June 2023 Market Report: Sky High Demand and Lack of Inventory Keeping Charleston Market From a Healthy Pace
Sky High Demand and Lack of Inventory Keeping Charleston Market From a Healthy Pace
Charleston, SC – (July 10, 2023) 1,789 homes sold in June in the Charleston region at a median price of $410,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last year, 2,046 homes sold in July at a median price of $420,000 which is 13% fewer sales at a price point that is a slight 2% lower.
Year-to-date, 8,658 homes have sold in the Charleston region at a median price of $404,665. In 2022, 11,072 homes had sold at a median price of $396,900 which reflects a 22% difference in sales and a 2% increase in median price.
Inventory showed a decline for the first time this year, with 2,398 homes listed as “active” for sale in the CHS Regional MLS database at the end of June—representing about a month and a half worth of available inventory and 12% fewer homes for sale than at this time last year.
“Home sales have steadily increased every month this year, but the demand for housing significantly outweighs current supply in the Charleston market” said 2023 CTAR President Katesha Breland. “This month, inventory declined for the first time this year. Summer is typically the busiest homebuying season and people are buying everything that is available, but we need a significant amount of additional housing, in a wide range of price points to accommodate the demand from prospective buyers” she said. “If we had more homes to sell, we could sell them!” said Breland.
May Adjustment
Preliminary data showed 1,654 homes sold in May in the Charleston region at a median price of $420,000. Updated figures now show 1,675 homes sold at the same median price.
Berkeley County
532 homes sold at a median price of $352,601 in Berkeley County in June, 491 single-family homes and 41 condos/townhomes.
Year-to-date, 2,362 single-family homes have sold in Berkeley County at a median price of $384,995; 257 townhomes/condos have sold at a median price of $304,040.
There are currently 736 residential properties for sale in Berkeley County; 663 single-family homes and 73 condos/townhomes.
Charleston County
737 homes sold at a median price of $524,500 in Charleston County in June, 541 single-family homes and 196 condos/townhomes.
Year-to-date, 2,724 single-family homes have sold in Charleston County at a median price of $606,628; 919 townhomes/condos have sold at a median price of $395,000.
There are currently 956 residential properties for sale in Charleston County; 729 single-family homes and 227 condos/townhomes.
Colleton County
30 homes sold at a median price of $296,500 in Colleton County in June, 25 single-family homes and 5 condos/townhomes.
Year-to-date, 143 single-family homes have sold in Colleton County at a median price of $265,000; 22 townhomes/condos have sold at a median price of $289,200.
There are currently 57 residential properties for sale in Colleton County, 57 single-family homes with no condos/townhomes currently on the market.
Dorchester County
363 homes sold at a median price of $327,875 in Dorchester County in June, 327 single-family homes and 36 condos/townhomes.
Year-to-date, 1,514 single-family homes have sold in Dorchester County at a median price of $378,000; 156 townhomes/condos have sold at a median price of $265,000.
There are currently 384 residential properties for sale in Dorchester County; 354 single-family homes and 30 condos/townhomes.
