Charleston, SC Mid-Year Real Estate Report – Housing Inventory Down But Prices Still Rising

1,927 homes sold in June in the Charleston region at a median price of $270,000 according to preliminary data released by the Charleston Trident Association of Realtors® (CTAR). Last June, 2,003 homes sold at a median price of $260,000.

 

This year’s 10,584 closings show transactions up less than half a percent, likely due to the lack of available inventory in a variety of affordable price ranges—median price is up 6%, to $265,000 for the region.

 

It is practically impossible to get a home under $300k in Mt. Pleasant or James Island. Both of those areas are over $200/sqft. The median in Summerville, Goose Creek, and North Charleston is usually above $115/sqft. Vacant land is being gobbled up to build new homes. New construction is abundant in all areas of Charleston. It is rampant on Johns Island and near the Volvo Plant in Summerville.

 

Inventory is about 12% lower than it was at this point last year, with 5,369 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of June.

“We have yet to see the increase in inventory that we really need to balance out our market” said 2018 CTAR President Kimberly Lease. “The market is flush with buyers, but there’s just not enough out there to accommodate the variety of needs. Well-priced, move-in ready homes are not staying on the market long and prices continue to climb as well” Lease said, “However, we are seeing a trend of prices increasing at a slower and more sustainable pace, which is good news” she concluded.

 

The following table and the chart above show the % change over last year as it pertains to media price. Highest appreciation was seen in Wando area off of Clements Ferry Rd with 33% median price change over same time last year.  Downtown, Isle of Palm, and Daniel Island also saw large increases. The lowest appreciation was seen in Kiawah and Wild Dunes at -7% and -6%, respectively, followed by Hanahan with a slight increase of 3%.

Area

% Change Over Last Year

Daniel Island

20%

Downtown

25%

Folly Beach to Battery Is

8%

Goose Creek/M. Corner

11%

Hanahan

3%

Isle of Palms

22%

James Island

8%

Johns Island

8%

Kiawah

-7%

Mt. Pleasant

8%

N. Chas/Ladson/Summerville

7%

N.Chas inside I-526

19%

Sullivan’s Island

10%

W.Ashley inside I-526

7%

Wando

33%

Wild Dunes

-6%


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