The Charleston region needs 7,500 new housing units per year to keep up with the area’s population growth, but Charleston Trident Association of Realtors President Edward Oswald said it has not reached that benchmark since 2006.
Nearly 10% fewer homes are currently for sale than at this point last year. At the end of August, 5,512 homes were listed as actively for sale in the Charleston Trident Multiple Listing Service, according to the Charleston Trident Association of Realtors.
A news release from the association said 1,800 homes were sold in August in the Charleston region at a median price of $285,000. In August 2018, 1,887 homes were sold at a median price of $260,400
“For 13 years, we’ve been in a cycle of underdevelopment, and this is what you get — unattainable housing costs that are being driven up by regulatory red tape, building moratoriums and uneducated policy being put in place by municipalities,” Oswald said in the release.
He said that has led to residents struggling with longer commute times, failing infrastructure and housing they cannot afford.
“We need leaders who understand these issues and are willing to address these issues head-on, with an open mind and a commitment to preserving and protecting the quality of life for our region,” Oswald said.
Patrick Arnold, executive director of the Charleston Home Builders Association, said the development approval process is much longer in the Charleston region than in neighboring markets, such as Greenville; he said that has a direct effect on housing cost and availability.
“We can’t keep up with the lot inventory — we’re running out of land, and the land that we do have available takes considerably longer to develop than it needs to be,” Arnold said in the release.
According to the information provided by the Charleston Trident Association of Realtors, this year’s 12,835 closings in the Charleston region show that transactions are down by 1% and the median price is up by 5% to $278,799.
|County||Homes sold in Aug.||Median price||Properties for sale|
Source: Charleston Trident Association of Realtors