The Charleston Trident Association of Realtors® (CTAR) reported 2,098 homes sold in October in the Charleston region at a median price of $317,454 citing preliminary data as of November 2, 2020.
Year-to-date, 17,867 homes have changed hands at a median price of $299,000. At this point last year, 15,694 homes had sold at a median price of $278,815. Thus far in 2020, the number of closed sales has increased by nearly 14% and median price is 7% higher.
Inventory data shows 50% fewer homes for sale over the last 12-month period, with 3,062 homes listed as “active” for sale in the CHS Regional MLS database at the end of October—representing a scant 1.6 months of available inventory, a record low.
“Demand for homes in our market continues to climb and we are deep in seller’s market territory with just a month and a half’s worth of inventory available. About one-third of the available inventory in our entire MLS region is concentrated in the North area—from North Charleston to Moncks Corner. The remainder of our four-county market is stretched incredibly thin and there’s no reason to believe that will slow down in a meaningful way any time soon, even into the typically slower holiday season” said 2020 CTAR President Bobette Fisher. “Rates decreased again in October, which has given buyers more opportunities and options in terms of what they can consider from the financing aspect, but the market is extremely competitive right now–multiple offers are becoming the norm in our regional market” said Fisher.