January Market Update
Charleston Residential Real Estate Market Off to a Strong Start in January Published: February 12, 2018
1,112 homes sold in January in the Charleston region at a median price of $258,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In January 2017, 1,033 homes sold at a median price of $239,900. This data reflects a 7.5% increase in both sales volume and median sale price.
Inventory has declined by 13% over the last 12-month period, with 4,692 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of January.
“We are now several years into a period of rising prices and low inventory. This market can be a real challenge for buyers but we are seeing a bit of a shift as buyers become more selective, even with the low inventory, concerned about inflated prices. However, the months supply of inventory continues to shrink, down almost 17% since this time last year, which is an indicator that demand is still increasing relative to supply. We expect to see wages rise some this year in the state, which may help some people as they wrestle with the climbing prices, but median prices are currently appreciating at about twice the rate we expect to see wages grow” said 2018 CTAR President, Kimberly Lease. “Our regional market leveled off in the last quarter of 2017, but this is significant growth to see at the beginning of the year—particularly during a month that included a week of unprecedented snow days. That didn’t seem to slow things down at all” she concluded.
293 homes sold at a median price of $215,750 in Berkeley County in January, 261 single-family homes and 32 Condos/townhomes. Single-family home sales have increased by 1.6% in the County, as median home price has increased by about 4% in the last year, to $235,000. Condos and townhome sales declined by about 13.5% as median price increased 31% to $196,500. There are currently 960 residential properties for sale in Berkeley County—840 single-family homes and 120 condos/townhomes.
555 homes sold at a median price of $302,600 in Charleston County in January, 425 single-family homes and 130 Condos/townhomes. Single-family home sales have increased by 15.2% in the County, as median home price has increased by about 10.4% in the last year, to $379,700. Condos and townhome sales increased by less than 1% as median price increased 2.5% to $225,500. There are currently 2,504 residential properties for sale in Charleston County—1,908 single-family homes and 596 condos/townhomes.
201 homes sold at a median price of $191,096 in Dorchester County in January, 178 single-family homes and 23 Condos/townhomes. Single-family home sales have increased by 9% in the County, as median home price has increased by about 4.6% in the last year, to $222,692. Condos and townhome sales increased by 4.5% as median price increased 9% to $159,500. There are currently 659 residential properties for sale in Dorchester County—616 single-family homes and 43 condos/townhomes.