The residential real estate market continues to show signs of recovery as both sales and median prices increased in May.  678 transactions closed in May, with a median sale price of $187,000. 

May’s numbers reflect 31% growth in month-over-month sales and a 3% increase in median price.  Consistency in both sales and median prices through the spring suggests continued market stabilization, the first step toward an overall market recovery.  “While it is definitely premature to say that the housing market has hit ‘bottom,’ the market appears to have responded positively to recent low interest rates and other economic factors in our community” said Tim Allen, Professor and Director of the Carter Real Estate Center at the College of Charleston.  Read More