October Market Update
Charleston Region Residential Real Estate Sales See Post-Florence Uptick
CHARLESTON, SC—(November 13, 2018) 1,368 homes sold in October in the Charleston region at a median price of $259,835 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last October, 1,329 homes sold at a median price of $249,945.
Year-to-date sales data shows an increase of 0.5%, with 15,561 sales thus far in 2018 compared to 15,485 at this time last year. Median price has increased by 6% in the region, at $265,236 in comparison to last year’s $250,000.
Inventory data shows about 5% fewer homes for sale over the last 12-month period, with 5,666 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of October.
“As expected, we recouped the losses in September from hurricane-delayed closings with some sales gains in October” said 2018 CTAR President Kimberly Lease. “As we head into what is usually the slowest season for sales, we’re nearly at a balanced market in terms of sales, looking at 1% growth from 2017. Prices are still rising, but at a somewhat slower, more sustainable pace and we’re beginning to see inventory tick up in some areas, ever so slightly, which will help balance the market overall” said Lease.
Preliminary data showed 1,236 homes sold in September in the Charleston region at a median price of $276,500. Updated data shows 1,243 sales at a median price of $276,750.
370 homes sold at a median price of $195,233 in Berkeley County in October, 333 single-family homes and 37 Condos/townhomes. Year-to-date, single-family home sales have increased by almost 4% in the County, as median home price has increased by 7%, to $245,000. Condo and townhome sales are down 8% as median price rose less than 1% to $163,000 so far this year.
There are currently 1,039 residential properties for sale in Berkeley County 923 single-family homes and 116 condos/townhomes.
623 homes sold at a median price of $303,363 in Charleston County in October, 471 single-family homes and 152 Condos/townhomes. Single-family home sales have declined by about 2% in the County this year, as median home price has increased 5% to $375,000. Condo and townhome sales declined by 6% as median price increased about 1% to $227,338.
There are currently 3,297 residential properties for sale in Charleston County—2,482 single-family homes and 815 condos/townhomes.
285 homes sold at a median price of $196,880 in Dorchester County in October, 258 single-family homes and 27 Condos/townhomes. Single-family home sales have increased by about 3% in the County, as median home price has increased 5.5% so far this year, to $237,500. Condo and townhome sales increased by 1% as median price increased nearly 12% to $155,250.
There are currently 754 residential properties for sale in Dorchester County—671 single-family homes and 83 condos/townhomes.