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Changes in Charleston Area Market Over the Past Year, Since Feb 2015 to Feb 2016

MarinaCharlestonThese are yearly numbers as of Feb 2016. In general we think that you can expect them to raise a little as things in the Charleston area are on the up rise. But this is in no means a guarantee as there is a substantial risk to every investment. What we are seeing is that urban areas are remaining stable and areas closer to them are on one rise. Suburbs that are further away from urban areas are slower to increase in value. We find that as traffic becomes more of a concern people tend to want to live closer in. Other factors that drive the Charleston market are an increasing job market, education and livability.

What does this mean to the average homebuyer? Well interest rates are predicted to go up and there is no way anyone can every guess what the Federal Reserve does, they have decided to advance slower than previously thought. Also global trends and events affect Federal Reserve rate increases. Currently they are pretty low and so we feel that it is a good time to buy. Increased home values means higher rental rates, so if your planning on being in the Charleston area at least 2 years, you might want to consider buying. Buyers should be ready to make a move and be prepared to put together a fair, strong offer.

What does this mean for Sellers? We think that it is a good time to sell, especially if you may have been a little under. But if you are trying to make a lateral move as compared to size and area, you may need to spend a little more. Also your house may have to be well maintained. Mortgage companies are hiring their own inspectors and for some loans houses need to be in tiptop shape.

 The information below is a few of the top Charleston Areas and County home statistics. This isn’t all the information but we have that available. Just give us a call or email us and we will be happy to share that with you. Feel free to give us a call if you would like our professional opinion on your housing needs.

All information is from the Trident Association of Realtors.

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Charleston County

In general Charleston County is on an upswing. Concerning single-family detached houses; there are about a ¼ more new home listings in the market. The median and average sales prices are up a little $310,00 (+2.6%) and $437,408 (+3.3%). Days on the market are slightly down to 71 days and inventory is down by 17.8%. Concerning attached homes, there are more new listings (+28.9%). The median and average sales prices are $237,900 and $310,003 respectively. These homes are also spending more time on the market at 77 days; inventory is down by 17.7%.

Berkeley County

 In general Berkeley County home values are increasing. Concerning single-family detached houses; there are less new home listings in the market. The median and average sales price is up $211,158 (+8.7%) and $252,311 (+9.9%). Days on the market are consistent at 65 days and inventory is down by 26.6%. Concerning attached homes, there are more new listings (+30.4%). The median and average sales prices are $135,000 and $192,276 respectively. These homes are also spending less time on the market at 46 days; inventory is up by 21.2%.

 

Dorchester County

In general Dorchester County has been consistent. Concerning single-family detached houses; there are about a ¼ fewer homes in the market. The median and average sales prices are up a little +2.6% and 3.3%. Days on the market are consistent, a little over 2 months. Concerning attached homes, there are fewer new listings but the amount of closed sales has increased. The median and average sales prices are $139,537 and $131,989 respectively. These homes are also spending a ¼ less time on the market.

Popular Charleston Area Stats

West Ashley

Single family homes detached: There are many new listings up 31%. So is the median and average sales price. The median sales price is 249,450 with the average sales price 276,325 (11.9% and 13.5% respectively). Houses are spending less time on the market and inventory is down significantly (31.7%)

Attached condos and townhouses: In general these median and average sales prices are down at 145,000 and 155,481 (which is 23.7% and 20.3%). Inventory is down along with days on the market.

James Island

 Single family homes detached: New listings are up 7.1 %. The median and average sales prices are down. The median sales price is $295,000 with the average sales price $334,611 (-7.8% and -5.5% respectively). Houses are spending less time on the market and inventory is down significantly (-33.2%).

Attached condos and townhouses: In general these median and average sales prices are down at $138,000 and $165,731 (which is -9.5% and +8%). Inventory is up and days on the market are significantly down (-62.2%).

Upper Mount Pleasant (north Hwy 41)

Single family homes detached: There are many new listings up 45.9%, but there are not many more actual sales than last year. So are the median and average sales prices. The median sales price is $465,708 with the average sales price $493,360 (5.4% and 0.9% respectively). Houses are about 100 days for time on the market and inventory is consistent.

Attached condos and townhouses: In general these median and average sales prices are significantly up at $290,000 and $281,749 (which is 62.9% and 35.5%). Inventory is down overall though.

Lower Mount Pleasant (South Hwy 41)

 Single family homes detached: New listings are up 14.3%. The median and average sales price is up. The median sales price is $515,000 with the average sales price $615,833 (22.6% and 36.2% respectively). Houses are spending twice as long on the market time and inventory consistent.

Attached condos and townhouses: In general these median and average sales prices are up at $295,000 and $384,995 (which is 68.5% and 44%). Inventory is down along and days on the market is increased by 80.4% a total of 92 days.

Historic Downtown

Single family homes detached: New listings are up 24 %. The median and average sales prices are down. The median sales price is $700,000 with the average sales price $858,927 (0% and -6.5% respectively). Houses are spending more time on the market (50%) and inventory is down significantly (-27.4%).

Attached condos and townhouses: In general these median and average sales prices are significantly down at $500,000 and $643,076 (which is -19.5% and -16.7%). Inventory is down overall though and days on the market are doubled.