One month into quarantine and the real estate market is adjusting. While the first official weeks of stay at home left people wondering if they should buy or sell, the later part of the month, saw decisions being made and buyers taking advantage of historically low interest rates.
1,441 homes sold in April in the Charleston region at a median price of $290,000. Year-to-date, 5,593 homes have changed hands at a median price of $289,900. At this point last year, 5,387 homes had sold at a median price of $270,695. Year-to-date, sales are up 4% and median price has increased by 7%.
Inventory data shows 24% fewer homes for sale over the last 12-month period, with 4,860 homes listed as “active” for sale in the CHS Regional MLS at the end of April.
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