March Market Report: Residential Sales Pass 2k
Home Sales Soar Past 2k as the Historically Busy Season Begins
Released: April 13, 2021
2,168 homes sold in March in the Charleston region at a median price of $337,073 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).
Year-to-date, sales have increased 26% with 5,270 homes sold thus far in 2021 compared to 4,176 at this point last year. Median price is $330,000, a 14% increase from this point in 2020, when the median price was $289,100. Homes are selling in nearly half the time they were taking a year ago, due to the increased demand and lack of supply, the average time a property stays on market is 37 days.
Inventory data shows 72% fewer homes for sale over the last 12-month period, with 1,587 homes listed as “active” for sale in the CHS Regional MLS database at the end of March—representing less than one month of available inventory, a new record low.
“Our market is picking up steam as we head into one of the busiest times of the year for residential real estate” said 2021 CTAR President Rusty Hughes. “We need to see enough inventory come on the market that we can get to the point where homes aren’t selling within hours of coming online. Right now, it’s incredibly difficult to get new and available inventory in front of prospective buyers before it’s sold” said Hughes. “The demand does not show any signs of slowing and we only expect interest to increase with the beginning of the spring and summer vacation season” he said. “Last month, we hosted the Comprehensive Planning Summit with an outstanding group of local leadership and elected officials—we heard from planning experts who shared new and innovative ways that southeastern cities are embracing growth in ways that expand affordability, increase homeownership and help cities grow smart. We look forward to supporting our local towns, cities and municipalities as they implement their Comprehensive Plans and consider new and different ways that we can grow smart as a region” said Hughes.
February Adjustment
Preliminary data showed 1,654 homes sold in February in the Charleston region at a median price of $329,334. Updated data now shows 1,666 sales at the same median price.
Berkeley County
589 homes sold at a median price of $269,875 in Berkeley County in March, 534 single-family homes and 55 condos/townhomes.
Year-to-date, 1,318 single-family homes have sold at a median price of $318,632. Today’s report shows a 37% increase in sales and a 14% increase in median sale price. 157 condos/townhomes have sold at a median price of $213,900 so far this year—a 11% increase in sales and 14% increase in pricing.
There are currently 353 residential properties for sale in Berkeley County; 322 single-family homes and 31 condos/townhomes.
Charleston County
1,086 homes sold at a median price of $375,250 in Charleston County in March, 763 single-family homes and 323 condos/townhomes.
Year-to-date, 1,887 single-family homes have sold at a median price of $450,690. Today’s report shows a 23% increase in sales and 15% increase in median sale price. 698 condos/townhomes have sold at a median price of $267,850 so far this year—a 36% increase in sales and nearly 8% increase in pricing.
There are currently 825 residential properties for sale in Charleston County; 543 single-family homes and 282 condos/townhomes.
Colleton County
42 homes sold at a median price of $351,000 in Colleton County in March, 37 single-family homes and 5 condos/townhomes.
Year-to-date, 84 single-family homes have sold at a median price of $292,250. Today’s report shows a 4% increase in sales and 58% increase in median sale price. 12 condos/townhomes have sold at a median price of $243,750 so far this year—a 9% increase in sales and 8% decline in pricing.
There are currently 51 residential properties for sale in Colleton County; 46 single-family homes and 5 condos/townhomes.
Dorchester County
362 homes sold at a median price of $243,000 in Dorchester County in March, 327 single-family homes and 35 condos/townhomes.
Year-to-date, 816 single-family homes have sold at a median price of $289,000. Today’s report shows a 17% increase in sales and 10% increase in median sale price. 94 condos/townhomes have sold at a median price of $187,250 so far this year—a 2% decrease in sales and 2.5% decline in pricing.
There are currently 176 residential properties for sale in Dorchester County; 149 single-family homes and 27 condos/townhomes.
