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Business and Consumer Investment in Charleston Buoys Residential Real Estate Market

homes-soldCHARLESTON, SC—(April 10, 2015) 1,420 homes sold in March in the tri-county area, at a median price of $221,730 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

Year-to-date, 3,330 homes have sold in the region, 23% more sales than at this point in 2014. The year-to-date median price, currently $215,000, has grown 1%, which shows stable, sustainable price growth in a busy market.

“People believe in Charleston, businesses are investing in Charleston and that’s reflecting very well on our housing market. With more than 3,000 home sales so far this year, consumers believe that Charleston is a good investment—and with the announcement of a $500 million investment by Daimler to build their North Charleston-based van plant and bring 1,300 jobs to the region, businesses also believe that Charleston is a good investment” said 2015 CTAR President Matt DeAntonio.

“The one thing we need, however, is more homes on the market” he said. With just under 5,500 homes available in the region—about 18% less than in March of 2014—consumers have fewer options to choose from. “We need our cities, towns and municipalities to respond to the need here and start planning, looking at smart growth strategies” said DeAntonio. “Our population is growing, and it doesn’t look like it’s going to slow down. Our state leadership has worked hard to bring the jobs here—we need to ensure that there is attractive, affordable housing available for the workers who will fill these jobs” he concluded.

February Adjustment
Preliminary figures released for February 2015 stated that 1,000 homes sold at a median price of $212,145. The adjusted figures now show 1,011 sales at the same median price.

Berkeley County
325 homes sold at a median price of $202,000 in Berkeley County in March. The most active area of the county was the area bordered by Jedburg Road/Hwy 17A/College Park—where 74 homes sold at a median price of $202,000.

Find Berkeley County area reports here. 

Charleston County
732 homes sold at a median price of $285,000 in March in Charleston County. The most active area was North Mount Pleasant (north of IOP connector), where 127 homes sold at a median price of $409,9000; followed by North Charleston/Summerville (outside I-526) where 92 homes sold at a median price of $150,602 and James Island, where 91 sales showed a median price of $279,900.

Find Charleston County area reports here. 

Dorchester County
272 homes sold at a median price of $181,750 in Dorchester County in March. The most active area of Dorchester County was Summerville/Ridgeville, where 142 homes sold at a median price of $194,000.

Find Dorchester County area reports here. 

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