05/03/2023
🚨🚨April Charleston Market Update🚨🚨
Median Sales Price (all homes): $414,075
YoY Appreciation: 3.5%
YTD Appreciation: 6.3%
Median Days on Market: 9
Sold Price % of Asking: 98.7%
April Closed Sales YoY: -32%
May is here and the spring market is in full swing. However, it’s been an unusual start to the year as we normally see standing inventory start to rise through the early spring until about Labor Day.
Unfortunately, that hasn’t happened this year. In February total active listings were at about 2,300 homes for sale, down from nearly 3,200 available in November of 2022. As of today we sit at 2,195 homes for sale.
Why?… two main factors. Many homeowners are sitting on mortgage rates in the 2s and 3s unwilling to give up their low rate by listing their home, and builders not being able to keep up with buyer demand. The lack of inventory and resilient buyer demand has caused prices jump 6.3% year to date despite mortgage rates being in the mid 6s.
I go into more depth on this topic in my monthly Charleston Housing Update that comes out the first week of every month. You can go to the link below to sign up and get smarter about the Charleston housing market! ⬇️
https://lp.constantcontactpages.com/su/s1RcSSn/joshsmithsmarketupdate
The Perrella Group, Carolina One Real Estate
