Charleston Market Update

Charleston Market Update - November 2024

Charleston’s real estate market saw moderated sales activity in November 2024, coupled with continued buyer interest. Closed sales for the month totaled 14 units, reflecting a 26% decline compared to October 2024 and November 2023. Inventory remains a critical challenge, with only 23 active listings translating to a 1.3-month supply, signaling a firm seller’s market. Historically, Charleston’s November sales have averaged 12.7 units over the past 20 years, placing 2024 slightly above the long-term median of 12.5 units.

The rolling 12-month average sale price for Charleston homes decreased slightly by 2% to $158,654, while the median price rose 9% year-over-year to $139,950. This continues a decade-long trend of price growth, with the average price per square foot rising by 49.5% from $60.10 in 2014 to $89.84 in 2024. With homes selling quickly, median days on the market (DOM) dropped to just four days, underscoring strong buyer competition for available properties.

Based on the median income reported by the Census Bureau, Charleston has an affordability index of 332.9, indicating robust purchasing power relative to housing costs. As Charleston grapples with limited inventory, these affordability levels are expected to sustain demand for mid-priced homes. Listing activity also softened, with 15 new listings in November 2024, a 6% decrease compared to the previous year. Year-to-date, new listings totaled 217, a modest 4% decline from 2023. Tight inventory levels and competitive demand have spurred brisk movement, particularly in the mid-price segment. Financing data revealed that cash purchases were prevalent among lower-priced homes, while conventional loans dominated the higher-value brackets, illustrating diverse buyer strategies.

Looking forward, Charleston’s limited inventory and strong buyer interest will likely continue to pressure home prices upward. Sellers continue to benefit from favorable market conditions, while buyers face restricted options and competitive pricing challenges. Despite these hurdles, Charleston remains an attractive market for homeowners and investors, bolstered by its long-term growth and desirability.

Charleston's Market (Rolling 12-Months)

Sold Units by Sale Price