Residential real estate sales, prices rise in July

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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.

Source: Charleston Trident Association of Realtors