The seasons are changing in Charleston and so are conditions of our real estate market. For buyers, home prices remain high while interest rates on mortgages increased as the Federal Reserve has raised rates. Sellers are not seeing their homes go under contract immediately as we see the amount of available inventory slowly rising while the number of buyers decreases. According to statistics compiled by the S.C. Association of REALTORS®, the median sales prices jumped 19.7% in the second quarter and 17.6% in July alone. While sellers might get more for their home, it is taking sellers a longer time to make that sale. With the rise in interest rates and inflation, some of the buyers have dropped out of the market. But we would like to ease the concerns about a housing bubble burst, it is just not true!
Renting is not a better option for most as it is more difficult to find available and affordable rentals. Inventory remains lower than normal, and as the market continue to shift, experts project homes will begin to spend more days on market and price growth will slow in the months ahead. Coming off a fast-paced market, it seems like homes are sitting on the market for an eternity but to keep it in perspective - they are still almost 1/3 of the length of time we were used to seeing in 2020.
Here are some details about how the month end looked:
Average Sales Price
Entire MLS $529,959| +16.5%
77 - Daniel Island $1,468,992| +24.3%
Mount Pleasant $904,206| +31.8%
51 - Peninsula Charleston Inside of Crosstown $1,099,981 | +12.2%
Average Price Per Square Foot
Entire MLS $260|+12.1%
77 - Daniel Island $479| +14.9%
Mount Pleasant $359| +19.7%
51 - Peninsula Charleston Inside of Crosstown $646 | +11.8%
Dollar Volume Sold
Entire MLS $820,197,807| -8.6%
77 - Daniel Island $44,069,749| -4.4%
Mount Pleasant $134,726,689| -7.8%
51 - Peninsula Charleston Inside of Crosstown $29,699,600|-52.7 %
Average Days on Market
Entire MLS 23| +27.8%
77 - Daniel Island 14| -12.5%
Mount Pleasant 24| +118.2%
51 - Peninsula Charleston Inside of Crosstown 74|-16.9 %
Closed Sales
Entire MLS 1,521| -21.4%
77 - Daniel Island 30 | -21.1%
Mount Pleasant 149 | -30.0%
51 - Peninsula Charleston Inside of Crosstown 27 | -57.8%
If you are thinking of buying or selling, we are here to help! Give us a call!
