Local Market Info
Sales and Prices Continue Upward Trend in Regional Residential Real Estate Market
CHARLESTON, SC—(April 10, 2017) According to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR) 1,660 homes sold in March in the region at a median price of $246,950. Last March, 1,481 homes sold at a median price of $233,097.
Year-to-date, 3,963 homes have sold in the region at a median price of $244,000. Sales volume in the region is up about 12% compared to 2016, with median price about 6% higher than this point last year.
Inventory has declined about 17% over the last 12-month period, with 5,150 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of March—however, nearly 300 homes have been listed for sale in the last 30 days, the most significant increase since last fall.
“It’s encouraging to see an uptick in inventory” said 2017 CTAR President Dave Sansom. “Additional inventory should help our region’s home prices settle at a more sustainable level. We are keeping an eye on the affordability of homes in our region and we welcome the arrival of additional inventory in a variety of price ranges, particularly as we head into the typically busy spring buying season” he said. “The interest in the Charleston market has not waned in the least—so a continued growth of inventory will be imperative to maintaining a healthy market” said Sansom.
Preliminary data showed 1,261 homes sold in February in the region at a median price of $241,000. Adjusted figures now show 1,270 homes sold at the same median price.
420 properties sold at a median price of $213,420 in Berkeley County in March. Year-to-date, single-family home sales have increased about 14% in the County, with buyers paying about 6% more than they did a year ago. Condo and townhome sales have increased 59% with a 12% jump in price.
There are currently 1,056 residential properties for sale in Berkeley County—906 single-family homes and 150 condos/townhomes.
869 homes sold at a median price of $315,000 in March in Charleston County. Single-family home sales have grown 4%, year-to-date, with buyers paying almost 10% more than in 2016. Condo and townhome sales are up about 24% with a 6% increase in median price.
There are currently 2,781 residential properties for sale in Charleston County—an increase of nearly 200 homes since last month—with 2,122 single-family homes and 659 condos/townhomes.
322 homes sold at a median price of $210,000 in Dorchester County in March. Sales of single-family homes in Dorchester County are up 22% and homes are about 9% more expensive than last year. Sales of condos and townhomes have increased by 14% and the median price has fluctuated in that sub-market by less than 1%.
There are currently 702 residential properties for sale in Dorchester County—654 single-family homes and 48 condos/townhomes.
Meghan Byrnes Weinreich | 843.793.5208
Marketing and Communications Director
Charleston Trident Association of REALTORS