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:
The following MLS areas are significantly down in transactions:
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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:
Interestingly, the following MLS areas have experienced significant decreases in median price:
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").