Charleston, SC Metro Area Housing Market Analysis - August 2024
The Charleston, SC metro area housing market in August 2024 presents a complex landscape with several key indicators showing both positive and negative trends. The Median Sales Price for homes stands at $432,105, reflecting a slight decrease of 1.1% year-over-year (YoY). Similarly, the Median List Price has dropped by 3.5% YoY to $450,000.
Despite the decline in overall prices, the median Price Per Square Foot has increased by 4.9% YoY to $232.24, indicating that while overall home prices are slightly down, the value per square foot has appreciated. The Median List Price per square foot has also seen a significant rise of 7.6% YoY, now at $247.76.
Sales activity has slowed, with the number of Homes Sold decreasing by 7.7% YoY to 1,379 units. Pending Sales have also declined by 6.2% YoY, totaling 1,416 units. New Listings have seen a more substantial drop of 13.3% YoY, with only 1,431 new homes entering the market. Conversely, inventory levels have increased by 16.4% YoY, reaching 4,244 units, which has contributed to a 70.0% YoY rise in the Months of Supply, now at 3.10 months.
The Median Days on Market have increased by 12.0% YoY to 62 days, suggesting that homes are taking longer to sell. The average sale to list ratio has slightly decreased by 0.9% YoY to 98.3%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 6.4% YoY to 16.3%, while the rate of Price Drops has increased by 8.3% YoY to 30.6%.
Additionally, the percentage of homes going off the market within two weeks has decreased by 16.0% YoY to 29.4%, highlighting a slower market pace. These trends suggest a cooling market with increased inventory and longer selling times, despite some appreciation in Price Per Square Foot.
Overall, the Charleston, SC metro area housing market in August 2024 shows a mix of declining sales prices and activity, alongside rising inventory and Price Per Square Foot values. This indicates a market in transition, with potential opportunities for both buyers and sellers depending on their specific circumstances and goals.
