Charleston Area Residential Real Estate Sales Surge To New Record High In July
Released: August 10, 2020
2,400 homes sold in July in the Charleston region at a median price of $305,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). July’s home sales mark the largest number of sales recorded in the Charleston region and a nearly 32% increase over last July, when 1,824 homes sold at a median price of $278,450.
Year-to-date, 11,576 homes have changed hands at a median price of $290,515. At this point last year, 11,051 homes had sold at a median price of $277,548. Year-to-date, sales are now up almost 5% and median price has also grown by 5%.
Inventory data shows 38% fewer homes for sale over the last 12-month period, with 3,890 homes listed as “active” for sale in the CHS Regional MLS database at the end of July—representing just 2.3 months of available inventory.
“The increased number of showings we’ve been tracking since our state’s reopening have translated to a record number of closed sales; the interest and investment in the Charleston market is now surging past even last year’s record-breaking figures” said 2020 CTAR President Bobette Fisher. “This spring and early summer were steady in terms of sales pace, but the past two months of activity has pushed us well into the gains territory for year-to-date sales and median price growth” she continued. “With mortgage rates falling again this week, we anticipate even more buyers will continue to make the move toward making their dream of homeownership a reality. Lower rates will help potential homeowners across the spectrum of price ranges” said Fisher.
Total showings for the region were strong again this month, with 31,202 showings in July—an increase of 7% compared to July 2019. The areas with the highest number of showings were again concentrated in the north area with Goose Creek, Summerville/Ladson and Summerville/Ridgeville leading the way.
“Our challenge continues to be on the supply side of the market—with just over two months of inventory, we are nearly out of housing options that will meet the demand that we continue to see in our region. The unprecedented number of buyers are creating multiple offer situations on many properties, particularly in the most popular subsets of the market” said Fisher.
Preliminary data showed 2,043 homes sold in June in the Charleston region at a median price of $288,000. Updated data now shows 2,058 sales at the same median price.
587 homes sold at a median price of $243,470 in Berkeley County in July, 500 single-family homes and 87 condos/townhomes. Year-to-date, 2,648 single-family homes have sold at a median price of $280,000 and 412 condos/townhomes at a median price of $192,500.
There are currently 717 residential properties for sale in Berkeley County; 619 single-family homes and 98 condos/townhomes.
1,219 homes sold at a median price of $342,588 in Charleston County in July, 911 single-family homes and 308 condos/townhomes. Year-to-date, 4,265 single-family homes have sold at a median price of $405,000 and 1,406 condos/townhomes at a median price of $249,180.
There are currently 2,234 residential properties for sale in Charleston County—1,563 single-family homes and 671 condos/townhomes.
37 homes sold at a median price of $213,750 in Colleton County in July, 30 single-family homes and 7 condos/townhomes. Year-to-date, 187 single-family homes have sold at a median price of $194,000 and 30 condos/townhomes at a median price of $253,750.
There are currently 110 residential properties for sale in Colleton County—104 single-family homes and 6 condos/townhomes.
475 homes sold at a median price of $226,475 in Dorchester County in July, 404 single-family homes and 71 condos/townhomes. Year-to-date, 1,934 single-family homes have sold at a median price of $265,940 and 279 condos/townhomes at a median price of $185,000.
There are currently 481 residential properties for sale in Dorchester County—438 single-family homes and 43 condos/townhomes.