The Charleston, SC metro area housing market in January 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has seen a modest increase of 1.6% year-over-year, reaching $430,000. This indicates a steady appreciation in home values, albeit at a slower pace compared to the Median List Price, which surged by 7.6% to $466,945. This disparity suggests that sellers are optimistic about the market, potentially leading to longer listing periods.

In terms of Price Per Square Foot, the Median Sales Price per square foot slightly decreased by 0.1% to $229.42, while the Median List Price per square foot increased by 8.4% to $253.14. This divergence highlights a potential gap between seller expectations and buyer willingness, which could influence market dynamics in the coming months.

The number of Homes Sold in January 2025 increased by 1.0% year-over-year, totaling 935 transactions. However, Pending Sales experienced a significant decline of 9.7%, with 1,303 homes under contract. This drop in Pending Sales may indicate a cooling in buyer activity or challenges in closing transactions.

New Listings saw a slight decrease of 0.6% year-over-year, with 1,414 homes entering the market. Meanwhile, inventory levels rose by 9.2% to 3,922 homes, contributing to an increase in the Months of Supply, which jumped by 30.0% to 4.2 months. This rise in inventory and supply suggests a shift towards a more balanced market, potentially easing pressure on buyers.

The Median Days on Market increased by 11.0% to 78 days, reflecting a slower pace of sales. The average sale to list ratio remained relatively stable, with a slight increase of 0.1% to 98.2%, indicating that homes are selling close to their asking prices. However, the percentage of Homes Sold above list price decreased by 1.9% to 14.1%, suggesting a reduction in competitive bidding scenarios.

Price Drops have become more common, with a 1.6% increase year-over-year, affecting 25.1% of listings. Additionally, the percentage of homes going off the market within two weeks decreased by 2.7% to 30.2%, indicating a potential slowdown in buyer urgency.

Overall, the Charleston, SC metro area housing market in January 2025 reflects a mix of stability and emerging challenges. While home prices continue to rise, the increase in inventory and supply, coupled with a decline in Pending Sales, may signal a shift towards a more balanced market environment. Buyers and sellers should remain vigilant and adaptable to these evolving conditions.