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Residential Real Estate Prices Rising; Inventory Still At Historic Lows

homes-sold

CHARLESTON, SC—(May 10, 2016) 1,464 homes sold during April in the region at a median price of $239,500 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In April 2015, 1,413 homes sold at a median price of $220,000. This data reflects a 3.6% increase in sales volume and 8.8% growth in median price, comparing last April to this April.

Year-to-date figures show 5,006 homes sold in 2016 at a median price of $234,000 in the region. Comparing 2015 figures to 2016 thus far, year-to-date sales volume has increased 5% and median price has grown by 9%.

Inventory has declined by 21% over the last 12-month period, with 5,218 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of May 10.

“Lack of inventory is leading to a slower, more sustainable pace of sales. However, rising median prices continue to negatively impact affordability in our market,” said 2016 CTAR President Michael Sally. “Realtors® are seeing more multiple offer situations which can be frustrating for buyers and won’t likely be alleviated anytime soon as we see more and more resistance to additional development in our region” said Sally.

March Adjustment
Preliminary data showed 1,469 homes sold in March in the region at a median price of $233,097. Adjusted data now shows 1,476 sales at a median price of $233,048.

Tri-County Overview
1,419 of the homes sold in the region sold in Charleston, Berkeley or Dorchester counties at a median price of $240,000.

Berkeley County
362 homes sold at a median price of $206,500 in Berkeley County in April. There are currently 987 residential properties for sale in Berkeley County.

Find Berkeley County area reports here. 

Charleston County
773 homes sold at a median price of $304,825 in April in Charleston County. There are currently 2,780 residential properties for sale in Charleston County.

Find Charleston County area reports here. 

Dorchester County
284 homes sold at a median price of $195,000 in Dorchester County in April. There are currently 817 residential properties for sale in Dorchester County.

Find Dorchester County area reports here. 

Media Contact:
Meghan Byrnes Weinreich | 843.793.5208
Marketing and Communications Director
Charleston Trident Association of REALTORS