Posted By Alan Donald @ Apr 30th 2016 3:00pm In: Charleston Real Estate

Charleston Real Estate Market Update - May 2016 Edition

Months of Inventory for Single Family Homes May 2016Our real estate market here is the busiest it’s ever been, busier than 2005-6. Through March we are up 7.3% in transactions over the same period from 2015. And median sales price is up to $235k, which is up about 5% over the same period from 2015. (Click the graphs to view larger images)

Prices are up, so short sales and foreclosures are almost non-existent and we are deeply in a "sellers' market" in most MLS areas.

New construction is abundant in many areas. Buyers can still find new homes in the area with upgrades like granite counters and hardwood floors for under $110 per square foot.

Mortgage rates are still very low. The 15-year mortgage is quoting now close to 3%.

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Median Days on Market May April 2016

CHS Median Price PSF New vs Old April 2016

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