Charleston-North Charleston Named “Top 10 Market” for Resilience During Covid
Released: December 10, 2020
1,816 homes sold in November in the Charleston region at a median price of $319,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).
Year-to-date, 19,737 homes have changed hands at a median price of $300,000. At this point last year, 17,044 homes had sold at a median price of $278,000. Thus far in 2020, the number of closed sales has increased by nearly 16% and median price is 8% higher.
Inventory data shows 53% fewer homes for sale over the last 12-month period, with 2,853 homes listed as “active” for sale in the CHS Regional MLS database at the end of November—representing just 1.5 months of available inventory, a new record low.
Today, the National Association of Realtors® (NAR) named Charleston/North Charleston as a “Top 10 Market” that has shown resilience during the pandemic period and that is expected to perform well in a post-COVID-19 environment.
“NAR has recognized the Charleston market for its incredible growth and performance during a year in which many markets faced significant challenges. Over the last 11 months, our demand has continued to grow across nearly all sub-markets in our region and with historic low rates that we expect to continue, that demand will only grow.” Said 2020 CTAR President, Bobette Fisher. “We are only being hampered by low inventory and for many buyers, affordability” said Fisher. “We will continue to work with local municipalities to overcome the affordable housing issues in our market” she said.
According to NAR’s report, the Charleston metro has been resilient, with a low unemployment rate of 4.7%, well below the national rate of 7.9%. Mobility to the leisure and recreation places is 13% below pre-pandemic level, which is also below the national rate of 20%.
“Some markets have been performing exceptionally well throughout the pandemic and they’ll likely carry that momentum well into 2021 and beyond because of strong in-migration of new residents, faster local job market recoveries and environments conducive to work-from-home arrangements and other factors,” said NAR Economist Lawrence Yun said.
NAR identified the top 10 metro areas by considering a variety of indicators that it views to be influential to a metro area’s recovery and growth prospects in a post-pandemic environment over the next two years, including: unemployment rate; net domestic migration, including movers from expensive West Coast areas; share of workers in retail trade, leisure and hospitality industries; mobility to retail and leisure places; and the fraction of the workforce working from home, among others.
“As we look towards 2021 and beyond, expect these 10 markets to perform strongly with potential buyers finding conditions particularly favorable to purchase a home,” said NAR President Charlie Oppler.. “Overall, residential real estate will continue to be an important driver of our nation’s economic recovery and the activity in these markets will help lead the way.”
Preliminary data showed 2,098 homes sold in October in the Charleston region at a median price of $317,454. Updated data now shows 2,143 sales at a median price of $316,840.
510 homes sold at a median price of $253,783 in Berkeley County in November, 437 single-family homes and 73 condos/townhomes. Year-to-date, 4,462 single-family homes have sold at a median price of $285,000 and 715 condos/townhomes at a median price of $198,990.
There are currently 623 residential properties for sale in Berkeley County; 546 single-family homes and 77 condos/townhomes.
844 homes sold at a median price of $357,900 in Charleston County in November, 613 single-family homes and 231 condos/townhomes. Year-to-date, 7,258 single-family homes have sold at a median price of $422,837 and 2,443 condos/townhomes at a median price of $252,000.
There are currently 1,574 residential properties for sale in Charleston County—1,077 single-family homes and 497 condos/townhomes.
35 single-family homes sold at a median price of $320,000 in Colleton County in November. No condos/townhomes sold during the month. Year-to-date, 330 single-family homes have sold at a median price of $232,000 and 40 condos/townhomes at a median price of $239,250.
There are currently 76 residential properties for sale in Colleton County—72 single-family homes and 4 condos/townhomes.
343 homes sold at a median price of $234,938 in Dorchester County in November, 314 single-family homes and 29 condos/townhomes. Year-to-date, 3,276 single-family homes have sold at a median price of $270,000 and 447 condos/townhomes at a median price of $185,000.
There are currently 319 residential properties for sale in Dorchester County—284 single-family homes and 35 condos/townhomes.