Charleston Real Estate Statistics

Statistics on the Charleston Real Estate Market.

There are currently 31 blog entries related to this category.

"Hey Mike, how's the market been lately?"  I get this question asked almost every day I encounter someone I know out in public. I can equivocally say without a doubt, that "It depends". It depends on which micro-market you're referring to in Charleston, and whether you are a seller, or a buyer.

Hello all, I'd like to post a quick update on our real estate market here in beautiful Charleston, South Carolina. We are seeing some changes, and there are talks of the market cooling off, and I wanted to respond to that.

The real estate market has been on fire for a number of years in Charleston. Year-over-year of increased home values and closings. A low inventory of homes on the market, which equates to less choices for buyers, which increases demand, and

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These are the top 10 most expensive homes sold in Charleston, SC for 2013. Every year I make these Top 10 lists, the houses continue to climb in price. There's a reason for that- Charleston is a wonderful destination for many with our city deeply rooted in history, our picturesque skyline, our wonderful Charleston Harbor, and our surrounding beaches and fantastic climate. There's no wonder why Charleston continues to attract attention from around the world!

So without further adieu, here is your Top 10 most expensive homes sold in Charleston, South Carolina for 2013!



#10.  1009 Middle Street, Sullivans Island. This beautiful historic home was constructed in the 1850's, and has oceanfront views along with views of the Charleston Harbor and Ft.

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Where are the Best Areas to Purchase in Charleston?

Yes, you heard it correctly- Charleston, South Carolina is currently experiencing a 'Sellers Market' in some areas of Charleston.  Where are the areas? What are the best deals?

Take a look at the illustration below. There are certain areas surrounding Charleston that are experiencing a 'sellers market'.  For those that don't know- a balanced housing market in Charleston means that there is a 6 month inventory of homes for sale.  This means that if NO new homes came on the market, it would take 6 months for the inventory of homes to sell at the current rate that which homes are selling.

For example, a 10 month supply of homes on the market would mean that it is a Buyers Market.  A 4 month supply

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Great News for Our Local Charleston Real Estate Market

2011 Charleston Home Sales 

This graph is terribly difficult to view, so PLEASE DOWNLOAD THE PDF HERE TO VIEW.  Let me first state that the average normal market sees a 6 month supply of homes on the market.  That means, with no new homes coming on the market- it would take 6 months for the current inventory of active homes to sell.

Basically, what this chart is showing is that there is a price range from $0 to $399,000 that have a 6 to 7 month inventory.  But I thought the real estate market in Charleston was gloomy?  That couldn't be further from the truth.  The market here is beginning to normalize.

 

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Here is the Statistical Summary for 2011 MLS Tri-County Residential data.  The Tri-County report shows that the number of Closed Homes (8,953) increased 5.3% in 2011 compared to 2010, and increased by 11.7% compared to 2009.  At the same time, New Listings Taken has decreased by 16.3% over 2010. 

The Median Sales Price dropped from $189,215 in 2010, to the 2011 level of $183,000, or a 3.3% decrease.  The Median Sales Price, just 10 years ago in 2002, was $156,000 or a 17% increase in that time period.

I am also attaching the Housing Appreciation Supply & Demand for the past 10 years, which shows the number of New Listings Taken for each year as compared to the number of Homes Closed each year.  The graph shows, visually, when area real estate was a

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Charleston Home Sales Up in Last 4 of 5 Months

Homes sales have increased vs last year in the latest Charleston statistical data.  This is great news for homeowners as this obviously means more buyer activity.  Not only that, but the existing number of active homes on the market have decreased once again- making for an even more healthy overall real estate market in Charleston.

The results could potentially be even better.  Don't forget that the Home Buyers Tax Credit expired last year in June, making for an abnormally high amount of sales for those number of months in 2010.

Number of active homes on the market are down (great), number of buyers purchasing in Charleston are up (great), but also keep an eye on home values.  I'm seeing some pockets in

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Here is a snapshot of the Charleston real estate statistics for Charleston County.  These stats compare the years 2009, 2010, and 2011.

Please note that the listings taken are down.  This is great news, since we want the extraordinary high number of active homes on the market to come down.  In any healthy real estate market, we want the active listing inventory to be around 6 months.  This means that if no other new homes came on the market- it would take 6 months to sell the active homes at the current rate they are selling.  Thus, these results show that we are trending in the right direction.

Also note that while the average sales price is again down, the number of closings are up.  In other words, activity is up.

Charleston stats vs previous years 

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Random Thoughts and Statistics for this Charleston Real Estate Market

Here are some statistics for you regarding the different areas surrounding Charleston.  Remember- every market is different, and every market in each area surrounding Charleston is also different.

Random stats from last week:

  • 165 residential properties under contract past wk. Great buying activity for time of year. But prices continue to fall (like the rest of the real estate markets around the country).
  • 136 single family homes under contract past wk. Median LIST price $180k(low), $94/sqft. 25 under $100k. 7 over $1M.
  • 37(27%) of 136 single family homes under contract past wk were either BANK OWNED FORECLOSURES or SHORT SALES
  • 17 island single family homes under contract past wk:
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I get a lot of real estate questions during work, at dinner parties, at kid’s birthday parties, from friends, from family- about the current real estate market here in Charleston.  The number 1 question that I’ve been getting lately is:

When are we going to see the bottom?

Well, if I had a dollar for every time I’ve heard that question.  The short answer is: I don’t know, but it could be now, depending on other factors, or your current situation.  I want to put something out there that I hope you buyers will take into account when considering purchasing at “the bottom”.  Know that every person’s situation is different when timing the market- but let’s look at one factor.  Do not only think in terms of home values when determining “the bottom”, but

2,103 Views, 2 Comments.