The Charleston real estate market has been nothing short of spectacular this year with transactions up almost 18% compared to this time last year. The Holy City saw the busiest week ever on record in terms of transactions in March and we have now surpassed our previous high for median sales price in the Charleston area. In 2007 the median sales price was $210,000. Today we are at $230,200 with more room for further appreciation.
According to Doug Holmes, who provides market analysis for the Charleston real estate market, the “median sales price should be over $250,000 by the end of 2015. Again, currently the median sales price in the Charleston market is $230,200. So, that says to me that we are undervalued…while median sales prices are at an all-time high, our value has not completely recovered to the heights of the 2004 to 2007 market.”
Although prices have seen continuous and sustainable growth over the past few months, we are starting to see the market moderate a bit in certain areas which is not a bad thing. Summerville, West Ashley and the Charleston peninsula all saw a slight slowdown on prices and appreciation compared to earlier in the year. This could be related to an up-tick in inventory and slightly lower demand which is typical for this time of the year. However, it’s a different story for other areas including Daniel Island, Mt. Pleasant and West Ashley. These areas are still showing strong sales with homes being gobbled up relatively quickly and close to list price.
What we can take away from the most recent Charleston real estate data is that the market is still as strong as it has been in years while prices are moderating in certain areas, there’s still a consistent demand for homes in the Holy City. What’s more is that companies are moving here to invest in the city, the city port is as busy as it has ever been and the continuous positive publicity by the national media has put Charleston on the map as a place where people want to live.
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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