Charleston SC -Housing Market Stats – 2/2024

Here are the latest stats from Charleston Metro MLS – February 2024 calculations.

The median sales price for the Charleston Market has remained fairly steady with a median a sales price of $407,235. up about 6% above February 2023.

While the median sales price has remained in a tight band, between 400k-420k, for most of the previous 24 months, the seasonal dip in median price that is typically experienced around the first of the year bottomed out about 6% above last year’s seasonal dip (2/2023 vs 2/2024), suggesting that the current pricing in our market has a solid base and given low inventory levels relative to sales levels, this could mean that additional price gains lie ahead.

The inventory calculated at February’s end was at 2.5 months, which is an increase over last February’s 1.76 months.  

Active Inventory stands at approximately 2,900 listings. While this level of inventory is a significant increase from the low of last February, but we still need roughly 3,500 additional listings market wide to achieve a balanced market (5 months of inventory)

The average days on market was calculated at 48 (median was 25) at February’s end.

Although inventory is low, we have recently had an increase in new listings coming onto the market.

New listings taken have gone up dramatically over the past sixty days with more than 2,000 new listings coming online in February, +36% to the number of listings taken last February. This should help drive sales this spring and summer.

1287 sold properties in February 2024, up 11.6 % from last February’s but written sales, market wide, was down -4%.

Last week saw 291 properties go under contract.

New construction represents 41% of all pending contracts in the MLS and new construction comprises about 35% of the closings.

Foreclosures and Short Sales continue to hold at a combined .7% of all available listings currently. This is down from 1.8% of all available listings on 1/1/2020. There are very few “newly distressed” properties in the pipeline.

Surprisingly, we are at roughly double the monthly pre-pandemic sales levels of properties over one million. This market segment remains surprisingly robust.

Keep in mind, this is a snapshot of the entire Metro Market, real estate is hyper-local and stats will vary within the different areas of the market. If you would like information about your property or neighborhood, please don’t hesitate to contact me.

Gena Glaze