Sky High Demand and Lack of Inventory Keeping Charleston Market From a Healthy Pace
Charleston, SC – (July 10, 2023) 1,789 homes sold in June in the Charleston region at a median price of $410,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last year, 2,046 homes sold in July at a median price of $420,000 which is 13% fewer sales at a price point that is a slight 2% lower.
Year-to-date, 8,658 homes have sold in the Charleston region at a median price of $404,665. In 2022, 11,072 homes had sold at a median price of $396,900 which reflects a 22% difference in sales and a 2% increase in median price.
Inventory showed a decline for the first time this year, with 2,398 homes listed as “active” for sale in the CHS Regional MLS database at the end of June—representing about a month and a half worth of available inventory and 12% fewer homes for sale than at this time last year.
“Home sales have steadily increased every month this year, but the demand for housing significantly outweighs current supply in the Charleston market” said 2023 CTAR President Katesha Breland. “This month, inventory declined for the first time this year. Summer is typically the busiest homebuying season and people are buying everything that is available, but we need a significant amount of additional housing, in a wide range of price points to accommodate the demand from prospective buyers” she said. “If we had more homes to sell, we could sell them!” said Breland.
- Charleston Trident Realtors Association
Average Sales Price
Entire MLS $580,162| -0.3%
77 - Daniel Island $1,885,872|+24%
Mount Pleasant $955,089| -1.9%
51 - Peninsula Charleston Inside of Crosstown $857,807|-29.1%
Average Price Per Square Foot
Entire MLS $272|+0.7%
77 - Daniel Island $527| +9.6%
Mount Pleasant $377| -2.3%
51 - Peninsula Charleston Inside of Crosstown $567| -9.1%
Dollar Volume Sold
Entire MLS $1,025,147,016| -13.9%
77 - Daniel Island $56,576,160| +20%
Mount Pleasant $200,566,641| -21.9%
51 - Peninsula Charleston Inside of Crosstown $24,876,400|-61.9%
Average Days on Market
Entire MLS 29| +107.1%
77 - Daniel Island 26| +271.4%
Mount Pleasant 20| +150%
51 - Peninsula Charleston Inside of Crosstown 55|+27.9%
Closed Sales
Entire MLS 1,767| -13.6%
77 - Daniel Island 30| -3.2%
Mount Pleasant 210| -20.5%
51 - Peninsula Charleston Inside of Crosstown 29| -46.3%
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