Charleston Area Residential Real Estate Sales And Prices Continue Gains In August
Released: September 10, 2020
2,056 homes sold in August in the Charleston region at a median price of $315,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).
Year-to-date, 13,661 homes have changed hands at a median price of $295,000. At this point last year, 12,895 homes had sold at a median price of $278,500. Thus far in 2020, closed sales and median price have both increased by 6%.
Inventory data shows 44% fewer homes for sale over the last 12-month period, with 3,522 homes listed as “active” for sale in the CHS Regional MLS database at the end of August—representing just 2 months of available inventory.
“This summer has been record-breaking in terms of sales and price increases—a trend we fully expect to continue into the fall” said 2020 CTAR Bobette Fisher. “Continued low mortgage rates have helped thousands of homeowners in our region make a smart investment and a crucial step in building long-term wealth and stability” said Fisher. “However, as inventory continues to decline, competition for our region’s homes has increased significantly, which is one of the factors driving our prices up” she said. “Two months of inventory signals an extreme seller’s market—six months is a balanced market. This limitation has essentially capped the number of homes that can be sold; if more homes were available, they would most certainly sell” said Fisher.
According to CHS Regional MLS data, there were just under 30,000 showings in August—10% higher than in August 2019. The areas with the highest number of showings were again concentrated in the north area with Summerville/Ridgeville, North Charleston/Summerville area and Moncks Corner leading the way.
Preliminary data showed 2,400 homes sold in July in the Charleston region at a median price of $305,000. Updated data now shows 2,423 sales at the same median price.
516 homes sold at a median price of $255,820 in Berkeley County in August, 454 single-family homes and 62 condos/townhomes. Year-to-date, 3,109 single-family homes have sold at a median price of $281,017 and 475 condos/townhomes at a median price of $193,900.
There are currently 660 residential properties for sale in Berkeley County; 574 single-family homes and 86 condos/townhomes.
1,063 homes sold at a median price of $351,670 in Charleston County in August, 771 single-family homes and 292 condos/townhomes. Year-to-date, 5,048 single-family homes have sold at a median price of $412,239 and 1,701 condos/townhomes at a median price of $250,000.
There are currently 2,028 residential properties for sale in Charleston County—1,430 single-family homes and 598 condos/townhomes.
38 homes sold at a median price of $227,500 in Colleton County in August, 32 single-family homes and 6 condos/townhomes. Year-to-date, 219 single-family homes have sold at a median price of $194,000 and 36 condos/townhomes at a median price of $251,750.
There are currently 105 residential properties for sale in Colleton County—100 single-family homes and 5 condos/townhomes.
361 homes sold at a median price of $232,327 in Dorchester County in August, 312 single-family homes and 49 condos/townhomes. Year-to-date, 2,249 single-family homes have sold at a median price of $267,300 and 329 condos/townhomes at a median price of $185,000.
There are currently 404 residential properties for sale in Dorchester County—371 single-family homes and 33 condos/townhomes.