Charleston Real Estate Market Update: Year-to-Date Analysis

As we dive into the Charleston real estate market for the year-to-date in 2024, there's a lot to unpack. The market dynamics are shifting, and it's essential to understand these changes whether you're looking to buy, sell, or invest in the Charleston area. Let's break down the key stats and trends that are shaping the market this year.

Transaction Volume

Year-to-date (YTD), the total number of transactions is up by 3.2% compared to the same period in 2023. This is a positive indicator, showing that the market is active and resilient. However, it's important to note that this increase isn't uniform across all areas.

Significant areas with higher transaction growth:

• Johns Island: 6.4%
• Summerville/Ridgeville: 24.7%
• Hanahan: 10.2%
• Goose Creek/Moncks Corner: 6.9%
• Summerville, Ladson, Berkeley County: 19.8%
• Daniel Island: 13.9%

These areas have shown substantial growth, highlighting hotspots for buyers and investors.

Significant areas with a decline in transactions:

• West of the Ashley Outside I-526: -20.2%
• James Island: -7.5%
• North Charleston Inside I-526: -8.2%
• N. Charleston/Summerville/Ladson: -10.8%
• Goose Creek/Moncks. Corner: -35.8%
• Cross, St.Stephen, Bonneau, Rural Berkeley County: -30.7%
• Wando/Cainhoy: -10.8%

These declines indicate areas where the market is cooling or where fewer properties are changing hands.

Photo byKostiantyn LionUnsplash

Median Sales Price

The median sales price has also seen an increase, up 3.1% YTD compared to the same period last year, bringing the median price to $425,000. This rise in prices reflects strong demand and a competitive market.

Significant areas with higher increases in median sales price:

• West of the Ashley Inside I-526: 9.4%
• West of the Ashley Outside I-526: 5.8%
• James Island: 17.1%
• North Charleston Inside I-526: 7.7%
• N. Charleston, Summerville, Ladson, Outside I-526: 8.4%
• Mt Pleasant North of IOP Connector: 16.7%
• Mt Pleasant South of IOP Connector: 16.0%
• Peninsula Charleston Inside of Crosstown: 12.8%
• Goose Creek/Moncks Corner: 5.7%
• Summerville, Ladson, Berkeley County: 4.6%
• Daniel Island: 41.7%

These areas are experiencing significant price appreciation, making them attractive for sellers.

Significant areas with a decline in median sales price:

• Cross, St.Stephen, Bonneau, Rural Berkeley County: -14.9%
• Moncks Corner Above Oakley Rd: -3.3%
• Wando/Cainhoy: -4.7%

In these regions, buyers might find more favorable pricing.

Months of Inventory (MOI)

The Months of Inventory (MOI) is a critical metric indicating how long it would take to sell all the current listings at the current sales pace. The current MOI for Charleston is 2.3 months, suggesting a seller's market.

• 24 areas have less than 4 MOI, indicating very tight inventory and high demand. The top of this list includes James Island, West Ashley, Mount Pleasant, and Summerville.
• 11 areas have more than 100 active listings, providing more options for buyers.
• The only 2 areas in a statistical buyer's market are
• • Sullivan's Island - 8.3 MOI
  • Folly Beach - 9.3 MOI

12-Month Running Stats

Looking at the broader picture, the last 12 months show a 3.8% decrease in transactions compared to the previous 12 months. This could suggest a slight cooling in the market, but it’s expected that 2024 will closely match 2023 in terms of transaction volume, possibly ending slightly down.

Conclusion

The Charleston real estate market continues to show robust activity with areas of both growth and decline. Whether you're a buyer, seller, or investor, understanding these trends can help you make informed decisions. Stay tuned for more updates and insights as we navigate through 2024.

Feel free to reach out with any questions about buying or selling in Charleston and the surrounding areas.

• Bill Olson
• Charleston Real Estate Agent
• 843.580.8010
• Bill@LivinginCHS.com