Price Per Square Foot In Charleston By Area
Determining the correct price per square foot is important for both buyers and sellers because it is a standard measure that is used throughout the process of buying a home from price comparisons and lending process, to home inspections, to insurance. The price per square foot in Charleston has steadily risen over the past year, although different areas changed at different rates based on demand and other factors.
Compared to the median price per square foot in 2015, James Island increased from $164/sqft to $191/sqft as of June 2016 which represents an increase of 16.4%. James Island lead the pack for biggest change in this specific group analysis. Mount Pleasant was the most popular area in Charleston for buyers in 2015. Prices were hovering just under $200/sqft last year while this year that area is looking at prices around the $220/sqft and significantly higher in specific neigborhoods. North Charleston, Summerville and West Ashley saw modest gains as well, albeit at a slower rate. They increased around 2-5% to around $100/sqft.
Price Per Square Foot In Charleston (Downtown, Island & Beaches)
Compared to the median price per square foot in 2015, the Kiawah/Seabrook areas increased 22.5% from $265/sqft to $343/sqft as of June 2016. Folly beach increased almost 22% to $330/sqft. Isle of Palms and Sullivans Island saw very little change in price per square foot as homes in those areas saw less demand compared to the islands to the south of Charleston. The Charleston peninsula inside the crosstown increased over 18% compared to the median price per square foot in 2015 despite a spotty sales year. Note: this area has a small sample size and is susceptible to skewing.
Charleston Real Estate Market Summary
Last year was the first time the Charleston real estate market ever had over 400 properties go under contract in a week. It happened 4 different weeks last year. That’s already happened 8 times so far this year. Prices seem to be ramping up, but the facts show that closed median sales price is only up 5.3% year to date over the same period last year.
We’re now up to $237k for a median sales price for the whole tri-county area. However, closer investigation shows 9 specific MLS areas up over 10% in median sales prices. Buying demand is high with a 7.1% rise in the number of transactions year to date over the same period from last year. We’re on track to sell over 16k homes this year and possibly be one of the top 2 best selling years ever.
We’re in a deep sellers market with less than 4 months of inventory(MOI) overall. However, 12 of our 32 MLS areas have less than 3.5 MOI. Competition among buyers is scary with multiple offers flying left and right and many buyers having to pay full list price. And sellers aren’t negotiating much when the home inspection is done. Mt Pleasant continues to be the most popular area in all of Charleston, but a bit pricey with a median approaching $200/sqft. The more price conscious can buy great new homes with hardwood floors and granite counters in the Summerville and Goose Creek areas for around $100/sqft. Boeing and Volvo and the digital/software companies continue to bring lots of new people to Charleston. It’s getting a little crazy, but it’s still an awesome place to live.
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