During the first quarter of the year, 3,963 homes were sold in the Lowcountry region at a median price of $244,000, a 12% jump in sales volume and a 6% increase in price from the same point in 2016, according to a report from the Charleston Trident Association of Realtors.
The association classifies the Lowcountry region as Berkeley, Charleston, Dorchester and Orangeburg counties, as well as some outlying areas.
In March, 1,660 homes were sold at a median price of $246,950. For comparison, 1,481 homes were sold in March 2016, at a median price of $233,097, the report said.
Home inventory is down about 17% over the past year, and 5,150 homes were listed as active for sale in the Charleston Trident Multiple Listing Service as of March 31. The report noted that nearly 300 of those homes were listed in the past 30 days, though — the most significant increase since the fall.
“It’s encouraging to see an uptick in inventory,” CTAR President Dave Sansom said in the report. “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.”
There are 1,056 residential properties for sale in Berkeley County, including 906 single-family homes and 150 condos and town houses. In March, 420 properties sold at a median price of $213,420. Year to date, single-family home sales increased about 14% from the previous year, and the median price was about 6% higher than in 2016. Condo and town house sales increased 59%, and the median price jumped 12%, according to the report.
The county currently has 2,781 residential properties for sale, an increase of nearly 200 homes since last month. The county’s total of properties for sale includes 2,122 single-family homes and 659 condos and town houses. In March, 869 homes sold at a median price of $315,000 in Charleston County. For the year to date, single-family home sales grew 4% from the previous year, and buyers paid almost 10% more than in 2016. Condo and town house sales increased by about 24%, and the median price grew 6% in the county since last year, the report said.
Currently, 702 residential properties are for sale in the county, including 654 single-family homes and 48 condos and town houses. In March, 322 homes sold at a median price of $210,000 in Dorchester County. Single-family homes sales grew 22%, and the median price increased 9% compared with 2016. Condo and town house sales increased 14%, and the median price fluctuated by less than 1%, according to the report.