02/11/2023
Read below for an update from CTAR!👇🏽🤓We would say pretty encouraging for both buyers and sellers. Also, a little eye candy from a picture we took a couple weeks ago. Especially on this less than ideal Charleston day, today. 🍭☔️🌧️🌪️
January 2023 Market Report from CTAR
“919 homes sold in January in the Charleston region at a median price of $388,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last year, 1,427 homes sold in January at a median price of $360,295 which is 36% fewer sales at a price point that is almost 8% higher.
Inventory data shows 75% more homes on the market than at this time last year, with 2,652 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just under two months of available inventory.
“The January residential market data shows the trends we anticipated—in addition to the holiday season always being the slowest time of year for home sales, market conditions are simply more challenging right now” said 2023 CTAR President Katesha Breland. “This is all part of the process as our market normalizes following the shift in market influences like higher borrowing costs, decreased affordability as median home prices continue to rise and the overall impact of inflation” said Breland. “The good news is that demand for housing in our region continues to increase, as does inventory following the holiday season. As we saw mortgage rates decline throughout the last month, we anticipate that challenges will ease a bit and more buyers will be in a better position to act on a purchase than they were a month or two ago” she said.”