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Median home price in Lowcountry up $4,500 from last year

Real Estate - Residential
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For more than a year, home sales in the Lowcountry region of have exceeded 1,000 closings per month, according to a report from the Charleston Trident Association of Realtors.

In February, 1,261 homes sold in the region at a median price of $241,000, the report said. The association classifies the Lowcountry region as Berkeley, Charleston, Dorchester and Orangeburg counties, as well as some outlying areas.

Those figures are up from the 1,098 homes sold in February 2016 at a median price of $236,484.

“The pace of home sales in our region seems to be sustainable,” CTAR President Dave Sansom said in the report. “Prices are increasing at a steady pace, but we do hope to see inventory increase this spring and encourage a bit more affordability across various price ranges. However, the regionwide price growth does not seem to be affecting demand just yet.”

Over the past year, home inventory has declined about 20%. At the end of February, 4,837 homes listed as active for sale in the Charleston Trident Multiple Listing Service. The report said that inventory is relatively flat from January but that the association expects inventory will begin increasing in the spring.

Berkeley County

There are 996 residential properties for sale, including 844 single-family homes and 152 condos and town houses. In February, 343 properties sold at a median price of $219,990, the report said. This year to date in the county, single-family home sales increased about 25% from the previous year, with buyers paying about 10% more than they did in 2016. Condo and town house sales increased 46%, and the median sales price increased 3%, according to the report.

Charleston County

The county currently has 2,588 residential properties for sale, which includes 1,955 single-family homes and 633 condos and town houses, according to the report. In Charleston County, 648 homes sold at a median price of $313,510 last month. For the year to date, single-family home sales grew by a little less than 2% from the previous year, and buyers paid almost 10% more than in 2016. Condo and town house sales increased by about 12%, and the median price grew 8.5% in the county since last year, the report said.

Dorchester County

Currently, 633 residential properties are for sale, including 585 single-family homes and 48 condos and town houses, the report said. In February, 230 homes sold at a median price of $205,708 in the county. Single-family home sales increased 19%, and the median price increased 9% compared with 2016. Condo and town house sales increased 11%, and the median price fluctuated by less than 1%, according to the report.

Reach Ashley Heffernan at 843-849-3144.

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