May Market Report: Median Price Passes $400k for the Region
MEDIAN PRICE PASSES $400K FOR THE REGION IN MAY HOME SALES AT A STEADY AND SUSTAINABLE PACE
Charleston, SC – (June 13, 2022) 2,012 homes sold in May in the Charleston region at a median price of $425,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Year-to-date data shows 8,942 homes sold at a median price of $390,000, 8% fewer sales than at this point last year, but at a price point that is 16% higher.
Inventory data shows 1,775 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing less than one month’s available inventory.
“While it appears that the market has been on a downward trend in terms of sales, what we are seeing is a re-settling, or normalization of the market, after two years (2021 and 2020) of irregular market activity” said 2022 CTAR President Jon Stroud. “When you look at May 2019, there were nearly 1,900 homes sold in that month. In May 2018, there were just over 1,800, so when you remove the two outliers, that’s our evidence that the market is growing in a steady, sustainable way on the sales side” said Stroud.
“While we do have to account for the increased cost of homeownership overall—mortgage rate increases and prices are up 16% over last year, which is a significant jump—we have not seen a slow in demand for homes in our market, which is what is going to continue driving sustainable buying activity” said Stroud.
April Adjustment
Preliminary data showed 1,897 homes sold in April in the Charleston region at a median price of $399,000. Updated figures now show 1,916 homes sold at the same median price.
Berkeley County
607 homes sold at a median price of $342,646 in Berkeley County in May, 539 single-family homes and 68 condos/townhomes.
Year-to-date, 2,395 single-family homes have sold at a median price of $380,000. Today’s report shows a slight decline of 1.5% in sales with an 18% increase in median sale price. 294 condos/townhomes have sold at a median price of $273,866 so far this year—sales are 6% lower than 2021 while median price has increased by 27%.
There are currently 491 residential properties for sale in Berkeley County, an increase of more than 100 properties from last month; 444 single-family homes and 47 condos/townhomes.
Charleston County
935 homes sold at a median price of $504,975 in Charleston County in May, 661 single-family homes and 274 condos/townhomes.
Year-to-date, 2,933 single-family homes have sold at a median price of $567,000. Today’s report shows 14% fewer sales with a 17% increase in median sale price compared to this point last year. 1,127 condos/townhomes have sold at a median price of $365,000 so far this year—12% fewer sales with a 30% increase in median price.
There are currently 764 residential properties for sale in Charleston County; 600 single-family homes and 164 condos/townhomes.
Colleton County
23 homes sold at a median price of $385,500 in Colleton County in May, 22 single-family homes and 1 condo/townhouse.
Year-to-date, 146 single-family homes have sold at a median price of $290,000. Today’s report shows 1% fewer sales with a 4% decline in median sale price compared to this point last year. 34 condos/townhomes have sold at a median price of $399,000 so far this year—sales have increased 42% compared to this point in 2021 with a 71% increase in median price.
There are currently 68 residential properties for sale in Colleton County, 67 single-family homes and one condo/townhouse.
Dorchester County
348 homes sold at a median price of $314,148 in Dorchester County in May, 314 single-family homes and 34 condos/townhomes.
Year-to-date, 1,365 single-family homes have sold at a median price of $358,000. Today’s report shows 9% fewer sales with a 19% increase in median sale price compared to this point last year. 158 condos/townhomes have sold at a median price of $246,950 so far this year—31% fewer sales in that market segment with a 16% increase in median price.
There are currently 229 residential properties for sale in Dorchester County; 221 single-family homes and 9 condos/townhomes.
