July Market Report
Residential Real Estate Market Sales and Prices Increase in July, as Affordability Concerns Continue
CHARLESTON, SC—(August 12, 2019) 1,806 homes sold in July in the Charleston region at a median price of $277,950 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last July, 1,696 homes sold at a median price of $266,900.
This year’s 11,021 closings show transactions down half a percent and median price up nearly 5%, to $277,500 for the region.
Inventory is about 6% lower than it was at this point last year, with 5,634 homes listed as “active” for sale in the CHS Regional MLS database at the end of July.
“Despite historically low unemployment rates and the longest economic expansion in US history, some prospective buyers are still being held up by affordability challenges, as the continued rise of home prices is outpacing income growth” said 2019 CTAR President Edward Oswald. “In our region, the $53,000 median household income does not align with a median home price that’s climbing toward $300,000” he continued. “Last month, the Fed reduced interest rates by a quarter of a point, which may help some buyers, but it’s time for us as a community to focus on long-term affordability answers that will preserve the health of our real estate market far into the future” said Oswald.
Preliminary data showed 1,923 homes sold in June in the Charleston region at a median price of $289,798. Updated data now shows 1,932 sales at a median price of $289,900.