February Market Stats

1,131 homes sold in February in the Charleston region at a median price of $385,388 according to preliminary data released today by the Charleston Trident Association of REALTORS® (CTAR). Last year, 1,493 homes sold in February at a median price of $375,000 which is 24% fewer sales at a price point that is 3% higher.

Year-to-date, 2,073 homes have sold in the Charleston region at a median price of $386,100. In 2022, 2,919 homes had sold at a median price of $369,000 which reflects a 29% difference in sales and a 5% increase in median price.

Inventory data shows just over 70% more homes on the market than at this time last year, with 2,443 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing about 1.5 months of available inventory. In comparison, there were just 1,426 homes listed as “active” for sale last February—so while inventory is still less than half of what we need to sustain a balanced market, that metric is moving in a positive direction.

“The February market data shows what we expected—progress towards the normalization of the residential real estate market in the Charleston region” said 2023 CTAR President Katesha Breland. “The number of transactions we’re seeing now is a more normal and sustainable pace than we’ve seen in recent years, following the extreme market environment we experienced in 2020 and 2021” said Breland. “As we move into the spring, we anticipate sales remaining near this level and sales increasing incrementally during the busier buying months” she said.