Historically Low Inventory in Residential Real Estate Creates an Increasingly Competitive Market
Released: November 11, 2020
The monthly market reports will be posted as soon as they are available, we apologize for the delay!
The Charleston Trident Association of Realtors® (CTAR) reported 2,098 homes sold in October in the Charleston region at a median price of $317,454 citing preliminary data as of November 2, 2020.
Year-to-date, 17,867 homes have changed hands at a median price of $299,000. At this point last year, 15,694 homes had sold at a median price of $278,815. Thus far in 2020, the number of closed sales has increased by nearly 14% and median price is 7% higher.
Inventory data shows 50% fewer homes for sale over the last 12-month period, with 3,062 homes listed as “active” for sale in the CHS Regional MLS database at the end of October—representing a scant 1.6 months of available inventory, a record low.
“Demand for homes in our market continues to climb and we are deep in seller’s market territory with just a month and a half’s worth of inventory available. About one-third of the available inventory in our entire MLS region is concentrated in the North area—from North Charleston to Moncks Corner. The remainder of our four-county market is stretched incredibly thin and there’s no reason to believe that will slow down in a meaningful way any time soon, even into the typically slower holiday season” said 2020 CTAR President Bobette Fisher. “Rates decreased again in October, which has given buyers more opportunities and options in terms of what they can consider from the financing aspect, but the market is extremely competitive right now–multiple offers are becoming the norm in our regional market” said Fisher.
Showing data was unavailable for this period and will be reported at a later date.
September Adjustment
Preliminary data showed 2,067 homes sold in September in the Charleston region at a median price of $310,000. Updated data now shows 2,083 sales at the same median price.
Berkeley County
546 homes sold at a median price of $250,875 in Berkeley County in October, 462 single-family homes and 84 condos/townhomes. Year-to-date, 4,012 single-family homes have sold at a median price of $284,000 and 641 condos/townhomes at a median price of $197,990.
There are currently 613 residential properties for sale in Berkeley County; 534 single-family homes and 79 condos/townhomes.
Charleston County
1,034 homes sold at a median price of $349,500 in Charleston County in October, 793 single-family homes and 241 condos/townhomes. Year-to-date, 6,628 single-family homes have sold at a median price of $420,000 and 2,203 condos/townhomes at a median price of $250,000.
There are currently 1,713 residential properties for sale in Charleston County—1,177 single-family homes and 536 condos/townhomes.
Colleton County
40 homes sold at a median price of $183,750 in Colleton County in October, 39 single-family homes and 1 condo/townhouse. Year-to-date, 295 single-family homes have sold at a median price of $225,000 and 40 condos/townhomes at a median price of $239,250.
There are currently 79 residential properties for sale in Colleton County—75 single-family homes and 4 condos/townhomes.
Dorchester County
382 homes sold at a median price of $231,000 in Dorchester County in October, 345 single-family homes and 37 condos/townhomes. Year-to-date, 2,948 single-family homes have sold at a median price of $269,000 and 418 condos/townhomes at a median price of $185,000.
There are currently 367 residential properties for sale in Dorchester County—322 single-family homes and 45 condos/townhomes.
