June 2023 Market Report: Sky High Demand and Lack of Inventory Keeping Charleston Market From a Healthy Pace
Sky High Demand and Lack of Inventory Keeping Charleston Market From a Healthy Pace
Charleston, SC – (July 10, 2023) 1,789 homes sold in June in the Charleston region at a median price of $410,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last year, 2,046 homes sold in July at a median price of $420,000 which is 13% fewer sales at a price point that is a slight 2% lower.
Year-to-date, 8,658 homes have sold in the Charleston region at a median price of $404,665. In 2022, 11,072 homes had sold at a median price of $396,900 which reflects a 22% difference in sales and a 2% increase in median price.
Inventory showed a decline for the first time this year, with 2,398 homes listed as “active” for sale in the CHS Regional MLS database at the end of June—representing about a month and a half worth of available inventory and 12% fewer homes for sale than at this time last year.
“Home sales have steadily increased every month this year, but the demand for housing significantly outweighs current supply in the Charleston market” said 2023 CTAR President Katesha Breland. “This month, inventory declined for the first time this year. Summer is typically the busiest homebuying season and people are buying everything that is available, but we need a significant amount of additional housing, in a wide range of price points to accommodate the demand from prospective buyers” she said. “If we had more homes to sell, we could sell them!” said Breland.
Interesting facts about our area population and more according to CharlestonDaily.net
- With 27 active breweries in the Lowcountry, this area accounts for over half of all beer produced in the state of South Carolina
- The tri-county population is 775,831 according to the 2017 year end census (401,438 – Charleston County, 217,937 – Berekeley County, 156,456 – Dorchester County) – 7 year growth rate of 16.24% increase in 7 years
- In 2010, the tri-county population was 667,456 (351,023 – Charleston County, 178,967 – Berekely County, 137,466 – Dorchester County)
- There are 5.084 million residents in South Carolina – The Lowcounty tri-county area accounts for 15.3% of the entire state of South Carolina
- There are 8,550,405 residents of New York City – That means, NYC is 68% larger than the entire state of South Carolina
- The largest cities in the Southeast are: Houston – 2.4 Million, San Antonio – 1.4 Million, Dallas – 1.3 Million, Jacksonville – 868,000, Charlotte – 826,000, Memphis – 656,000, Nashville – 654,000, Virginia Beach – 575,000, Atlanta – 479,000, Miami – 458,000: If we combine the tri-county, we have the 5th largest city in the Southeast
- The city of Charleston is 18% more densely populated than Columbia according to a 2019 report by Bestplaces.net
- In 2017, the median household income of Charleston County residents was $57,882. Charleston County households made slightly more than Berkeley County households ($56,697) and Lexington County households ($57,482). However, 15.3% of Charleston County residents live in poverty.
- The largest Charleston County racial/ethnic groups are White (63.9%) followed by Black (27.6%) and Hispanic (5.0%).
- In a report USA Today released in 2018, Myrtle Beach/Conway/North Myrtle Beach was the 2nd fast growing area in the United States, Charleston, SC 12th and Hilton Head/Bluffton/Beaufort 23nd
There are many exciting and fun things awaiting you in Charleston, SC including the Charleston Aquarium, antebellum mansions, eclectic art galleries, theater, festivals and outdoor concerts. The more popular outdoor activities include things like golf, tennis, horseback riding, water sports, as well as guided tours through Blackwater Swamps and historic plantations like the Magnolia and Boone Hall plantations, saltmarshes and barrier islands – and much, much more. Charleston Wine + Food just wrapped up its 10th year as one of the more popular outdoor events.
The boundaries of metropolitan Charleston, SC lie within three counties, Berkeley, Charleston and Dorchester. The city has 90 miles of coastline, and stretches inward from the Atlantic coast some 50 miles. Public education for Charleston pre-K through 12 is provided primarily by three school districts: Berkeley County Schools, Charleston County School District, and District 2 and District 4 of Dorchester County School District.
Charleston is rich in historic charm, but enjoys cultural sophistication which is evident throughout the city. Things like the great fires of 1740, and 1861, the fall of Fort Sumter and consequent destruction of the city during the Civil War, plus a major earthquake in 1886 could not keep Charleston down.
The economy of Charleston once was centered around merchandise and trade dating back to the earliest days of the town when the settlers of “Charles Towne” would trade and barter such things as deer skins, indigo, hemp, and cotton with the Indians. Merchants who dealt in luxuries from England also added to the economy of the port city. The Charlestonians eventually became great planters, thus transforming the area to a more agricultural society. In spite of the Yellow Fever epidemic during the mid-1700s, prosperity soon returned and business began to grow again with rice as the cash crop.
As the 20th century dawned, Charleston found itself emerging from the crises of the past into the economic prosperity of its golden future; but this time the economic drivers which rose to prominence included manufacturing, military, and the railroad. Later in the 20th century, international container cargo shipping, the medical industry, and tourism also became highly important to the economy of Charleston.
Charleston Real Estate
Berkeley County Jun 30, 2023
532 homes sold at a median price of $352,601 in Berkeley County in June, 491 single-family homes and 41 condos/townhomes.
Year-to-date, 2,362 single-family homes have sold in Berkeley County at a median price of $384,995; 257 townhomes/condos have sold at a median price of $304,040.
There are currently 736 residential properties for sale in Berkeley County; 663 single-family homes and 73 condos/townhomes.
Charleston County Jun 30, 2023
737 homes sold at a median price of $524,500 in Charleston County in June, 541 single-family homes and 196 condos/townhomes.
Year-to-date, 2,724 single-family homes have sold in Charleston County at a median price of $606,628; 919 townhomes/condos have sold at a median price of $395,000.
There are currently 956 residential properties for sale in Charleston County; 729 single-family homes and 227 condos/townhomes.
Colleton County Jun 30, 2023
30 homes sold at a median price of $296,500 in Colleton County in June, 25 single-family homes and 5 condos/townhomes.
Year-to-date, 143 single-family homes have sold in Colleton County at a median price of $265,000; 22 townhomes/condos have sold at a median price of $289,200.
There are currently 57 residential properties for sale in Colleton County, 57 single-family homes with no condos/townhomes currently on the market.
Dorchester County Jun 30, 2023
363 homes sold at a median price of $327,875 in Dorchester County in June, 327 single-family homes and 36 condos/townhomes.
Year-to-date, 1,514 single-family homes have sold in Dorchester County at a median price of $378,000; 156 townhomes/condos have sold at a median price of $265,000.
There are currently 384 residential properties for sale in Dorchester County; 354 single-family homes and 30 condos/townhomes.