The Lowcountry residential real estate market is stable, according to the Charleston Trident Association of Realtors, though demand continues to outpace supply, exacerbating the region’s affordability issues.
The Charleston region saw 1,923 homes sold in June at a median price of $289,798, according to preliminary data. That’s 26 fewer homes but a $19,759 increase in median price.
Year-to-date sales volume is 2% behind where it was in 2018, while median price is up 4.6%. So far this year, 9,201 homes have been sold at a median price of $277,228; last year at this point, 9,386 homes had been sold at a median price of $265,000.
CTAR President Edward Oswald said, though, that a 2% fluctuation wasn’t cause for alarm.
“At the halfway point in the year, our regional residential market has been a consistent performer,” Oswald said in a news release. “Looking back at six months of year-to-date figures, we’ve seen minor fluctuations, but residential sales are tracking very close to where they were last year.”
The increased median price is to be expected, Oswald said, in a market with an inventory deficit.
“Demand continues to outpace supply, and affordability issues will continue until that levels out,” Oswald said.
Inventory data shows 5% fewer homes for sale compared with last year, with 5,371 homes listed as currently for sale in the Charleston multiple listing service at the end of June.