How is the Charleston, South Carolina housing market doing? Trulia provides substantial information based off of thousands of homes that have been listed during the months of July 2015 and October 2015.
The Charleston Real Estate market has seen a major boost in the third quarter. The median sale price for homes in the city has risen 2.2% on the year, up $5,000 to $230,000. We are also able to see which neighborhoods have the highest average listing prices (which we’ll discuss shortly).
A Look at the Housing Market by the Number of Bedrooms
The number of home sales have actually dropped by 37.2% year on year. But, the prices of homes have increased, which may be the reason for slower sales. During the third quarter, we’ve seen the following price changes:
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One Bedroom: One bedroom homes actually had a higher sales price than two-bedroom and three-bedroom homes in the third quarter. The average sale price was $235,000, which is down year-on-year by 33%.
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Two Bedroom: Two-bedroom homes sold, on average, for $195,500. This is up 15% on the year, with sale prices being $170,000 just a year ago.
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Three Bedroom: Three-bedroom homes sold for $228,000, up 2.1% on the year.
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Four Bedroom: The most expensive homes were four bedroom homes. The average four-bedroom home sold for $313,500, but this is down from $345,000 a year ago. Prices have declined by 9.1% year-on-year.
Interestingly, prices from just three months prior were much higher than during the months of July through October. For example, a two bedroom sold for $249,500 on average, which is over $50,000 higher than the prices during the third quarter.
Prices as of October 2015 are much higher than the third quarter. The average home price in the city was $420,000 during the week ending on October 14th.
We’re also able to determine the increase in price per square foot for homes in Charleston, South Carolina. Average price per square foot is up 4.1% year-on-year, with the average price of $152 per square foot. This price changes dramatically based on the number of bedrooms a home has and where the home is located.
Popular Cities for Real Estate in Charleston
Some neighborhoods in the city have higher listing prices than others. The following neighborhoods are by far the most popular in Charleston:
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James Island as a whole with an average listing price of $268,830.
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South of Broad had average sale prices of $439,200.
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Ansonborough had average sale prices of $430,000.
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Harleston Village has very high home prices with the average listing price of $449,500.
Some neighborhoods have seen the prices lowered, but which neighborhoods have seen major increases in their homes prices?
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South of Broad home prices are up 68% year on year.
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Hampton Park home prices are up 61% year on year.
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West Ashley inside Mark Clark home prices are up 10.9%.
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West Ashley home prices as a whole are up 7.6% on the year.
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Johns Island has seen home prices increase by 3.6%.
Charleston is consistently a popular destination for homebuyers due to a strong economy, great public schools, a wide range of entertainment, and a high quality lifestyle. With a rich history and affordable property taxes, South Carolina is one of the best choices for new homeowners looking to relocate.
Your Charleston Real Estate Professionals
If you are ready to start your search for your dream Charleston home, check out our Charleston Real Estate MLS or call us at (800) 804-2187. Need more information on Charleston neighborhoods, upcoming events and housing trends? Discover our Charleston Real Estate Guide!