May Market Report
RESIDENTIAL REAL ESTATE SALES AND PRICES INCREASE SLIGHTLY IN MAY
CHARLESTON, SC—(June 10, 2019) 1,882 homes sold in May in the Charleston region at a median price of $285,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last May, 1,828 homes sold at a median price of $274,000.
Year-to-date, sales volume is 2.4% behind where it was in 2018, while median price is up 4%. So far this year, 7,258 homes have sold at a median price of $275,000. Last year, 7,436 homes had sold at a median price of $264,103.
Inventory data shows 2.5% fewer homes for sale compared to last year, with 5,809 homes listed as “active” for sale in the CHS MLS database at the end of May.
“Our regional market seems to be leveling out, with sales volume and median price making modest gains” said 2019 CTAR President Edward Oswald. “The gap in year-to-date sales figures is closing a little more each month and the volatility we saw in the early-year market is calming” said Oswald. “Median price continues to tick up, which reminds us of the other gap we need to close, which is with inventory—our market is demanding more homes at a wider variety of price points than we currently have to offer. As demand continues to be high and inventory consistently low, we expect median price to continue to rise. Locally, this exacerbates the continuing affordability issues we are facing” said Oswald.
Preliminary data showed 1,595 homes sold in April in the Charleston region at a median price of $270,000. Updated data now shows 1,604 sales at $271,245.
483 homes sold at a median price of $221,675 in Berkeley County in May, 422 single-family homes and 61 Condos/townhomes. Year-to-date, single-family home sales have increased 4.3% in the County, as the median home price has increased by nearly 7%, to $256,000. Condo and townhome sales are down 7.4% as median price is up by 6.4% to $174,500 so far this year.
There are currently 1,013 residential properties for sale in Berkeley County; 893 single-family homes and 120 condos/townhomes.
944 homes sold at a median price of $318,000 in Charleston County in May, 708 single-family homes and 236 Condos/townhomes. Single-family home sales have slowed 5% this year, as median home price is up 2% to $382,500. Condo and townhome sales declined by 3% as median price rose 2.6% to $236,000.
There are currently 3,477 residential properties for sale in Charleston County—2,555 single-family homes and 922 condos/townhomes.
357 homes sold at a median price of $215,750 in Dorchester County in May, 331 single-family homes and 26 Condos/townhomes. Single-family home sales declined by just under 1% in the County, as median home price is up 7.5% so far this year, to $251,095. Condo and townhome sales saw a decline of 7% as median price increased nearly 8% to $169,100 for the year.
There are currently 695 residential properties for sale in Dorchester County—624 single-family homes and 71 condos/townhomes.