2,056 homes sold in August in the Charleston region at a median price of $315,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).
Year-to-date, 13,661 homes have changed hands at a median price of $295,000. At this point last year, 12,895 homes had sold at a median price of $278,500. Thus far in 2020, closed sales and median price have both increased by 6%.
Inventory data shows 44% fewer homes for sale over the last 12-month period, with 3,522 homes listed as “active” for sale in the CHS Regional MLS database at the end of August—representing just 2 months of available inventory.
“This summer has been record-breaking in terms of sales and price increases—a trend we fully expect to continue into the fall” said 2020 CTAR Bobette Fisher. “Continued low mortgage rates have helped thousands of homeowners in our region make a smart investment and a crucial step in building long-term wealth and stability” said Fisher. “However, as inventory continues to decline, competition for our region’s homes has increased significantly, which is one of the factors driving our prices up” she said. “Two months of inventory signals an extreme seller’s market—six months is a balanced market. This limitation has essentially capped the number of homes that can be sold; if more homes were available, they would most certainly sell” said Fisher.