April Market Report – Home Sales Continue to Normalize, Prices Climb
HOME SALES CONTINUE TO NORMALIZE TO PRE-COVID LEVELS AS PRICES CONTINUE TO CLIMB
Charleston, SC – (May 10, 2022) 1,897 homes sold in April in the Charleston region at a median price of $399,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Year-to-date data shows 6,907 homes sold at a median price of $382,900, 8% fewer sales than at this point last year, but at a price point that is 15% higher.
Inventory data shows 30% fewer homes, with 1,331 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just over half of a month’s available inventory.
“It’s important to remember that 2021 was an outlier in terms of sales volume, so it’s not so much that the market is declining, but returning to what was normal. In 2021 there was a lot of pent-up demand from a year of Covid restrictions the previous year. When you look at data from 2018-20, the sales volume is quite comparable to what we’re seeing now—even a little ahead” said 2022 CTAR President Jon Stroud.
“While we have seen the most significant adjustment to interest rates since 2011, along with local affordability challenges creating an even more challenging market for buyers, we continue to have strong buyer interest from outside markets and I don’t anticipate that will decline any time soon” said Stroud. “Charleston is an incredibly attractive place for young professionals and retirees alike, so our pool of potential homebuyers remains strong” said Stroud.
March Adjustment
Preliminary data showed 2,093 homes sold in March in the Charleston region at a median price of $385,000. Updated figures now show 2,112 homes sold at the same median price.
Berkeley County
559 homes sold at a median price of $352,750 in Berkeley County in April, 491 single-family homes and 68 condos/townhomes.
Year-to-date, 1,851 single-family homes have sold at a median price of $375,000. Today’s report shows a slight decline of 1% in sales with a 17% increase in median sale price. 225 condos/townhomes have sold at a median price of $272,000 so far this year—sales are 1% lower than 2021 while median price has increased by 27%.
There are currently 375 residential properties for sale in Berkeley County; 338 single-family homes and 37 condos/townhomes.
Charleston County
866 homes sold at a median price of $482,774 in Charleston County in April, 616 single-family homes and 250 condos/townhomes.
Year-to-date, 2,262 single-family homes have sold at a median price of $551,000. Today’s report shows 15% fewer sales with a 16% increase in median sale price compared to this point last year. 848 condos/townhomes have sold at a median price of $355,889 so far this year—17% fewer sales with a 29% increase in median price.
There are currently 498 residential properties for sale in Charleston County; 430 single-family homes and 107 condos/townhomes.
Colleton County
46 homes sold at a median price of $298,200 in Colleton County in April, 41 single-family homes and 5 condos/townhomes.
Year-to-date, 124 single-family homes have sold at a median price of $285,000. Today’s report shows 4% more sales with a 13% decline in median sale price compared to this point last year. 33 condos/townhomes have sold at a median price of $399,000 so far this year—sales have increased 74% compared to this point in 2021 with an 85% increase in median price.
There are currently 48 residential properties for sale in Colleton County, all single-family homes.
Dorchester County
336 homes sold at a median price of $303,337 in Dorchester County in April, 297 single-family homes and 39 condos/townhomes.
Year-to-date, 1,050 single-family homes have sold at a median price of $355,000. Today’s report shows 8% fewer sales with a 20% increase in median sale price compared to this point last year. 124 condos/townhomes have sold at a median price of $245,000 so far this year—17% fewer sales in that market segment with a 23% increase in median price.
There are currently 170 residential properties for sale in Dorchester County; 159 single-family homes and 11 condos/townhomes.
