The Charleston, SC residential real estate market continues strong, albeit with some weaknesses in specific areas.
Number of Transactions
Overall, sales are up 0.3% in terms of number of transactions over the same 2018 period. Depending on how the rest of the year goes, we could beat the 2017 record.
The following MLS areas are significantly up in number of transactions over the same 2018 period:
- 22 Folly Beach to Battery Island
- 31 North Charleston Inside I-526
- 32 North Charleston/Summerville Outside I-526
- 41 Mt Pleasant N of IOP Connector
- 52 Peninsula Charleston Outside of Crosstown
- 74 Jedburg Rd-Black Tom-Hwy 17A-Col Pk
- 75 Cross/St. Stephens/Bonneau
- 78 Wando/Cainhoy
The following MLS areas are significantly down in transactions:
- 13 Rural West Ashley
- 23 Johns Island
- 27 CLN - Edisto Beach
- 30 Seabrook
- 45 Wild Dunes
- 51 Peninsula Charleston Inside of Crosstown
- 61 N. Chas/Summerville/Ladson-Dor
- 62 Summerville/Ladson/Ravenel to Hwy 165
- 73 G. Cr./M. Cor. Hwy 17A-Oakley-Hwy 52
- 76 Moncks Corner Above Oakley Rd
*** CLICK HERE TO RECEIVE A MONTHLY LIST OF HOMES SOLD IN YOUR NEIGHBORHOOD ***
Median Home Price
The median price for homes in the Charleston area keeps going up. Median sales price is now at $282,000. Overall, the median sales price is up by 4.2% over the same period in 2018.
The following MLS areas have experienced significant increases in median price:
- 11 West of the Ashley Inside I-526
- 32 North Charleston/Summerville Outside I-526
- 44 Isle of Palms
- 45 Wild Dunes
- 61 N. Chas/Summerville/Ladson-Dor
- 62 Summerville/Ladson/Ravenel to Hwy 165
- 63 Summerville/Ridgeville
- 71 Hanahan
- 73 G. Cr./M. Cor. Hwy 17A-Oakley-Hwy 52
Interestingly, the following MLS areas have experienced significant decreases in median price:
- 22 Folly Beach to Battery Island
- 27 CLN - Edisto Beach
- 31 North Charleston Inside I-526
- 52 Peninsula Charleston Outside of Crosstown
The Months of Supply Index for the whole Tri-county area is now at 3.2 months, with 19 MLS areas under 4.5 months of supply. However, some higher-priced areas like the Isle of Palms (Area 44) continues to be over-supplied, as seen in the chart (*).
(*) NOTE: A "neutral" or "balanced" market is one with 6 months of supply. Under 5 months is "under-supplied" (seller's market) and above 7 months is "over-supplied" (buyer's market").
