Charleston Real Estate Market Update: Week of May 17-23, 2024

Charleston Real Estate Market Update: Week of May 17-23, 2024

The Charleston real estate market remains active and diverse, showcasing a variety of properties going under contract. Here’s a detailed analysis of the market's performance over the past week.

Overall Market Activity

• Total Residential Properties Under Contract: 322

Single Family Homes

• Single Family Homes Under Contract: 249
  • Median List Price: $525,000
  • Price per Square Foot: $247
  • Days on Market (Median): 14
  • Median Year Built: 2005
  • Price Range: 6 homes under $250k, 46 over $1M, including 16 over $2M, and 9 over $3M
  • Foreclosures/Short Sales: 1
  • New Construction: 10%

Island Homes

• Total Island Homes Under Contract: 40
  • James Island: 14 homes, listed from $288k to $1.4M. Median price: $651k ($369 per sqft)
  • Johns Island: 16 homes, listed from $360k to $6.5M. Median price: $849k ($332 per sqft)
  • Seabrook Island: 3 homes, listed at $735k, $774k, and $820k
  • Sullivan’s Island: 1 home at $2.65M
  • Isle of Palms (IOP): 2 homes, each at $2.5M
  • Daniel Island: 4 homes, ranging from $1.05M to $4.5M

Neighborhood Highlights

• West Ashley: 28 homes, listed from $150k to $6.75M. Median price: $624k ($269 per sqft)
• North Charleston: 16 homes, listed from $165k to $675k. Median price: $342k ($253 per sqft)
• Mount Pleasant: 33 homes, listed from $565k to $4.1M. Median price: $1.2M ($415 per sqft)
• Peninsula Charleston: 8 homes, listed from $559k to $7.8M. Median price: $1.2M ($638 per sqft)
• Summerville/Ladson: 55 homes, listed from $215k to $765k. Median price: $385k ($195 per sqft)
• Hanahan/Goose Creek/Moncks Corner: 64 homes, listed from $225k to $785k. Median price: $401k ($208 per sqft)

Condo/Townhome Market

• Total Under Contract: 66
  • Price Breakdown:
    • 5 under $200k
    • 13 between $200k and $299k
    • 27 between $300k and $499k
    • 19 between $500k and $875k
    • 2 between $1.2M and $3.2M
  • New Construction: 10

What This Means for Buyers and Sellers

For buyers, the Charleston market offers a wide range of properties, from affordable single-family homes to luxury island residences. With the median list price and number of high-end homes increasing, buyers should be prepared for a competitive market, especially in sought-after areas like Mount Pleasant and James Island. It’s crucial to act swiftly and have financing pre-approved to secure desired properties.

For sellers, the rising median list prices and quick turnaround times indicate a seller's market. This is an excellent time to list properties, particularly those with modern amenities or in high-demand neighborhoods. Properly preparing and marketing your home can attract more buyers and potentially lead to multiple offers.

The Charleston real estate market continues to thrive, offering numerous opportunities for both buyers and sellers. Stay informed and strategic to make the most of this dynamic market.