I’ve included below some quick MLS statistics on the top 8 areas in the Charleston real estate market. I’ve ranked these according to absorption rate. For example, Mt. Pleasant has the strongest sellers’ market right now since it has only 3.3 months of inventory. If no new homes were to be listed for sale, it would take only 3.3 months to sell its current inventory at the rate that homes are being purchased right now. Having 6 months of inventory is a balanced market – less than 6 is a sellers’ market, and more than 6 is a buyers’ market.
- Mt Pleasant real estate: 3.3 months of inventory; median sales price of $321,775; has had 1,124 homes close from January to June of this year (stats include houses, townhouses, and condos)
- West Ashley real estate: 3.45 months; median sales price is $194,983 with 700 sales
- Daniel Island: 3.8 months; $470,000 median price; 150 sales
- Goose Creek: exactly 4 months of inventory; $152,876; 493 homes sold
- James Island: 4.2 months; $224,000; 356 sold
- Summerville: 4.23 months; $166,997; 1,124 sales
- Johns Island: 5.7 months (meaning it is very close to being a balanced market); $207,739; 180 sales
- Downtown: 6.35 months (it is just barely a buyers’ market – homes north of the Crosstown are selling much faster than the pricier homes on the southern end of the Charleston Peninsula); $367,500; 318 sales
If you have questions about any of the Charleston areas or want to schedule a time to go look at listings, feel free to call or email anytime. Have a great week!