September Residential Real Estate Sales Mark Fourth Month of Record-Breaking Progress
Released: October 10, 2020
2,067 homes sold in September in the Charleston region at a median price of $310,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).
Year-to-date, 15,741 homes have changed hands at a median price of $295,807. At this point last year, 14,308 homes had sold at a median price of $279,000. Thus far in 2020, closed sales are up 10% and median price has increased by 6%.
Inventory data shows 46% fewer homes for sale over the last 12-month period, with 3,375 homes listed as “active” for sale in the CHS Regional MLS database at the end of September—representing less than 2 months of available inventory.
“September home sales showed incredible growth over last year’s figures, a 46% increase compared to September 2019” said 2020 CTAR President Bobette Fisher. “We have been very lucky to avoid any significant weather-related market interruptions that we have run into the last few years, but the September data is a continuation of this year’s unprecedented growth. In our region, home sales have not dipped below the 2,000 mark since June–setting a new pace for sales in our market and it’s happening despite historically low inventory” said Fisher. “We now have less than two months of available inventory, which has created an incredibly competitive market for buyers” she said. “Inventory has been on a steady decline for several years, as median price has continued to steadily increase. We have long considered affordability to be a concern in our market, and are taking steps to ensure that our market does not become inaccessible to those who want to live in the region and be a part of our communities” said Fisher.
“CTAR is a key supporter of the Lowcountry Housing Fund, which aims to directly address the affordable housing challenges in Charleston County. Voters will find two referendum questions on the Charleston County ballot which asks us to support having a publicly-funded, community-based fund to provide affordable housing in the Charleston area. We have seen regional prices increase by 60% in the last ten years. This growth has pushed buyers further away from their jobs and community centers, pricing many out of the areas that create efficiency in terms of their transportation patterns and a decline in their quality of life” said Fisher.
According to CHS Regional MLS data, there were 27,019 showings in September—nearly 40% higher than in September 2019. The areas with the highest number of showings were again concentrated in the north area with Summerville/Ladson and Goose Creek/Moncks Corner leading the way.
Preliminary data showed 2,056 homes sold in August in the Charleston region at a median price of $315,000. Updated data now shows 2,066 sales at a median price of $316,000.
521 homes sold at a median price of $246,495 in Berkeley County in September, 440 single-family homes and 81 condos/townhomes. Year-to-date, 3,550 single-family homes have sold at a median price of $282,500 and 557 condos/townhomes at a median price of $196,390.
There are currently 653 residential properties for sale in Berkeley County; 560 single-family homes and 93 condos/townhomes.
1,021 homes sold at a median price of $352,435 in Charleston County in Septemer, 765 single-family homes and 256 condos/townhomes. Year-to-date, 5,821 single-family homes have sold at a median price of $416,905 and 1,958 condos/townhomes at a median price of $250,000.
There are currently 1,901 residential properties for sale in Charleston County—1,328 single-family homes and 573 condos/townhomes.
40 homes sold at a median price of $225,950 in Colleton County in September, 37 single-family homes and 3 condos/townhomes. Year-to-date, 256 single-family homes have sold at a median price of $212,250 and 39 condos/townhomes at a median price of $250,000.
There are currently 102 residential properties for sale in Colleton County—95 single-family homes and 7 condos/townhomes.
400 homes sold at a median price of $232,250 in Dorchester County in September, 349 single-family homes and 51 condos/townhomes. Year-to-date, 2,598 single-family homes have sold at a median price of $268,000 and 380 condos/townhomes at a median price of $185,000.
There are currently 415 residential properties for sale in Dorchester County—380 single-family homes and 35 condos/townhomes.