November Market Stats

Economists Expect the Charleston Real Estate Market to Outpace National Averages Through 2025

CHARLESTON, SC—(December 11, 2019) The National Association of Realtors® (NAR) identified 10 markets expected to outperform over the next three to five years. In alphabetical order, the markets are:
• Charleston, South Carolina
• Charlotte, North Carolina
• Colorado Springs, Colorado
• Columbus, Ohio
• Dallas-Fort Worth, Texas
• Fort Collins, Colorado
• Las Vegas, Nevada
• Ogden, Utah
• Raleigh-Durham-Chapel Hill, North Carolina
• Tampa-St. Petersburg, Florida

 

“Some markets are clearly positioned for exceptional longer term performance due to their relative housing affordability combined with solid local economic expansion,” said NAR’s Chief Economist Lawrence Yun. “Drawing new residents from other states will also further stimulate housing demand in these markets, but this will create upward price pressures as well, especially if demand is not met by increasing supply.”

 

NAR identified the top 10 metro areas based on domestic migration, housing affordability for new residents, consistent job growth relative to the national average, population age structure, attractiveness for retirees and home price appreciation, among other variables. As an indicator of strong housing demand in these markets in the past three years, home prices in these 10 metro areas have increased annually by at least 7%.

 

1,332 homes sold in November in the Charleston region at a median price of $268,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last November, 1,301 homes sold at a median price of $268,453.
This year’s 17,010 closings show transactions up almost 1% and median price up 5%, to $277,900 for the region.

There are 17% fewer homes for sale than at this point last year, with 5,265 homes listed as “active” for sale in the CHS Regional MLS database at the end of November.

Newly installed 2020 CTAR President Bobette Fisher said, “The economists’ expectation for Charleston to continue outperforming other markets is a tremendous recognition for our region—we have been enjoying many years of economic expansion and growth, with new people moving to our area every day and keeping Charleston a growing, vibrant community. However, affordability and sustainability remain the chief concerns for our growing market”

“We check all the boxes that make Charleston a top performer—but we have to keep market sustainability top of mind” said CTAR CEO Wil Riley. “We’re well positioned for more growth on many fronts—jobs, population and our economy is strong—but if we do not focus on developing smart growth strategies, we’ll price those who are coming here for those jobs out of the market” he said.

“Meeting the demands of the future will be a challenge” said Fisher. “This is why as an Association we are committed to creating and maintaining partnerships with municipalities to help craft smart growth strategies and place development where it makes sense and where it contributes to increasing the quality of life for all residents” she said.

 

October Adjustment
Preliminary figures showed 1,376 homes sold in October in the Charleston region at a median price of $271,973. Updated data now shows 1,383 sales at a median price of $272,000.

To view the market reports, click here.

Berkeley County 
381 homes sold at a median price of $226,820 in Berkeley County in November, 339 single-family homes and 42 Condos/townhomes.  Year-to-date, single-family home sales have increased by 3.4% in the County, with 3,944 closed sales, and median home price has increased nearly 7%, to $262,000. Condo and townhome sales increased by 4%, with 564 total closings bringing the median price to $175,510—a gain of almost 8% for the year.

There are currently 1,014 residential properties for sale in Berkeley County—871 single-family homes and 143 condos/townhomes.

Charleston County
643 residential properties sold at a median price of $300,875 in Charleston County in November, 489 single-family homes and 154 Condos/townhomes.  Year-to-date, single-family home sales in the County are up slightly compared to last year with 6,305 total transactions, as median home price has increased by about 2.4% so far this year, to $384,000. Condo and townhome sales are up 2.5% based on 2,118 closings at a median price of $234,515, a gain of 2%.

There are currently 2,981 residential properties for sale in Charleston County—2,182 single-family homes and 799 condos/townhomes.

 

Colleton County
20 residential properties sold at a median price of $197,250 in Colleton County in November, 17 single-family homes and 3 Condo/townhomes. Single-family home sales have declined by 13% in the County, with 258 closings this year as median home price increased by 7% this year, to $192,500. Condo and townhome sales are even over last year with 42 total transactions, as median price declined 7% to $152,250.

There are currently 170 residential properties for sale in Colleton County—152 single-family homes and 18 condos/townhomes.

 

Dorchester County
233 homes sold at a median price of $215,900 in Dorchester County in November, 204 single-family homes and 29 Condos/townhomes. Single-family home sales have declined by 5% in the County based on 2,736 closings, as median home price has increased by 7% so far this year, to $254,7500. Condos and townhome sales are even with 351 transactions, as median price increased 8.5% to $169,200.

There are currently 688 residential properties for sale in Dorchester County—608 single-family homes and 80 condos/townhomes.

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