to follow a more gradual pace of growth, particularly on the sales side of the market” she concluded.
To view the market reports, click here.
January Adjustment
Preliminary data showed 1,112 homes sold in January in the Charleston region at a median price of $258,000. Updated data now shows 1,115 sales at the same median price.
Berkeley County
304 homes sold at a median price of $189,972 in Berkeley County in February, 262 single-family homes and 42 Condos/townhomes. Single-family home sales have declined by about 5% in the County, as median home price has increased by about half a percent in the last year, to $231,045. Condo and townhome sales increased by about 3% as median price increased 11% to $155,000.
There are currently 967 residential properties for sale in Berkeley County—862 single-family homes and 105 condos/townhomes.
Charleston County
536 homes sold at a median price of $301,594 in Charleston County in February, 425 single-family homes and 111 Condos/townhomes. Single-family home sales have increased by just under half a percent in the County, as median home price has increased by about 10% in the last year, to $372,470. Condo and townhome sales declined by 19% as median price increased 2% to $229,000.
There are currently 2,673 residential properties for sale in Charleston County—2,028 single-family homes and 596 condos/townhomes.
Dorchester County
212 homes sold at a median price of $189,964 in Dorchester County in February, 189 single-family homes and 23 Condos/townhomes. Single-family home sales have decreased by just under 1% in the County, as median home price has increased by about 7% in the last year, to $227,228. Condos and townhome sales declined by 6% as median price increased 11% to $152,700.
There are currently 686 residential properties for sale in Dorchester County—645 single-family homes and 41 condos/townhomes.
