Market Review – Charleston Area MLS- November Update 2024

NEW SALES – Pending (Ratified contracts) – There were 1,393 new written sales in October 2024, a predictor of future closed sales, which was up 2% versus October of 2023. YTD was down -4%

However, Last week 242 properties went under contract market wide, which was up +16% compared to the same week last year.

CLOSED SALES – FLAT – There were 1,354 closed sales in October of 2024, down a negligible -0.7% from October 2023 and down -0.4% YTD, compared to 2023.

SALES PRICE – The Median sales price closed out at $415,685, up 3% over October of 2023 and The Year-to-date median sales price was up 4.25% over 2023. The average sales price for October 2024 was $644,758. The Median sale price in the Charleston market continues to stay in a tight band between $400k and $425k where it has been for most of the last 27+ months.

AVERAGE SOLD PRICE PER SQFT

The average price per sqft still remains near an all-time high at approximately $301 /sqft

INVENTORY – Approximately 1961 new listings came online in October 2024, which is up 4% from October 2023 and Third quarter Inventory levels were up 12.6% over 2023.

There were approximately 2.7 months of Inventory calculated in October 2024, with the median Days on Market at 25, up 56.2% from October 2023 and the median days on market up 46.7% YTD.

We still need additional listings market wide to achieve a balanced market of 5 months of inventory.

Absorption rate by Area

NEW CONSTRUCTION – New construction represents 48% of all pending contracts in the MLS and new construction comprises approximately 36% of the closings.

FORECLOSURES AND SHORT SALES – have declined even further to a combined 0.7% of all available listings This market continues to be basically nonexistent and there are very few “newly distressed” properties in the pipeline.

MM+ We are roughly double the monthly pre-pandemic sales levels of over Million dollar plus properties. This market segment remains robust.

If you have questions or have a real estate need, please don’t hesitate to contact me!

Thanks,

Gena Glaze