Here’s what’s been happening in Charleston real estate so far this year.
It’s been a wild ride so far in 2022 for Charleston real estate. Today we’re going over the Q1 numbers to give you an idea of where we are in Q2 right now. In the first quarter of the year, we had fewer new listings, a strong increase in the average sale price, and more. Here are the numbers you need to know:
- New listings dropped from 2,163 in 2021 to 1,942 in 2022.
- Closed sales were down from 1,908 to 1,639.
- The average sale price at the end of Q1 2021 was $646,000. This year, that number has jumped to $773,000 for single-family detached homes in Charleston County.
Fewer homes for sale and fewer sales usually mean an increase in the average sale price, which is exactly what we saw. Days on market is a measure of how long it takes the average home to sell. It’s essentially halved from 40 to 22 days in the last year. Many home sellers who have properties in great condition are seeing their homes sell for top dollar within just a few days.
This continues to be a fantastic market for home sellers. There’s never been a better time to list. Buying is a bit more difficult, but working with the right agent who knows what you need to make a strong offer is essential.
If you have any questions about buying, selling, or want to know the specific numbers for your subsection of Charleston County, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.