January 2023 Market Report
RESIDENTIAL REAL ESTATE SALES DECLINE AS EXPECTED DURING MARKET NORMALIZATION
919 homes sold in January in the Charleston region at a median price of $388,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last year, 1,427 homes sold in January at a median price of $360,295 which is 36% fewer sales at a price point that is almost 8% higher.
Inventory data shows 75% more homes on the market than at this time last year, with 2,652 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just under two months of available inventory.
“The January residential market data shows the trends we anticipated—in addition to the holiday season always being the slowest time of year for home sales, market conditions are simply more challenging right now” said 2023 CTAR President Katesha Breland. “This is all part of the process as our market normalizes following the shift in market influences like higher borrowing costs, decreased affordability as median home prices continue to rise and the overall impact of inflation” said Breland. “The good news is that demand for housing in our region continues to increase, as does inventory following the holiday season. As we saw mortgage rates decline throughout the last month, we anticipate that challenges will ease a bit and more buyers will be in a better position to act on a purchase than they were a month or two ago” she said.
December Adjustment
Preliminary data showed 1,258 homes sold in December in the Charleston region at a median price of $390,000. Updated figures now show 1,271 homes sold at the same median price.
Berkeley County
305 homes sold at a median price of $332,220 in Berkeley County in January, 274 single-family homes and 31 condos/townhomes.
There are currently 851 residential properties for sale in Berkeley County; 771 single-family homes and 80 condos/townhomes.
Charleston County
368 homes sold at a median price of $481,500 in Charleston County in January, 277 single-family homes and 91 condos/townhomes.
There are currently 933 residential properties for sale in Charleston County; 736 single-family homes and 197 condos/townhomes.
Colleton County
21 homes sold at a median price of $244,000 in Colleton County in January, 16 single-family homes and 5 condos/townhomes.
There are currently 83 residential properties for sale in Colleton County, 77 single-family homes and 6 condos/townhomes.
Dorchester County
162 homes sold at a median price of $305,963 in Dorchester County in January, 144 single-family homes and 18 condos/townhomes.
There are currently 471 residential properties for sale in Dorchester County; 444 single-family homes and 27 condos/townhomes.
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