September Market Stats
YEAR TO DATE RESIDENTIAL REAL ESTATE TRANSACTIONS EVEN, REGION-WIDE PRICES UP 5%
CHARLESTON, SC—(October 10, 2019) 1,406 homes sold in September in the Charleston region at a median price of $285,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last September, 1,244 homes sold at a median price of $276,500.
This year’s 14,281 closings show transactions up half a percent and median price up 5%, to $279,000 for the region.
There are nearly 9% fewer homes for sale than at this point last year, with 5,585 homes listed as “active” for sale in the CHS Regional MLS database at the end of September.
“It’s tough to draw a clear comparison for September data year over year because in mid-September 2018 our region was shut down for nearly a week to prepare for Hurricane Florence, which greatly impacted that month’s real estate transactions. However, looking at year-to-date figures, our market is relatively flat in terms of sales growth—less than 1% for the year—largely due to the ongoing threats of regulatory overreach in our municipalities” said 2019 CTAR President Edward Oswald.
“There’s not a universal solution to growth and development for our region—each sub-market is so unique. Realtors® are committed to protecting the beauty of our region, but the fact is, we are growing and these growth pressures are not just going to turn off overnight. We have to be able to build where it makes sense to meet the growing housing needs of our area” said Oswald. “We have to have meaningful conversation with our elected officials about how to implement smart growth strategies and how we can effectively manage our region’s future. Applying blanket non-solutions to restrict growth means that our real estate market is going to continue to become more and more unaffordable due to the lack of inventory. It’s simple supply and demand and we can’t have it both ways” said Oswald.
1,800 homes sold in August in the Charleston region at a median price of $285,000. Updated data now shows 1,836 sales at a median price of $283,000.
376 homes sold at a median price of $226,420 in Berkeley County in September, 331 single-family homes and 45 Condos/townhomes. Year-to-date, single-family home sales have increased by 3% in the County, as median home price has increased nearly 7%, to $261,995. Condo and townhome sales increased just over 1%, as median price has increased to $175,385 representing a gain of almost 8% for the year.
There are currently 1,170 residential properties for sale in Berkeley County—929 single-family homes and 144 condos/townhomes.
695 residential properties sold at a median price of $304,649 in Charleston County in September, 524 single-family homes and 171 Condos/townhomes. Single-family home sales are showing little growth year-to-date in the County, as median home price has increased by about 3% so far this year, to $385,000. Condo and townhome sales are up 4% as median price increased 3.5% to $235,000.
There are currently 3,237 residential properties for sale in Charleston County—2,383 single-family homes and 854 condos/townhomes.
20 residential properties sold at a median price of $243,000 in Colleton County in September, 17 single-family homes and 3 Condo/townhomes. Single-family home sales have declined by 10% in the County, as median home price has increased by 7% this year, to $199,750. Condo and townhome sales are down slightly as median price declined 13% to $147,450.
There are currently 175 residential properties for sale in Colleton County—161 single-family homes and 14 condos/townhomes.
239 homes sold at a median price of $208,750 in Dorchester County in September, 205 single-family homes and 34 Condos/townhomes. Single-family home sales have declined by 4% in the County, as median home price has increased by 7% so far this year, to $254,000. Condos and townhome sales declined by 3% as median price increased 8% to $168,000.
There are currently 684 residential properties for sale in Dorchester County—603 single-family homes and 81 condos/townhomes.