March 2023 Market Report: Q1 Shows Good Progress for Region’s Housing Market
1,589 homes sold in March in the Charleston region at a median price of $403,075 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last year, 2,127 homes sold in March at a median price of $385,000.
At the end of the first quarter of the year, 3,674 homes have sold in the Charleston region at a median price of $394,250. At the end of Q1 last year, 5,046 homes had sold at a median price of $376,000 which reflects a 27% difference in sales year-over-year and a 5% increase in median price.
Inventory has increased by 60% with 2,427 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month compared to last year’s 1,513. Current inventory represents just over 1.5 months of supply, which is still considerably lower than the 5-6 months that we’d like to see as a representation of a healthy level of inventory but moving in the right direction.
“When we look at the last five years of sales data from the first quarter, you can clearly see the outlier “Covid Years” and their impact on the regional market” said 2023 CTAR President Katesha Breland. “When you look back to 2019 and earlier, before the pandemic boom, the sales market was behaving very similarly to how it is now—steady and sustainable growth. The data shows exactly what we’ve been saying, that the market is normalizing and returning to sustainable activity” Breland said. “On the pricing side, the lower levels of inventory and lack of available homes in a variety of price points continues to be a challenge as prices continue to rise. With the regional median price crossing the $400k threshold, buyers are going to have to rely on a trusted Realtor® professional to find what fits for their needs and their budget” she said.
Preliminary data showed 1,131 homes sold in February in the Charleston region at a median price of $385,388. Updated figures now show 942 homes sold at the same median price.
486 homes sold at a median price of $345,599 in Berkeley County in March, 426 single-family homes and 60 condos/townhomes.