After a record breaking spring the Charleston real estate market has continued to outperform as we head into the dog days of summer here in the Lowcountry. Last week the Charleston market finished with 355 properties under contract at a median list price of $240k with 10 properties over $1 million. Generally we see numbers closer to 200-250 properties under contract per week, but this year’s market isn’t showing any signs of slowing down.
Comparing the last 2 months of sales to what is currently under contract, future predictions have the sales price increasing 4.2% on average in Charleston over the next 2 months with some specific areas exceeding 7% or more. These predictions assume that those properties under contract will sell for 95% of their current LIST price and do not guarantee those growth rates, but give us a good idea of what to expect in the immediate future which is good news.
Out of the 355 properties under contract, 46 were island homes with James Island leading the way with 24 homes. Mount Pleasant saw an active week with 46 homes under contract at a median list price of $508k while the Summerville and Hanahan areas continue to be consistently active markets as well. What’s really impressive are the median $/sqft prices in almost all areas. James and Johns Islands are regularly above $160/sqft. Mt Pleasant is often around that $200/sqft mark. West Ashley was a little lower this week, but has often been above $140/sqft. And the Summerville and Goose Creek areas are often above $100/sqft. We are still not back to where we were in 2007 in terms of $/sqft, but we’re getting there.
If you are wondering how much your Charleston home is worth, visit our sister site CharlestonListing.com for a free valuation by a licensed real estate agent in Charleston, not a broad national average like Trulia or Zillow.
If you are thinking about buying a home in Charleston, have questions about the buying or selling process or just don’t know where to start, contact me anytime:
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