Charleston Real Estate Market Update
by the Charleston Trident Association of Realtors
CHARLESTON, SC—(September 13, 2016) 1,732 homes sold during August in the region at a median price of $241,530 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In August 2015, 1,390 homes sold at a median price of $218,000. This data reflects a 25% increase in sales volume and 11% growth in median price, comparing last August to this August.
Year-to-date figures show 12,050 homes sold in 2016 at a median price of $239,900 in our area. Comparing year-to-date figures from 2015, sales volume has increased 9% and buyers are paying 6% more for homes in the region than they did last year.
Inventory has declined by 20% over the last 12-month period, with 5,354 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) as of August 31.
“The uptick in sales volume is common towards the end of the summer” said 2016 CTAR President Michael Sally. “We anticipate sales volume to slow just a bit in the coming months, as it usually does going into the fall and holiday months. The market is performing well when you compare year-to-date figures and the pace of growth is starting to level off, creating a more sustainable market” he said. “However, as prices continue to increase—homeowners are paying an average of 6% more for a home than they did last year—wages are going to have to increase along with that number for the Charleston housing market to truly become sustainable” Sally concluded.