February 2023 Market Report: Home Sales Continue to Progress at a Healthy and Sustainable Pace
FOR IMMEDIATE RELEASE
Home Sales Continue to Progress at a Healthy and Sustainable Pace
Charleston, SC – (March 10, 2023) 1,131 homes sold in February in the Charleston region at a median price of $385,388 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last year, 1,493 homes sold in February at a median price of $375,000 which is 24% fewer sales at a price point that is 3% higher.
Year-to-date, 2,073 homes have sold in the Charleston region at a median price of $386,100. In 2022, 2,919 homes had sold at a median price of $369,000 which reflects a 29% difference in sales and a 5% increase in median price.
Inventory data shows just over 70% more homes on the market than at this time last year, with 2,443 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing about 1.5 months of available inventory. In comparison, there were just 1,426 homes listed as “active” for sale last February—so while inventory is still less than half of what we need to sustain a balanced market, that metric is moving in a positive direction.
“The February market data shows what we expected—progress towards the normalization of the residential real estate market in the Charleston region” said 2023 CTAR President Katesha Breland. “The number of transactions we’re seeing now is a more normal and sustainable pace than we’ve seen in recent years, following the extreme market environment we experienced in 2020 and 2021” said Breland. “As we move into the spring, we anticipate sales remaining near this level and sales increasing incrementally during the busier buying months” she said.
January Adjustment
Preliminary data showed 919 homes sold in January in the Charleston region at a median price of $388,000. Updated figures now show 942 homes sold at the same median price.
Berkeley County
389 homes sold at a median price of $336,000 in Berkeley County in February, 360 single-family homes and 29 condos/townhomes.
Year-to-date, 646 single-family homes have sold in Berkeley County at a median price of $379,000; 60 townhomes/condos have sold at a median price of $290,495.
There are currently 731 residential properties for sale in Berkeley County; 654 single-family homes and 77 condos/townhomes.
Charleston County
455 homes sold at a median price of $465,500 in Charleston County in February, 331 single-family homes and 124 condos/townhomes.
Year-to-date, 610 single-family homes have sold in Charleston County at a median price of $575,500; 217 townhomes/condos have sold at a median price of $373,534.
There are currently 907 residential properties for sale in Charleston County; 727 single-family homes and 180 condos/townhomes.
Colleton County
19 homes sold at a median price of $284,475 in Colleton County in February, 17 single-family homes and 2 condos/townhomes.
Year-to-date, 33 single-family homes have sold in Colleton County at a median price of $299,000; 7 townhomes/condos have sold at a median price of $215,000.
There are currently 76 residential properties for sale in Colleton County, 68 single-family homes and 8 condos/townhomes.
Dorchester County
239 homes sold at a median price of $306,475 in Dorchester County in February, 192 single-family homes and 15 condos/townhomes.
Year-to-date, 340 single-family homes have sold in Dorchester County at a median price of $359,995; 33 townhomes/condos have sold at a median price of $253,000.
There are currently 436 residential properties for sale in Dorchester County; 396 single-family homes and 40 condos/townhomes.
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