July Market Update
Charleston Region Residential Real Estate Market Heads Towards a More Balanced Market
CHARLESTON, SC—(August 10, 2018) 1,685 homes sold in July in the Charleston region at a median price of $268,583 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last July, 1,693 homes sold at a median price of $258,935.
Year-to-date, sales have increased less than half a percent, with 11,052 sales thus far in 2018 compared to 11,018 at this time last year. Median price has increased 6% in the region, landing at $265,000 in comparison to last year’s $250,000.
Inventory data shows about 13% fewer homes for sale over the last 12-month period, with 5,275 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of July.
“Without an increase in inventory, it was not surprising that the typically busy summer season sales have been pretty even. We also continue to be challenged by affordability issues in our region, which is making our market inaccessible for many buyers” said 2018 CTAR President Kimberly Lease. “Nationally, there is conversation among economists about a housing bubble, with this summer’s sales slowdown being the first indicator. However, in our market, I think it is more likely that we are moving towards a market balancing—sales growth and price growth will continue to even out, as we’ve seen over the last few months, and the result will be a more balanced market” said Lease. “Lending practices are sound, our local economy is strong, as is demand for housing here, so I don’t believe an evening of the market will have negative consequences for us in Charleston” she concluded.
June Adjustment
Preliminary data showed 1,927 homes sold in June in the Charleston region at a median price of $270,000. Updated data now shows 1,932 sales at the same median price.
To vote the market reports, click here.
Berkeley County
427 homes sold at a median price of $208,714 in Berkeley County in July, 380 single-family homes and 47 Condos/townhomes. Year-to-date, single-family home sales have increased by about 2% in the County, as median home price has increased by 6%, to $242,778. Condo and townhome sales are down about 8% as median price rose 1% to $162,500 so far this year.
There are currently 1,016 residential properties for sale in Berkeley County—915 single-family homes and 101 condos/townhomes.
Charleston County
821 homes sold at a median price of $300,922 in Charleston County in July, 628 single-family homes and 193 Condos/townhomes. Single-family home sales have declined by about 2% in the County, as median home price has increased 4% so far this year, to $376,844. Condo and townhome sales declined by 6.6% as median price increased about 1% to $225,000.
There are currently 2,980 residential properties for sale in Charleston County—2,300 single-family homes and 680 condos/townhomes.
Dorchester County
345 homes sold at a median price of $196,914 in Dorchester County in July, 308 single-family homes and 37 Condos/townhomes. Single-family home sales have increased by almost 6% in the County, as median home price has increased by about 5% so far this year, to $237,000. Condos and townhome sales declined by about half a percent as median price increased 13% to $155,750.
There are currently 709 residential properties for sale in Dorchester County—649 single-family homes and 60 condos/townhomes.
