Charleston Flat Fee Real Estate and Behren Kittrell closed/sold over 22 properties the first half of 2022

Released: July 11, 2022

Inventory Increases Slightly as Median Price Surpasses $500,000 in Charleston County

INVENTORY INCREASES SLIGHTLY AS MEDIAN PRICE SURPASSES $500K IN CHARLESTON COUNTY

Charleston, SC – (July 11, 2022) 2,024 homes sold in June in the Charleston region at a median price of $420,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Year-to-date data shows 11,001 homes sold at a median price of $395,870, 10% fewer sales than at this point last year, but at a price point that is 16% higher.

Inventory data shows 20% more homes, for sale, with 2,305 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just over one month’s available inventory.

“While sales volume is still lower than last year’s record-breaking pace, the great news is that we’ve seen inventory increase over the last month. While higher interest rates have reduced some consumer’s buying power, there’s no shortage of buyers interested in our market and we continue to see demand remain stable” said 2022 CTAR President Jon Stroud.

“Most prospective buyers understand that even with additional borrowing costs, house prices are not going to decline significantly as sales normalize back to a sustainable level” said Stroud.  

Charleston County

891 homes sold at a median price of $503,250 in Charleston County in June, 652 single-family homes and 239 condos/townhomes.

Year-to-date, 3,596 single-family homes have sold at a median price of $575,000. Today’s report shows 16% fewer sales with a 17% increase in median sale price compared to this point last year. 1,369 condos/townhomes have sold at a median price of $368,000 so far this year—15% fewer sales with a 31% increase in median price.

There are currently 1,008 residential properties for sale in Charleston County; 790 single-family homes and 218 condos/townhomes.

May Adjustment

Preliminary data showed 2,012 homes sold in May in the Charleston region at a median price of $425,000. Updated figures now show 2,032 homes sold at the same median price.

Berkeley County

619 homes sold at a median price of $353,875 in Berkeley County in June, 542 single-family homes and 77 condos/townhomes.

Year-to-date, 2,944 single-family homes have sold at a median price of $385,472. Today’s report shows a sales decline of 4% with a nearly 19% increase in median sale price. 373 condos/townhomes have sold at a median price of $278,891 so far this year—sales are 5% lower than 2021 while median price has increased by 29%.

There are currently 639 residential properties for sale in Berkeley County; 585 single-family homes and 54 condos/townhomes..

Colleton County

36 homes sold at a median price of $317,625 in Colleton County in June, 30 single-family homes and 6 condos/townhomes.

Year-to-date, 176 single-family homes have sold at a median price of $286,500. Today’s report shows a slight dip of 1% in sales with a 3% decline in median sale price compared to this point last year. 40 condos/townhomes have sold at a median price of $393,750 so far this year—sales have increased 48% compared to this point in 2021 with an 73% increase in median price.

There are currently 77 residential properties for sale in Colleton County, 74 single-family homes and 3 condos/townhomes.

Dorchester County

355 homes sold at a median price of $319,982 in Dorchester County in June, 317 single-family homes and 38 condos/townhomes.

Year-to-date, 1,682 single-family homes have sold at a median price of $360,000. Today’s report shows 10% fewer sales with a 19% increase in median sale price compared to this point last year. 196 condos/townhomes have sold at a median price of $250,000 so far this year—36% fewer sales in that market segment with a 15% increase in median price.

There are currently 339 residential properties for sale in Dorchester County; 327 single-family homes and 12 condos/townhomes.

Information provided by Behren Kittrell, Realtor, BIC Charleston Flat Fee Real Estate.  Low commission fee guaranteed!