January Market Report: Median Home Price Continues to Climb, Sales Slowed by Lack of Inventory
MEDIAN HOME PRICE CONTINUES TO CLIMB, SALES SLOWED BY LACK OF INVENTORY
1,398 homes sold in January in the Charleston region at a median price of $360,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).
Sales volume declined slightly, by 3% when compared to last January’s sales of 1,447 homes. Median price increased by 14% from the January 2021 figure of 315,000.
Inventory data shows 53% fewer homes, with 1,203 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just under one month’s worth of available inventory.
“We expect to see sales volume to slow a bit in the first part of this year, due to our extremely limited inventory” said 2022 CTAR President Jon Stroud. “If we had the number of homes the current market demands, sales would likely continue to grow and prices would normalize—there are many prospective buyers who can’t buy in this market because prices have increased so much” said Stroud.
Preliminary data showed 1,919 homes sold in December in the Charleston region at a median price of $385,000. Updated figures now show 1,946 homes sold at the same median price.
402 homes sold at a median price of $315,850 in Berkeley County in January, 354 single-family homes and 48 condos/townhomes.
There are currently 340 residential properties for sale in Berkeley County; 304 single-family homes and 36 condos/townhomes.
631 homes sold at a median price of $412,079 in Charleston County in January, 455 single-family homes and 176 condos/townhomes.
There are currently 495 residential properties for sale in Charleston County; 383 single-family homes and 112 condos/townhomes.
34 homes sold at a median price of $332,500 in Colleton County in January, 23 single-family homes and 11 condos/townhomes.
There are currently 48 residential properties for sale in Colleton County; 47 single-family homes and 1 condo/townhome.
249 homes sold at a median price of $284,750 in Dorchester County in January, 219 single-family homes and 30 condos/townhomes.
There are currently 123 residential properties for sale in Dorchester County; 116 single-family homes and 7 condos/townhomes.