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Sales and Prices Pick Up Again in August

CHARLESTON, SC—(September 13, 2016) 1,732 homes sold during August in the region at a median price of $241,530 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In August 2015, 1,390 homes sold at a median price of $218,000. This data reflects a 25% increase in sales volume and 11% growth in median price, comparing last August to this August.

homes-soldYear-to-date figures show 12,050 homes sold in 2016 at a median price of $239,900 in our area. Comparing year-to-date figures from 2015, sales volume has increased 9% and buyers are paying 6% more for homes in the region than they did last year.

Inventory has declined by 20% over the last 12-month period, with 5,354 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of August 31.

“The uptick in sales volume is common towards the end of the summer” said 2016 CTAR President Michael Sally. “We anticipate sales volume to slow just a bit in the coming months, as it usually does going into the fall and holiday months. The market is performing well when you compare year-to-date figures and the pace of growth is starting to level off, creating a more sustainable market” he said. “However, as prices continue to increase—homeowners are paying an average of 6% more for a home than they did last year—wages are going to have to increase along with that number for the Charleston housing market to truly become sustainable” Sally concluded.

July Adjustment
Preliminary data showed 1,643 homes sold in July in the region at a median price of $240,000. Adjusted data now shows 1,651 sales at the same median price.

Tri-County Overview
1,679 of the homes sold this month in the region were in Charleston, Berkeley or Dorchester counties at a median price of $245,000.

Berkeley County
398 homes sold at a median price of $209,9500 in Berkeley County in August. There are currently 1,091 residential properties for sale in Berkeley County.

Find Berkeley County area reports here. 

Charleston County
894 homes sold at a median price of $310,489 in August in Charleston County. There are currently 2,010 residential properties for sale in Charleston County.

Find Charleston County area reports here. 

Dorchester County
387 homes sold at a median price of $195,000 in Dorchester County in August. There are currently 884 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