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