March Market Report
CHARLESTON REGION RESIDENTIAL REAL ESTATE MEDIAN PRICE RISES AGAIN AS SALES VOLUME DIPS
CHARLESTON, SC—(April 11, 2019) 1,561 homes sold in March in the Charleston region at a median price of $275,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last March, 1,717 homes sold at a median price of $257,580.
Year-to-date, sales volume is about 5% behind where it was in 2018, while median price is up 4%. So far this year, 3,760 homes have sold at a median price of $270,000. Last year, 3,971 homes had sold at a median price of $259,050.
Inventory data shows 3.3% fewer homes for sale over the last 12-month period, with 5,654 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of March.
“Sales volume softened a bit in March, ahead of what is likely to be a busy spring season for the Charleston regional real estate market” said 2019 CTAR President Edward Oswald. “Inventory is still historically low, and prices continue to climb, which deepens the affordability divide in our region” said Oswald. “While this level of price growth is healthy and sustainable, this market has been on the rise for many years and ongoing price growth does shrink the market for some in terms of what’s attainable” he concluded.
Preliminary data showed 1,239 homes sold in February in the Charleston region at a median price of $265,000. Updated data now shows 1,246 sales at a median price of $266,158.
404 homes sold at a median price of $211,100 in Berkeley County in March, 348 single-family homes and 56 Condos/townhomes. Year-to-date, single-family home sales have declined about 1% in the County, as the median home price has increased by nearly 8%, to $255,250. Condo and townhome sales are down 11% as median price is steady at $164,995 so far this year.
There are currently 1,045 residential properties for sale in Berkeley County; 910 single-family homes and 135 condos/townhomes.
788 homes sold at a median price of $303,225 in Charleston County in March, 596 single-family homes and 192 Condos/townhomes. Single-family home sales have slowed by about 9% this year, as median home price has declined about 1% to $368,000. Condo and townhome sales increased by 1% as median price rose 1% to $233,000.
There are currently 3,316 residential properties for sale in Charleston County—2,443 single-family homes and 873 condos/townhomes.
15 homes sold at a median price of $150,000 in Colleton County in March, all single-family homes. Single-family home sales are down 12% when compared to 2018, as median home price has increased by 22% to $153,000. Condo and townhome sales showed no variance from last year.
There are currently 125 residential properties for sale in Colleton County—124 single-family homes and 1 condo/townhome.
295 homes sold at a median price of $211,541 in Dorchester County in March, 270 single-family homes and 25 Condos/townhomes. Single-family home sales declined by 5% in the County, as median home price increased 11% so far this year, to $252,500. Condo and townhome sales saw a decline of 24% as median price increased 10% to $165,910.
There are currently 660 residential properties for sale in Dorchester County—589 single-family homes and 71 condos/townhomes.