Charleston, SC
Housing Market
Charleston's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Charleston's supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellCharleston Housing Market Overview
The Charleston real estate market is quite competitive at present. The median home price has surged by 17.7% year-over-year and currently sits at $633,000. Properties stay on the market for 69 days before going under contract, up by 4 days YoY. 218 homes were sold this month, which marks a 10.7% increase from this time last year.
Charleston's housing market offers distinctive options for all kinds of buyers. Here, you can find historic mansions, coastal island retreats, as well as colonial homes. The city has seen remarkable property value growth of late. With cobblestone streets, antebellum architecture, and pristine beaches, buyers and investors alike are drawn to Charleston.
Charleston's housing market offers distinctive options for all kinds of buyers. Here, you can find historic mansions, coastal island retreats, as well as colonial homes. The city has seen remarkable property value growth of late. With cobblestone streets, antebellum architecture, and pristine beaches, buyers and investors alike are drawn to Charleston.
Median Sale Price
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Charleston Housing Supply
Charleston is a hot market for real estate investors due to its abundance of vacation properties and their rental potential. The city's coastal beauty and tourism industry appeal to affluent homebuyers. At present, there are 845 homes for sale in Charleston, a 9.3% increase from last year. This includes 337 new listings. It means that buyers have more options as inventory rises. Charleston's housing supply sits at 3.8 months, which is a sign of steady competition in the market.
Housing availability in Charleston follows seasonal patterns. More homes enter the market in spring and summer. Buyers typically aim to secure properties before the year-end holidays. Charleston's unique charm lies in its historic districts and waterfront communities. Homes in areas like Mount Pleasant, and Sullivan's Island command premium prices. So, buyers should look for negotiation points and request seller concessions to offset costs.
Housing availability in Charleston follows seasonal patterns. More homes enter the market in spring and summer. Buyers typically aim to secure properties before the year-end holidays. Charleston's unique charm lies in its historic districts and waterfront communities. Homes in areas like Mount Pleasant, and Sullivan's Island command premium prices. So, buyers should look for negotiation points and request seller concessions to offset costs.
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Charleston Housing Demand
Charleston's real estate market is fairly competitive. 16.1% of homes sell above the list price nowadays. Meanwhile, 23% of homes sell below the asking price, which is a 7.4 percentage point increase YoY. The 98.1% sale-to-list price ratio signals some negotiation room for buyers. However, sellers typically receive close to their asking price.
As a home seller, price your house accurately from the start to attract committed buyers in the luxury market. You might need to adjust expectations given the modest percentage of above-list sales. With increasing inventory, expect some price negotiation. To maximize your exposure in these conditions, consider listing your home on the South Carolina MLS. If you're buying a house in Charleston, the moderate inventory increase gives you some options. You might secure better terms if you target properties with longer market times.
As a home seller, price your house accurately from the start to attract committed buyers in the luxury market. You might need to adjust expectations given the modest percentage of above-list sales. With increasing inventory, expect some price negotiation. To maximize your exposure in these conditions, consider listing your home on the South Carolina MLS. If you're buying a house in Charleston, the moderate inventory increase gives you some options. You might secure better terms if you target properties with longer market times.
Homes Sold Above List Price
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Strong
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Balanced
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Charleston Market: When to Buy or Sell?
The Charleston housing market generally aligns with trends in the South Carolina housing market, but with local variations. When inventory peaks after summer, buyers gain more options. When the tourist season approaches in spring, sellers enjoy peak demand.
With Charleston's housing supply at 3.8 months, the market is less balanced than the US housing market, and slightly leans in favor of sellers. However, buyers can benefit from the expanding inventory. Whether you're buying or selling a house in Charleston, monitor these local indicators for the best possible outcome.
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Frequently Asked Questions
How has the average home price in Charleston, SC, changed over the past year?
The median home price in Charleston, SC, has increased by 17.7% over the past year. It now sits at $633,000. You can use our free home value estimator to determine your property's fair market value in this market.
What are Charleston, SC, housing market predictions for the near future?
Home prices in Charleston should continue their strong upward trend in the coming months. Demand will likely remain robust with steady sales volume. But rising mortgage rates may moderate appreciation.
What's the average house price in Charleston, South Carolina?
The average home price in Charleston, SC, varies by neighborhood and proximity to beaches. Costs typically range from $339,256 for condos to $702,000 for single-family homes. If you want to buy a house here, you can look for cheap homes for sale in Charleston that fit your budget.
Is this a good time to buy a home in Charleston, SC?
Check Charleston's real estate market trends for supply and demand insights. This helps determine if it's a buyer's or seller's market. While sellers have the upper hand with price appreciation, the increasing rate of below-list sales is a positive sign for potential buyers.
What are the current Charleston housing market trends?
The housing market in Charleston shows robust activity. Competition varies by neighborhood and proximity to water. Properties currently move at a steady pace year-round. If you want to buy or sell in Charleston, check the city's housing market trends for the best timing.
When will the Charleston housing market crash?
Charleston housing market forecasts suggest that a crash remains unlikely. Home prices continue to rise rapidly. Sustained growth should continue despite higher interest rates.
How to buy a home in Charleston?
Start with a clear budget and mortgage pre-approval. Then search for Charleston, SC, houses for sale. Submit offers, secure loans, and complete the closing process.
How can I list my houses in Charleston, SC, for sale?
List your Charleston home with a Flat Fee MLS South Carolina listing service. High-tech MLS sites like Houzeo assign the right paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Charleston?
The state-wide average mortgage rate fluctuates between 6.23% and 7.05%. Rates depend on market conditions and your credit score. Always check current rates with lenders.
What is the cost of living in Charleston, SC?
The Charleston, SC, cost of living index is 6% above the national average. Since Charleston offers premium coastal living, housing expenses run above the US median. Food costs also exceed national averages due to the tourism industry. Nevertheless, Charleston attracts affluent professionals and retirees who seek its unique lifestyle despite the price point.
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