Charleston Market Update

Charleston Market Update - June 2024

Sales Activity

• Closed Sales: Charleston experienced steady growth in June, with 17 closed sales, bringing the year-to-date (YTD) total to 95. This represents a 12% decrease compared to the 108 closed sales YTD in June 2023. The rolling 12-month (R12M) total stands at 211 closed sales, reflecting a stable 1% decrease from the previous year.
• Sale Prices: The average sale price in Charleston over the past 12 months is $165,486, up 8.7% from $152,184 in June 2023. The median sale price is $140,000, a substantial 15.4% increase from $121,250 in June 2023. The average price per square foot (R12M) is $89.77, a 13.3% increase from $79.24 last year and a 49.7% increase from $59.94 five years ago (June 2019).

Inventory

• New Listings: June saw 24 new listings in Charleston, bringing the year-to-date total to 117 new listings. This is less than a 1% increase from the 116 new listings recorded in the same period last year. The rolling 12-month total for new listings is 236.
• Active Listings: At the end of June 2024, there were 16 active listings in Charleston, a 5.9% decrease from 19 active listings at the end of June 2023. Three years ago, there were 44 active listings (a 63.6% decrease). The monthly average active inventory over the past year is 18 listings, down from 28 units from June 2023.
• Months of Supply: In Charleston, the supply of homes on the market as of June 2024 is approximately 0.91 months, indicating a very tight market where homes are selling rapidly. This figure has increased slightly from 0.85 months in June 2023 but remains significantly lower than the 2.1 months recorded three years ago (June 2021). The last time Charleston had a 5-month supply of inventory, which is considered a balanced market, was October of 2019, 57 months ago.

Market Demand

• Pending Sales: There were 22 pending sales in June 2024, making the year-to-date total 100 pending sales. This represents a 4.2% increase compared to 96 pending sales in June 2023. The rolling 12-month total for pending sales is 211, up from 202 last year, reflecting a 4.5% increase and robust demand from buyers in the market.
• Days on Market (DOM): The average days on market (R12M) for properties in Charleston is 22 days, with a median of 5 days. This is a significant improvement from last year's average of 29 days (a 24.1% decrease). Comparatively, the average DOM was 81 days three years ago (June 2021), a 72.8% decrease.

Charleston's Market (Rolling 12-Months)

Sold Units by Sale Price