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Lowcountry home prices up 3% in January

Real Estate - Residential
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By Ashley Heffernan
aheffernan@scbiznews.com
Published Feb. 17, 2016

In January, 963 homes sold in the Lowcountry at a median price of $217,000. That’s a 7% increase in sales volume and a 3% increase in median price from January 2015, according to the Charleston Trident Association of Realtors.

The association classifies the region as Berkeley, Charleston, Dorchester and Orangeburg counties, as well as some outlying areas.

Inventory has dropped 21% since January 2015, falling to 5,017 homes actively for sale on the Charleston Trident Multiple Listing Service on Feb. 9, according to the Charleston Trident Association of Realtors. (Photo/file)Inventory has dropped 21% since January 2015, falling to 5,017 homes actively for sale on Feb. 9, according to the Charleston Trident Association of Realtors. (Photo/file)
“The strong demand from buyers has continued through the typically slower winter months, and most agents are busier than they’ve been in years,” President Michael Sally said in a news release from the association. “We hope to see this more sustainable growth in median price continue through this year — 3% growth would be a great pace for us to maintain in 2016. We were tracking almost twice that last year.”

Inventory dropped 21% since January 2015, falling to 5,017 homes actively for sale on the Charleston Trident Multiple Listing Service on Feb. 9, the association said.

“Inventory is going to continue to be the issue this year. There are simply not enough homes on the market to result in balanced supply and demand, which is a key component to a stable market, long term,” Sally said in the news release.

In just the tri-county region of Berkeley, Charleston and Dorchester counties, 908 homes sold in January at a median price of $225,000, the association said.

Berkeley County

There are currently just over 1,000 residential properties on the market in Berkeley County. In January, 244 homes were sold at a median price of $199,500, according to the association. Of those, 210 were single-family homes that sold at a median price of $204,820; 27 town houses or condos sold at a median price of $140,000; and seven were manufactured or mobile homes, the association said.

Charleston County

About 2,600 residential properties are currently on the market in Charleston County. In January, 492 homes were sold at a median price of $292,955. Of those, 367 were single-family homes sold at a median price of $311,900; 118 were town houses or condos that sold at a median price of $183,498; and seven were manufactured or mobile homes, according to the association.

Dorchester County

There are currently approximately 800 residential properties on the market in Dorchester County. In January, 172 homes were sold at a median price of $186,000. Of those, 152 were single-family homes that sold at a median price of $194,060; 18 were town houses or condos that sold at a median price of $134,995; two were manufactured or mobile homes, the association said.

Reach staff writer Ashley Heffernan at 843-849-3144 or @AshleyBHeff on Twitter.

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