Charleston, SC Metro Area Housing Market Analysis - November 2024
The Charleston, SC metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes stands at $430,000, reflecting a slight decrease of 1.1% year-over-year (YoY). Similarly, the Median List Price has also seen a decline, down by 1.2% YoY to $460,884. Despite these decreases, the market shows resilience in other areas.
One of the more positive indicators is the median Price Per Square Foot, which has increased by 2.5% YoY to $226.72. This suggests that while overall prices have dipped slightly, the value per square foot is appreciating, indicating a potential shift in buyer preferences towards smaller, more efficiently priced properties. The Median List Price per square foot has risen even more significantly, up by 4.2% YoY to $246.30, further underscoring this trend.
In terms of sales activity, the number of Homes Sold has increased by 2.9% YoY, totaling 1,202 homes. Pending Sales have surged by 19.1% YoY, reaching 1,223, which could signal strong future sales activity. However, New Listings have decreased by 4.5% YoY to 1,186, suggesting a tightening in the supply of new homes entering the market.
The Inventory of Homes Available has grown by 15.5% YoY to 4,271, contributing to an increase in the Months of Supply, which now stands at 3.6 months, up by a substantial 40.0% YoY. This increase in inventory and supply could provide buyers with more options and potentially more negotiating power.
The Median Days on Market have increased by 12.0% YoY to 69 days, indicating that homes are taking longer to sell compared to the previous year. This could be a result of the increased inventory and supply, giving buyers more time to make decisions.
The average sale to list ratio is relatively stable at 98.5%, with a minor decrease of 0.1% YoY. The percentage of Homes Sold above list price has decreased by 1.2% YoY to 16.4%, suggesting a slight cooling in competitive bidding. Price Drops have increased by 1.3% YoY to 25.7%, indicating that sellers may be adjusting their expectations in response to market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 8.4% YoY to 24.9%, further highlighting the trend of longer market times.
Overall, the Charleston, SC metro area housing market in November 2024 is characterized by a slight decline in prices, increased inventory, and longer market times, balanced by a rise in sales activity and Price Per Square Foot. These dynamics suggest a market in transition, with opportunities for both buyers and sellers to navigate carefully.
