Even with 46% less inventory over the last 12 months, the progress of residential real estate sales in the Charleston region have broken records fourth months in a row.
In September, 2,067 homes were sold at a median price of $310,000, according to preliminary data released by the Charleston Trident Association of Realtors. Year-over-year, September’s sales increased 46%.
The transactions come on the heels of 27,019 showings in September — a 40% increase from September 2019.
So far this year, more than 15,700 homes have been sold in the areas of Charleston, Berkeley, Colleton and Dorchester counties at a median price of $295,807 — a year-over-year increase of 6%.
“In our region, home sales have not dipped below the 2,000 mark since June — setting a new pace for sales in our market, and it’s happening despite historically low inventory,” 2020 CTAR President Bobette Fisher said. “We now have less than two months of available inventory, which has created an incredibly competitive market for buyers.”
In the last 10 years, inventory of residential homes has steadily declined as regional residential prices have risen 60%, Fisher said, pushing buyers further from their jobs and community centers. As a result many are priced out of the area.
“We have long considered affordability to be a concern in our market, and are taking steps to ensure that our market does not become inaccessible to those who want to live in the region and be a part of our communities,” she said.
Data from the Charleston Regional Multiple Listing Service, areas with the highest number of showings were Summerville/Ladson and Goose Greek/Moncks Corner. The following numbers show median prices and total home sales for September, reported by CTAR:
- $246,495 in Berkeley County, which sold 521 homes
- $352,435 in Charleston County, which sold 1,021 homes
- $225,950 in Colleton County, which sold 40 homes
- $232,250 in Dorchester County, which sold 400 homes.
Currently, Charleston County has 1,901 residential properties for sale, compared to 653 in Berkeley County, 102 in Colleton County and 415 in Dorchester County.