Charleston Market Update – October 2018

Charleston’s already low seasonly adjusted home inventory is expected to come early this year.

It’s no secret Charleston area inventory is low, but WOW! Every year we see seasonal inventory ups and downs. More buying and selling during the summer, less during the winter. However, this winter trend appears to be coming early this year. Therefore, according to our research, expect to see less than 5,000 homes for sale in Charleston come January 2019.

Charleston area seasonal inventory (2015 – 2018)

This coupled with Charleston achieving another highest in history median sales price point of $276,500, is continuing to make Charleston quite a dynamic market.

A correction on the horizon?

Currently, Downtown prices are the lowest in over two years going back to 2015 numbers where the median sale price was just over $450,000.

Monthly Charleston statistics.

Below: October 2018 (compared to October 2017)

• Homes for Sale: 5,388 (-3.9%, -9.2%)
  …continually dwindling inventory of homes for sale.
• Median Home Price: $276,500 (+5.7%, +8.2%)
  …highest ever.
• Price Per SqFt: $142 (+2.9%, +7.6%)
• Days on Market: 18 (+20.0%, -18.2%)
  …a little leveling off.

Average home price by area.

Links to homes listed by area:

• James Island & Johns Island: $341,000
• Mt Pleasant: $447,900
• North Charleston: $211,400
• Peninsula: $456,000
• Summerville: $240,100
• West Ashley: $260,700

If you have any questions, real estate related or otherwise, please don’t hesitate to contact the Novellus team.

* Data provided by MLS