June Market Report
HALFWAY THROUGH 2019, RESIDENTIAL REAL ESTATE MARKET
STABLE AND CONSISTENT AS AFFORDABILITY ISSUES PERSIST
CHARLESTON, SC—(July 10, 2019) 1,923 homes sold in June in the Charleston region at a median price of $289,798 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last June, 1,949 homes sold at a median price of $270,039.
Year-to-date, sales volume is 2% behind where it was in 2018, while median price is up 4.6%. So far this year, 9,201 homes have sold at a median price of $277,228. Last year, 9,386 homes had sold at a median price of $265,000.
Inventory data shows 5% fewer homes for sale compared to last year, with 5,731 homes listed as “active” for sale in the CHS MLS database at the end of June.
“At the halfway point in the year, our regional residential market has been a consistent performer” said 2019 CTAR President Edward Oswald. “Looking back at 6 months of year-to-date figures, we’ve seen minor fluctuations, but residential sales are tracking very close to where they were last year—we’re at a 2% variance in sales at the end of June” said Oswald. “Median price continues to increase, as you’d expect to see in a market that has an inventory deficit. Demand continues to outpace supply, and affordability issues will continue until that levels out” said Oswald.
Preliminary data showed 1,882 homes sold in May in the Charleston region at a median price of $285,000. Updated data now shows 1,901 sales at the same median price.
503 homes sold at a median price of $223,250 in Berkeley County in June, 433 single-family homes and 70 Condos/townhomes. Year-to-date, single-family home sales have increased 4.4% in the County, as the median home price has increased by nearly 8%, to $259,900. Condo and townhome sales are up 1.6% as median price is up over 7% to $174,950 so far this year.
There are currently 1,035 residential properties for sale in Berkeley County; 921 single-family homes and 114 condos/townhomes.
971 homes sold at a median price of $315,000 in Charleston County in June, 738 single-family homes and 233 Condos/townhomes. Single-family home sales have slowed 3.6% this year, as median home price is up 1% to $385,000. Condo and townhome sales have declined by 3.4% as median price has increased 2.6% to $235,000 so far this year.
There are currently 3,407 residential properties for sale in Charleston County—2,518 single-family homes and 889 condos/townhomes.
25 homes sold at a median price of $222,250 in Colleton County in June, 20 single-family homes and 5 Condos/townhomes. Single-family home sales have declined nearly 19% this year, as median home price increased 5% to $200,000. Condo and townhome sales have increased over 7% as median price has declined 15.4% to $143,900 so far this year.
There are currently 192 residential properties for sale in Colleton County—176 single-family homes and 16 condos/townhomes.
352 homes sold at a median price of $216,475 in Dorchester County in June, 311 single-family homes and 41 Condos/townhomes. Single-family home sales declined by 3% in the County, as median home price is up 7% so far this year, to $252,000. Condo and townhome sales saw a decline of nearly 10% as median price increased nearly 9% to $169,900 for the year.
There are currently 697 residential properties for sale in Dorchester County—635 single-family homes and 62 condos/townhomes.