2,400 homes sold in July in the Charleston region at a median price of $305,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). July’s home sales mark the largest number of sales recorded in the Charleston region and a nearly 32% increase over last July, when 1,824 homes sold at a median price of $278,450.
Year-to-date, 11,576 homes have changed hands at a median price of $290,515. At this point last year, 11,051 homes had sold at a median price of $277,548. Year-to-date, sales are now up almost 5% and median price has also grown by 5%.
Inventory data shows 38% fewer homes for sale over the last 12-month period, with 3,890 homes listed as “active” for sale in the CHS Regional MLS database at the end of July—representing just 2.3 months of available inventory.
“The increased number of showings we’ve been tracking since our state’s reopening have translated to a record number of closed sales; the interest and investment in the Charleston market is now surging past even last year’s record-breaking figures” said 2020 CTAR President Bobette Fisher. “This spring and early summer were steady in terms of sales pace, but the past two months of activity has pushed us well into the gains territory for year-to-date sales and median price growth” she continued. “With mortgage rates falling again this week, we anticipate even more buyers will continue to make the move toward making their dream of homeownership a reality. Lower rates will help potential homeowners across the spectrum of price ranges” said Fisher.