July Market Report: Home Sales Dip as Median Price Continues Double-Digit Growth
1,685 homes sold in July in the Charleston region at a median price of $399,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Year-to-date data shows 12,899 homes sold at a median price of $396,913, 14% fewer sales than at this point last year, but at a price point that is 17% higher.
Inventory data shows 15% more homes, for sale, with 2,749 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing 1.5 months of available inventory.
“At this point in the year, we are used to seeing busier than average buyer activity, but as the market normalizes from the record-setting activity in 2021 and the costs associated with buying a home increase, some prospective buyers are feeling a bit hesitant” said 2022 CTAR President Jon Stroud. “However, we’re still seeing strong demand for homes in our region, despite these challenges pricing some out of the market” he said.
June Adjustment
Preliminary data showed 2,024 homes sold in June in the Charleston region at a median price of $420,000. Updated figures now show 2,038 homes sold at the same median price.
Berkeley County
514 homes sold at a median price of $347,145 in Berkeley County in July, 447 single-family homes and 67 condos/townhomes.
Year-to-date, 3,397 single-family homes have sold at a median price of $387,000. Today’s report shows a sales decline of 5% with a nearly 19% increase in median sale price. 441 condos/townhomes have sold at a median price of $283,500 so far this year—sales are 6% lower than 2021 while median price has increased by 27%.
There are currently 837 residential properties for sale in Berkeley County; 771 single-family homes and 66 condos/townhomes.
Charleston County
725 homes sold at a median price of $466,418 in Charleston County in July, 529 single-family homes and 196 condos/townhomes.
Year-to-date, 4,133 single-family homes have sold at a median price of $575,000. Today’s report shows 17% fewer sales with a 18% increase in median sale price compared to this point last year. 1,568 condos/townhomes have sold at a median price of $367,000 so far this year—17% fewer sales with a 28% increase in median price.
There are currently 1,064 residential properties for sale in Charleston County; 868 single-family homes and 247 condos/townhomes.
Colleton County
34 homes sold at a median price of $337,750 in Colleton County in July, 28 single-family homes and 6 condos/townhomes.
Year-to-date, 204 single-family homes have sold at a median price of $290,000. Today’s report shows a 4% decline in sales with a slight (+0.4%) increase median sale price compared to this point last year. 46 condos/townhomes have sold at a median price of $385,000 so far this year—sales have increased 59% compared to this point in 2021 with an 62% increase in median price.
There are currently 85 residential properties for sale in Colleton County, 83 single-family homes and 2 condos/townhomes.
Dorchester County
313 homes sold at a median price of $314,473 in Dorchester County in July, 290 single-family homes and 23 condos/townhomes.
Year-to-date, 1,975 single-family homes have sold at a median price of $360,957. Today’s report shows 11% fewer sales with an 18% increase in median sale price compared to this point last year. 219 condos/townhomes have sold at a median price of $250,000 so far this year—41% fewer sales in that market segment with a 14% increase in median price.
There are currently 425 residential properties for sale in Dorchester County; 406 single-family homes and 19 condos/townhomes.
