Residential Real Estate Sales and Median Price Increase in June Following Regional Reopening
Released: July 10, 2020
2,043 homes sold in June in the Charleston region at a median price of $288,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). This data represents a nearly 6% increase over last June, when 1,933 homes sold at a median price of $285,000.
Year-to-date, 9,155 homes have changed hands at a median price of $289,000. At this point last year, 9,226 homes had sold at a median price of $277,500. Year-to-date, sales are down just under 1% and median price has increased by 4%.
Inventory data shows 35% fewer homes for sale over the last 12-month period, with 4,140 homes listed as “active” for sale in the CHS Regional MLS database at the end of June.
“As we expected, closings followed the showings data from May and we saw a healthy increase in sales during the month of June” said 2020 CTAR President Bobette Fisher. “In June, the Charleston region had reopened and the pent-up demand from the stay-at-home orders as well as historically low rates materialized into closed transactions” she said.
Total showings for the region gained ground again in June, with 33,633 showings—an increase of 13% compared to June 2019. The areas with the highest number of showings were again concentrated in the north area with Summerville/Ladson, Goose Creek and North Charleston leading the way.
“We are seeing significant sales activity in the luxury ($1 million and up) price range, as investors and second-home seekers continue to choose Charleston as their destination” said Fisher. “Inventory, however, continues to shrink, and we need to have real discussions about the future of our region, in terms of embracing new thinking about housing opportunities. We need to encourage density where it makes sense and build in areas that are least likely to be impacted by flooding” she said.
May Adjustment
Preliminary data showed 1,489 homes sold in May in the Charleston region at a median price of $288,325. Updated data now shows 1,497 sales at the same median price.
Berkeley County
553 homes sold at a median price of $232,177 in Berkeley County in June, 483 single-family homes and 70 condos/townhomes. Year-to-date, 2,142 single-family homes have sold at a median price of $278,848 and 325 condos/townhomes at a median price of $190,000.
There are currently 813 residential properties for sale in Berkeley County; 700 single-family homes and 113 condos/townhomes.
Charleston County
995 homes sold at a median price of $320,250 in Charleston County in June, 745 single-family homes and 250 condos/townhomes. Year-to-date, 3,348 single-family homes have sold at a median price of $395,000 and 1,097 condos/townhomes at a median price of $249,900.
There are currently 2,345 residential properties for sale in Charleston County—1,636 single-family homes and 709 condos/townhomes.
Colleton County
33 homes sold at a median price of $269,000 in Colleton County in June, 26 single-family homes and 7 condos/townhomes. Year-to-date, 157 single-family homes have sold at a median price of $189,500 and 23 condos/townhomes at a median price of $254,000.
There are currently 116 residential properties for sale in Colleton County—108 single-family homes and 8 condos/townhomes.
Dorchester County
381 homes sold at a median price of $229,125 in Dorchester County in June, 331 single-family homes and 50 condos/townhomes. Year-to-date, 1,527 single-family homes have sold at a median price of $265,000 and 208 condos/townhomes at a median price of $188,000.
There are currently 510 residential properties for sale in Dorchester County—452 single-family homes and 58 condos/townhomes.
