Category Archives: Real Estate (Market info)

This Category features Charleston area market data and information

Market Review – Charleston Area MLS – MAY Update 2025

Review for Entire Charleston MLS (April Stats):

SALES PRICE – The median sales price closed out at $440,000 in April 2025, up +4% over April of 2024 and the average sales price for April 2024 was $664,971.

NEW WRITTEN SALES (Pending) – There were 1,876 new written sales in April 2025, up 10.5% versus April of 2024.

CLOSED SALES – There were 1,568 closed sales in April of 2025, down 6.7% from April of 2024.

INVENTORY – Approximately 2,622 new listings came online in April 2025, which is up +15.7% from April 2024 and the average Days on Market was at 48, up +23.1% with 3.3 months of inventory (up 26.9%).

PRICE PER SQFT – The median price per sqft closed out at $237 for April of 2025, up 4.9 % and an average of $307 sqft.

APRIL STATS BY COUNTY:

Berkeley – The median sales price was $395,000 | down -1.0%. The average sales price was $508,250 and the average days on market was 52 | up +20.9%

Charleston – The median sales price was $600,000 | down -5.5%. The average sales price was $913,859 and the average days on market was 39 | up +25.8%

Dorchester – The median sales price was $370,000 | 0.0% (no change year over year). The average sales price was $413,610 and the average days on market was 48 | up +29.7%

Gena Glaze

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Market Review – Charleston Area MLS-APRIL Update 2025

NEW SALES – Pending – There were 1,898 new written sales in March 2025, up 7.1% versus March of 2024. This is a good indicator of future closed sales.

CLOSED SALES – There were 1,520 closed sales in March of 2025, down 1.1% from March of 2024

SALES PRICE – The Median sales price closed out at $429,000 in March 2025, up +4.6% over March of 2024 and the average sales price for March 2024 was $666,861, up+11.3%.

INVENTORY – Approximately 2,463 new listings came online in March 2025, which is up +13.2% from March 2024 and the average Days on Market was at 52, up +40.5% from March of 2024 with 3.1 months of inventory (up 24%).

PRICE PER SQFT – The median price per sqft closed out a $240 for March of 2025, up 5.7 % from March of 2024. The average of $309, rose +5.5%.

By County:

Berkeley – Median Price per sqft =$203 | up +2.5%, Average price per sqft $232 | up +2.7%

Charleston – Median Price per sqft =$353 | up +8.3%, Average price per sqft $420 | up+4.7%

Dorchester – Median Price per sqft = $198 | up +7.6%, Average price per sqft $201 | up +5.2%

Gena Glaze

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Lowcountry Lowline is Officially Launching It’s First Phase

The Lowline project envisions a central spine of parks and mobility systems connecting downtown to West Ashley, North Charleston and Mt Pleasant. The plan will transform an abandoned rail line and neglected highway corridor into a continuous green corridor that supports the surrounding communities and provides places for active and passive recreation.. 

Charleston City Council recently approved a $1.1 million design-build contract, officially launching the first phase of construction for this long-awaited project. A community open house is scheduled for Thursday, April 24th from 5:00 to 6:30 p.m. at Palmetto Brewing Company, located at 289 Huger Street in Charleston.

THE NORTH CENTRAL CORRIDOR:

  • The North Central Corridor runs from Romney Street to the planned transit hub on Mount Pleasant Street
  • The North Central Corridor provides areas for active and passive recreation in “The Columns” beneath the elevated highway
  • “The Columns” area also provide ample space to host a neighborhood market
  • This district will include pocket parks where neighborhood streets end into the Lowline property
  • The potential transit oriented redevelopment of the Parks Department building provides an opportunity to create a new pedestrian district at the North end of the Lowline

THE PARKS

  • The Parks District runs from Romney Street to Line Street
  • It is bookended by two new park spaces: New Market Creek Park to the North and Lowline Park to the South
  • Lowline Park is a large open space designed for events and gatherings
  • NewMarket Park is an enhanced Salt- and Fresh- water ecosystem
  • NewMarket Park provides a natural amenity for the public to enjoy while also enhancing stormwater management for the surrounding neighborhoods

THE URBAN CORE

  • The Urban Core District of the Lowline runs from Line Street to Marion Square
  • The District currently has the most diverse mix of uses and the highest density on the peninsula
  • The Lowline in the Urban Core is envisioned to be a series of alleys
  • Some portions of the Lowline already exist as alleys between Mary and Hutson Street
  • The side streets that connect King and Meeting streets will become important access points. Improvements to these connecting streets will be included in the Lowline
  • This Network of interconnected pedestrian walkways will enhance the entire district

Read More at Lowcountry Lowline

Gena Glaze

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Market Review – Charleston Area MLS- MARCH Update 2025

NEW SALES – Pending – There were 1,566 new written sales in February 2025, up 6.0% versus February of 2024.

CLOSED SALES – There were 1,250 closed sales in February of 2025, down 6.3 % from February of 2024

SALES PRICE – The Median sales price closed out at $419,839 in February 2025, up +4.2% over February of 2024 and the average sales price for January 2024 was $647,055, up+12.2%.

INVENTORY – Approximately 2,153 new listings came online in February 2025, which is up +5.2% from February 2024 and the average Days on Market was at 59, up +37.2% from February of 2024 with 3 months of inventory (up 25%)

PRICE PER SQFT – The median price per sqft closed out a $227 for February of 2025, up 6.6%

Closed sales were down year over year but new written sales were up about 6%, which is an indicator of future closed sales. Inventory is improving giving buyers more choice with just modest price gains.  Overall, we have positive indicators for the Spring Market!

Gena Glaze

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Market Review – Charleston Area MLS- February Update 2025

February 2024 Update for the entire Charleston MLS:

NEW SALES – Pending – There were 1379 new written sales in January 2025, down -6.1% versus January of 2024.

CLOSED SALES – There were 1045 closed sales in January of 2025, up 2.8% from January of 2024

SALES PRICE – The Median sales price closed out at $415,917, up 0.2% over January of 2024 and the average sales price for January 2024 was $631,715

INVENTORY – Approximately 1,907 new listings came online in January 2025, which is up +2.3% from January 2024 and the average Days on Market was at 50, up 28.2% from January of 2024 with 2.7 months of inventory.

Gena Glaze

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More Buyers May Qualify for Down Payment Assistance – New SC State Housing Rules.

SC State Housing offers a variety of mortgage financing options through a variety of Lending Partners to make owning a home more affordable and recent changes will allow more buyers to qualify.

One of the most substantial changes allows the applicant / buyer to use only his/her income for qualification purposes. This change will allow more buyers to fall under the income limits to help them qualify for the program. Previously, the total household income had to be under the income limit to qualify.

The current bond issue offers a lower than market rate and $10.000 down payment assistance. The rules for “targeted” areas allow buyers to purchase their primary residence but they cannot own another property at the time of closing. However, buyers can sell their current home prior to purchasing the new home and still use the program as long as they meet all other guidelines.

For “non-targeted areas, purchasers may not have owned a home within 3 years of closing the new home

There are a variety of affordable SC Housing programs with different criteria and the much-anticipated Palmetto Heroes Program will be available this spring (date and details have not been announced yet). Palmetto Heroes serves military, police, fire and medical personal and typically has a generous down payment assistance amount and a lower-than-market rate.

If you or someone you know could benefit from a State Housing program, please contact me, I would be happy to help connect you with the needed resources.

STATE HOUSING PRICE-INCOME LIMITS PDF

Gena Glaze

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A Record Percentage of People Plan to Purchase a Home in 2025

According to a recent NerdWallet survey, 15% of Americans are planning to purchase a home this year. That’s actually a record high for this survey (see graph below):

The percentage has been hovering between 9-11% since 2020. This recent increase shows buyer demand hasn’t disappeared – if anything, it indicates there’s pent-up demand ready to come back to the market.

That doesn’t mean the floodgates are opening but does indicate that buyers are optimistic. Whether they’re feeling more confident about moving, or saved money, or simply can’t wait any longer – this seems to be the year they’re aiming to take the plunge.

And, according to that same NerdWallet survey, more than half (54%) of those potential buyers have already started looking at homes online.

That’s a good indicator that a number of these buyers will be looking during the peak homebuying season this spring.

Gena Glaze

Source: Nerd wallet and KCM

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South Carolina Has Officially Become The Number 1 Moved To State in America

South Carolina has officially become the number 1 moved to state in America, surpassing Texas. This significant change reflects a growing trend of people relocating to the number 1 moved to state, driven by various factors such as job opportunities, more affordable housing, and a desirable lifestyle. According to data from U-Haul, South Carolina has knocked Texas out of the number one spot for the first time in history.

The trend of southern states netting larger numbers of one-way U-Haul® continued during 2024, with South Carolina topping the U-Haul Growth Index for the first time.

Texas, North Carolina, Florida and Tennessee round out the five leading growth states.

California experienced the greatest net loss and ranks 50th for the fifth consecutive year.

Growth rankings are configured by each state’s net gain (or loss) of customers utilizing one-way U-Haul equipment in a calendar year. The U-Haul Growth Index is compiled from well over 2.5 million one-way U-Haul truck, trailer and U-Box® moving container transactions that occur annually.

“State-to-state transactions from the past year reaffirm customer tendencies that have been pronounced for some time,” stated John “J.T.” Taylor, U-Haul International president. “Migration to the Southeast and Southwest continues as families gauge their cost of living, job opportunities, quality of life and other factors that go into relocating to a new state. Out-migration remains prevalent for a number of markets across the Northeast, Midwest and West Coast — and particularly California.

“U-Haul continues to expand its network, rental fleet and self-storage footprint so that wherever people move in 2025, we will be there to meet their needs.”

South Carolina climbed three spots in the rankings to unseat Texas, which was the No. 1 growth state for the previous three years (2021-23). Of all the U-Haul movers coming and going from the Palmetto State in 2024, more than 51.7% were arrivals.

Texas has ranked first or second among U-Haul Growth States each year since 2016. Florida has been fourth or higher every year since 2015.

New York, at No. 47 on the list, has its lowest growth ranking in a decade.

Oklahoma (+30), Indiana (+19) and Maine (+18) are the biggest risers year-over-year on the U-Haul Growth Index. Colorado (-31), Nevada (-24), Wyoming (-22) and New Mexico (-21) saw the biggest slides in 2024.

Find past growth rankings and reports at uhaul.com/about/migration.

Gena Glaze

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ADU’s in The Low Country – Charleston Area Real Estate

An accessory dwelling unit (ADU), sometimes called a carriage house or in-law suite, is a separate, detached living space with a kitchen, bathroom and sleeping area on the same property as a single-family home.

As the cost of housing continues to rise, local leaders are looking to allow these accessory dwelling units in residential areas to provide more housing options. 

Leaders in the local government of North Charleston recently proposed a new ordinance that would allow homeowners to rent the separate unit to a long-term tenant, which would provide additional income to the homeowner and increase housing stock. 

North Charleston currently allows ADUs in a few overlay districts, such as the Olde North Charleston Historic District and Neighborhood Conservation District, which covers a strip of Park Circle between Spruill and Virginia avenues. The new ordinance is aimed at areas like Park Circle where larger lot sizes can accommodate additional density, as opposed to already dense areas like Liberty Hill, Chicora-Cherokee and Accabee. 

According to the proposed ordinance, an ADU cannot be more than two-thirds the size of the principal dwelling unit or exceed 800 square feet. The lot size must be at least 4,500 square feet. An additional off-street parking spot for the ADU must be provided. All ADUs must be permitted by the city. 

It’s intentional that these additional units are small, said Tim Macholl, the city’s director of planning and zoning, during a November committee meeting. He said the space is ideal for a college student who is spending the summer at home or in-laws staying in town. It also provides an opportunity for additional income for homeowners if they choose to rent it out, he added.  However, these units are not eligible for short-term rental permits, so they can not be used for vacation rental services, like Airbnb. 

The demand for ADU’s is on the rise. They offer some affordable housing solutions, an option for multi-generational living and versatility of home space as they can be used as home offices, living spaces or possibly rentals.

Goose Creek also has previsions in their ordinance for ADU’s and many other municipalities are incorporating guidelines as well to accommodate the ADU trend.

If you are considering an ADU, check with your local municipality and Homeowner Association to make sure they are allowed and to obtain the guidelines, rules and permitting requirements.

read more here Post and Courier

Gena Glaze

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Market Review – Charleston Area MLS- January Update 2025

Year over Year Review (2023 vs. 2024): Closed sales up 13.7% Median Sales price up 2.3 %

December 2024 stats for the entire Charleston MLS:

NEW SALES – Pending – There were 1106 new written sales in December 2024, a. predictor of future closed sales, which was up 6.3% versus December of 2023. YTD was up 2.4%.

CLOSED SALES – There were 1382 closed sales in December of 2024, up 13.7% from December of 2023 and up a negligible 1.1% YTD, compared to 2024.

SALES PRICE – The Median sales price closed out at $414,296, up 2.30% over December of 2024 and The Year-to-date median sales price was up 4.1% over 2024. The average sales price for December 2024 was $612,457.


INVENTORY – Approximately 1165 new listings came online in December 2024, which is down -6.9% from December 2023 but up YTD 10.8% The market as a whole had approximately 2.6 months of inventory at December’s end with the average Days on Market at 50, up 25% from December of 2023 and up 14% year to date.

Gena Glaze

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