NEW! May Market Update
RESIDENTIAL REAL ESTATE SALES AND PRICES INCREASE AGAIN IN MAY
The Already Competitive Market Poised to Tighten as Summer Buying Season Kicks Off
CHARLESTON, SC—(June 10, 2021) 2,173 homes sold in May in the Charleston region at a median price of $349,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Year-to-date, sales volume has increased 35% with 9,642 homes sold thus far in 2021 compared to 7,136 at this point last year. Median price is $335,000 a 16% increase from this point in 2020, when the median price was $289,245.
Inventory data shows 72% fewer homes for sale over the last 12-month period, with 1,466 homes listed as “active” for sale in the CHS Regional MLS database at the end of May—representing less than one month of available inventory.
“Sales and pricing continue to increase as we move into the Summer buying season, which is generally when we see the highest levels of demand in our region” said 2021 CTAR President Rusty Hughes. “We’re already in a very competitive market, with most listings receiving multiple offers and moving off the market in hours, not days” he said. “Additional demand, competition and the ongoing challenge of limited inventory will create additional competition among buyers” said Hughes.
April Adjustment
Preliminary data showed 2,148 homes sold in April in the Charleston region at a median price of $343,796. Updated data now shows 2,166 sales at a median price of $340,628.
Berkeley County
642 homes sold at a median price of $270,200 in Berkeley County in May, 557 single-family homes and 85 condos/townhomes.
Year-to-date, 2,423 single-family homes have sold at a median price of $321,500. Today’s report shows a 46% increase in sales and a 15% increase in median sale price. 313 condos/townhomes have sold at a median price of $215,000 so far this year—a 23% increase in sales and 13% increase in price.
There are currently 308 residential properties for sale in Berkeley County; 279 single-family homes and 29 condos/townhomes.
Charleston County
985 homes sold at a median price of $49,050 in Charleston County in May, 720 single-family homes and 265 condos/townhomes.
Year-to-date, 3,368 single-family homes have sold at a median price of $485,000. Today’s report shows a 29% increase in sales and 23% increase in median sale price. 1,276 condos/townhomes have sold at a median price of $280,470 so far this year—a 50% increase in sales and 12% increase in pricing.
There are currently 762 residential properties for sale in Charleston County; 531 single-family homes and 231 condos/townhomes.
Colleton County
34 homes sold at a median price of $226,000 in Colleton County in May, 29 single-family homes and 5 condos/townhomes.
Year-to-date, 148 single-family homes have sold at a median price of $301,250. Today’s report shows a 13% increase in sales and 67% increase in median sale price. 24 condos/townhomes have sold at a median price of $232,750 so far this year—a 50% increase in sales and 8% decline in pricing.
There are currently 59 residential properties for sale in Colleton County; 59 single-family homes and no condos/townhomes.
Dorchester County
427 homes sold at a median price of $275,400 in Dorchester County in May, 351 single-family homes and 76 condos/townhomes.
Year-to-date, 1,490 single-family homes have sold at a median price of $299,450. Today’s report shows a 25% increase in sales and 13% increase in median sale price. 225 condos/townhomes have sold at a median price of $213,900 so far this year—a 42% increase in sales and 14% increase in pricing.
There are currently 180 residential properties for sale in Dorchester County; 148 single-family homes and 32 condos/townhomes.
