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Residential real estate sales, prices rise in July

Real Estate - Residential
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The Charleston area’s residential real estate market saw a year-over-year increase in home sales and prices in July, according to the Charleston Trident Association of Realtors.

The association said 1,806 homes were sold in the Lowcountry last month at a median price of $277,950. That’s 110 more homes sold and an $11,050 increase in median price.

The region has seen 31 fewer closings than at the same point last year, and the median price is up 4.7% year to date, to $277,500.

Wil Riley, CEO of CTAR, said in a news release that despite a healthy economy and low unemployment, some prospective homebuyers are being slowed by the region’s affordability issues. The $53,000 median income, he said, does not align with a median home sale price that’s approaching $300,000.

“It’s time for us as a community to focus on long-term affordability answers that will preserve the health of our real estate market far into the future,” Riley said.

Inventory data shows 6% fewer homes for sale compared with last year, with 5,634 homes listed as currently for sale in the Charleston multiple listing service at the end of July.

County
Homes sold
Median price
Properties for sale
Berkeley County
472
$224,352
1,022
Charleston County
902
$305,250
3,298
Dorchester County
326
$210, 750
691

Source: Charleston Trident Association of Realtors

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