2020 a Record-Breaking Year for Charleston Area Residential Real Estate

Released: January 19, 2021

2,058 homes sold in December in the Charleston region at a median price of $314,500 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).

In 2020, 21,826 homes changed hands at a median price of $300,000 in the region. In 2019, 18,615 homes sold at a median price of $277,765. This reflects 17% growth in the number of homes sold and an 8% increase in median price over 2019 figures.

Inventory data shows 56% fewer homes for sale over the last 12-month period, with 2,440 homes listed as “active” for sale in the CHS Regional MLS database at the end of the year—representing just 1.3 months of available inventory, a new record low.

“2020 was a record-breaking year for our market, despite the challenges of COVID, unexpected unemployment and economic uncertainty on the federal level” said 2021 CTAR President, Rusty Hughes. “South Carolina, and the Charleston region specifically, were in a strong economic position to face these challenges head-on” he continued, “The demand for homes in our region never declined and grew throughout the year, a trend I expect to continue in 2021. Rates should remain historically low, interest in our region continues to grow and I fully expect for the Charleston-area real estate market to continue leading the post-COVID economic recovery in South Carolina” said Hughes.

CTAR hosted its annual Residential Market Update with USC Economist, Dr. Joseph Von Nessen this morning, where Dr. Von Nessen shared a positive outlook but cautioned that the tremendous growth the Charleston regional market saw in 2020 could be tough to surpass in 2021 with limited inventory. He stated that it shouldn’t be viewed as the market flattening out, but as a healthy stabilization.

“The growth we saw in our market this year was unprecedented—as Dr. Von Nessen shared in his update, home sales in the 2020 winter months looked like what we’d expect to see during the summer ‘peak’ selling season—that’s something we’ve never seen happen before” said Hughes.

Watch the 2021 Residential Market Update

Review Dr. Von Nessen’s Presentation Slides

November Adjustment

Preliminary data showed 1,816 homes sold in November in the Charleston region at a median price of $319,000. Updated data now shows 1,824 sales at a median price of $319,000.


Berkeley County 

549 homes sold at a median price of $256,425 in Berkeley County in December, 487 single-family homes and 62 condos/townhomes.

In 2020, 4,954 single-family homes sold at a median price of $286,990, a 14% increase in sales and 9.5% increase in median sale price. 777 condos/townhomes sold at a median price of $199,671 during the year, 29% more sales at a median price that is 13% higher than 2019.

There are currently 552 residential properties for sale in Berkeley County; 491 single-family homes and 61 condos/townhomes.


Charleston County

1,009 homes sold at a median price of $350,000 in Charleston County in December, 725 single-family homes and 284 condos/townhomes.

In 2020, 7,997 single-family homes sold at a median price of $425,000, reflecting 16% growth in county-wide sales and an 11% uptick in median sale price. 2,730 condos/townhomes sold at a median price of $254,000 in 2020, an 18% increase in sales with 8% growth in median price.

There are currently 1,307 residential properties for sale in Charleston County—1,077 single-family homes and 497 condos/townhomes.


Colleton County

45 homes sold at a median price of $278,375 in Colleton County in December, 30 single-family homes and 6 condos/townhomes.

In 2020, 369 single-family homes sold at a median price of $235,000, a 28% increase in sales and an 18% increase in median price. 46 condos/townhomes at a median price of $253,750 during the year, 9.5% more sales than in 2019, as median price increased by 67%.

There are currently 64 residential properties for sale in Colleton County—59 single-family homes and 5 condos/townhomes.


Dorchester County

372 homes sold at a median price of $231,000 in Dorchester County in December, 339 single-family homes and 33 condos/townhomes.

In 2020, 3,618 single-family homes sold at a median price of $272,000, a 22% increase in sales and a 7% increase in median price over 2019.  447 condos/townhomes at a median price of $185,000 in 2020, reflecting a 23.5% increase in sales and 9% growth in median price.

There are currently 295 residential properties for sale in Dorchester County—262 single-family homes and 33 condos/townhomes.


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