The Charleston, SC metro area housing market in February 2025 presents a complex landscape characterized by rising prices and declining sales activity. The Median Sales Price has increased to $437,216, marking a year-over-year (YoY) growth of 1.7%. Meanwhile, the Median List Price has surged by 8.5% YoY, reaching $499,000. This indicates a widening gap between seller expectations and buyer affordability.

Price Per Square Foot metrics further highlight the upward trend in property values. The median Price Per Square Foot has risen by 6.0% YoY to $232.84, while the Median List Price per square foot has jumped by 14.5% YoY to $269.19. These figures suggest a strong demand for space, despite the overall cooling in sales activity.

Sales activity has experienced a downturn, with the number of Homes Sold decreasing by 7.5% YoY to 1,126 units. Pending Sales have also declined slightly by 1.3% YoY, totaling 1,478. New Listings have dropped by 2.9% YoY to 1,662, indicating a potential tightening of supply in the market.

Inventory levels, however, have increased by 9.4% YoY, reaching 4,353 units. This rise in inventory, coupled with a significant 60.0% YoY increase in Months of Supply to 3.90 months, suggests that the market is shifting towards a more balanced state, albeit slowly.

The Median Days on Market have extended by 13.0% YoY to 77 days, reflecting a slower pace of transactions. The average sale to list ratio has slightly decreased by 0.1% YoY to 98.7%, indicating that sellers are receiving offers closer to their asking prices, but not exceeding them as frequently as before.

The percentage of Homes Sold above list price has decreased by 1.4% YoY to 17.9%, while Price Drops have increased by 4.7% YoY to 25.3%. This suggests that sellers are adjusting their expectations in response to changing market conditions. Additionally, the percentage of homes going off market in two weeks has declined by 7.5% YoY to 33.8%, further emphasizing the cooling pace of the market.

Overall, the Charleston, SC metro area housing market in February 2025 is characterized by rising prices and a slowdown in sales activity. While inventory levels are increasing, the market is still adjusting to the new dynamics of higher prices and reduced buyer activity. Stakeholders should remain vigilant and adaptable to navigate this evolving landscape effectively.