The latest trends and insights in the Charleston real estate market.
Today, we’ll dive into the current state of the Charleston real estate market as we reach the mid-year mark of 2023. Discover the latest trends, changes, and key areas of interest that can influence your real estate decisions. Let’s get started!
Comparing the first half of 2023 to the same period in 2022, we have observed a decline of approximately 22% in the number of home closings. With fewer homes transacting, showings have become increasingly crucial. The most sought-after areas for showings in Charleston are West Ashley, James Island, Summerville, and North Charleston. If you have a listing in these regions, rest assured that there is significant interest in your property.
Analyzing the median sale price is an important aspect of understanding the market’s overall health. In 2022, the median sale price stood at $397,000. As we progress through 2023, we notice a slight uptick, with the median price now at $404,000. However, it’s important to note that this percentage increase is based on a comparison of similar-priced homes sold last year and this year, not necessarily a direct appreciation of individual properties.
The current inventory in the Charleston market remains tight, with only a month and a half of housing supply available. Consequently, well-maintained homes in good condition tend to attract multiple offers and sell swiftly. On the other hand, properties with deferred maintenance or unique challenges may take a bit longer to find the right buyer.
Whether you’re curious about your home’s current value or contemplating selling or purchasing a new property, our experienced real estate team is here to help. Reach out to us today, and we’d be delighted to discuss your goals, provide insights, and guide you through the process with confidence.
As we navigate through the first half of 2023, the Charleston real estate market showcases some notable changes. With fewer closings, showings are more crucial than ever, and specific areas like West Ashley, James Island, Summerville, and North Charleston are attracting significant interest. The steady increase in median sale prices also indicates a robust market. When it comes to selling your home or making a new purchase, professional guidance is key, and our real estate team is ready to assist you at every step. Reach out to us today, and let’s make your real estate goals a reality!