November 2022 Market Report
AFFORDABILITY AND FINANCING CHALLENGE THE RESIDENTIAL REAL ESTATE MARKET
1,236 homes sold in November in the Charleston region at a median price of $400,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Year-to-date data shows 18,081 homes sold at a median price of $398,900 which is 17% fewer sales than at this point last year, at a price point that is 14% higher.
Inventory data shows 49% more homes on the market than at this time last year, with 3,167 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just under two months of available inventory.
“While we generally see a decline in sales during the holiday season, this year the financing piece is really challenging both buyers and sellers and impacting home sales. On the buying side, both median price and borrowing costs are significantly higher than they were at this time last year, so buyers are being challenged to find more creative ways to finance their home purchase. With sellers, many are hesitant to list their homes despite the increased value because of the borrowing costs associated with purchasing a new home. This is no doubt a challenging market for many, so working with the right team of professionals has never been more important” said 2022 CTAR President Jon Stroud.
October Adjustment
Preliminary data showed 1,367 homes sold in October in the Charleston region at a median price of $400,000. Updated figures now show 1,380 homes sold at the same median price.
Berkeley County
380 homes sold at a median price of $339,188 in Berkeley County in November, 346 single-family homes and 34 condos/townhomes.
Year-to-date, 5,021 single-family homes have sold at a median price of $387,125. Today’s report shows a sales decline of 12% with a nearly 16% increase in median sale price. 635 condos/townhomes have sold at a median price of $290,000 so far this year—sales are 15% lower than 2021 while median price has increased by 26%.
There are currently 1,022 residential properties for sale in Berkeley County; 918 single-family homes and 104 condos/townhomes.
Charleston County
486 homes sold at a median price of $493,725 in Charleston County in November, 372 single-family homes and 114 condos/townhomes.
Year-to-date, 5,970 single-family homes have sold at a median price of $580,000. Today’s report shows 20% fewer sales with a 16% increase in median sale price compared to this point last year. 2,175 condos/townhomes have sold at a median price of $370,000 so far this year—24% fewer sales with a 23% increase in median price.
There are currently 1,210 residential properties for sale in Charleston County; 942 single-family homes and 268 condos/townhomes.
Colleton County
20 homes sold at a median price of $497,500 in Colleton County in November, 18 single-family homes and 2 condos/townhomes.
Year-to-date, 303 single-family homes have sold at a median price of $286,000. Today’s report shows a 12% decline in sales with a 10% increase median sale price compared to this point last year. 58 condos/townhomes have sold at a median price of $386,750 so far this year—sales have increased 16% compared to this point in 2021 with an 34% increase in median price.
There are currently 102 residential properties for sale in Colleton County, 93 single-family homes and 9 condos/townhomes.
Dorchester County
270 homes sold at a median price of $314,947 in Dorchester County in November, 245 single-family homes and 25 condos/townhomes.
Year-to-date, 2,959 single-family homes have sold at a median price of $366,756. Today’s report shows 15% fewer sales with an 17% increase in median sale price compared to this point last year. 326 condos/townhomes have sold at a median price of $250,000 so far this year—48% fewer sales in that market segment with a 10% increase in median price.
There are currently 497 residential properties for sale in Dorchester County; 461 single-family homes and 36 condos/townhomes.
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