July Market Report
Residential Real Estate Market Sales and Prices Increase in July, as Affordability Concerns Continue
CHARLESTON, SC—(August 12, 2019) 1,806 homes sold in July in the Charleston region at a median price of $277,950 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last July, 1,696 homes sold at a median price of $266,900.
This year’s 11,021 closings show transactions down half a percent and median price up nearly 5%, to $277,500 for the region.
Inventory is about 6% lower than it was at this point last year, with 5,634 homes listed as “active” for sale in the CHS Regional MLS database at the end of July.
“Despite historically low unemployment rates and the longest economic expansion in US history, some prospective buyers are still being held up by affordability challenges, as the continued rise of home prices is outpacing income growth” said 2019 CTAR President Edward Oswald. “In our region, the $53,000 median household income does not align with a median home price that’s climbing toward $300,000” he continued. “Last month, the Fed reduced interest rates by a quarter of a point, which may help some buyers, but it’s time for us as a community to focus on long-term affordability answers that will preserve the health of our real estate market far into the future” said Oswald.
Preliminary data showed 1,923 homes sold in June in the Charleston region at a median price of $289,798. Updated data now shows 1,932 sales at a median price of $289,900.
472 homes sold at a median price of $224,352 in Berkeley County in July, 410 single-family homes and 62 Condos/townhomes. Year-to-date, single-family home sales have increased by about 5% in the County, as median home price has increased by 7%, to $260,000. Condo and townhome sales increased by almost 5% as median price has increased to $175,205 representing a gain of nearly 8% for the year.
There are currently 1,022 residential properties for sale in Berkeley County—891 single-family homes and 131 condos/townhomes.
902 residential properties sold at a median price of $305,250 in Charleston County in July, 657 single-family homes and 245 Condos/townhomes. Single-family home sales have declined by 2% 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 1% as median price increased about 4% to $234,500.
There are currently 3,298 residential properties for sale in Charleston County—2,434 single-family homes and 864 condos/townhomes.
33 residential properties sold at a median price of $164,875 in Colleton County in July, 32 single-family homes and 1 Condo/townhome. Single-family home sales have declined by 13% in the County, as median home price has increased by 10% this year, to $209,000. Condo and townhome sales are even as median price declined 15% to $142,900.
There are currently 194 residential properties for sale in Colleton County—180 single-family homes and 14 condos/townhomes.
326 homes sold at a median price of $210,750 in Dorchester County in July, 275 single-family homes and 51 Condos/townhomes. Single-family home sales have declined by 4% in the County, as median home price has increased by 6% so far this year, to $252,625. Condos and townhome sales declined by 2.5% as median price increased almost 9% to $169,100.
There are currently 691 residential properties for sale in Dorchester County—628 single-family homes and 63 condos/townhomes.