Charleston County Market Update Report – June 2019


Overall Market Review

By the Charleston Association of Realtors

As was widely expected, the Federal Reserve did not change the target range for the federal funds rate – currently set at 2.25 to 2.5 percent – during their June meeting. Although the economy is still performing well due to factors such as low unemployment and solid retail sales, uncertainty remains regarding trade tensions, slowed manufacturing and meek business investments.

New Listings were down 4.4 percent to 2,192. Pending Sales increased 11.9 percent to 1,928. Inventory shrank 5.3 percent to 5,731 units.
Prices moved higher as Median Sales Price was up 7.3 percent to $289,798. Days on Market increased 6.1 percent to 52 days. Months Supply of Inventory was down 5.1 percent to 3.7 months, indicating that demand increased relative to supply.

In terms of relative balance between buyer and seller interests, residential real estate markets across the country are performing well within an economic expansion that will become the longest in U.S. history in July. However, there are signs of a slowing economy. The Federal Reserve considers 2.0 percent a healthy inflation rate, but the U.S. is expected to remain below that this year. The Fed has received pressure from the White House to cut rates in order to spur further economic activity, and the possibility of a rate reduction in 2019 is definitely in play following a string of increases over the last several years.

 

Have a question or a real estate need?  Would you like to better understand this market report?  Click the button below!

Last 12 Months
SOLD
$347,500 22 97.1%
Median Sold Price Median Days on Market Median Sale to List $ Ratio
 
ACTIVE
1110 4.6 months 13
Median Number of New Listings Median Months of Inventory Median Showings to Contract

 

Rolling 12 Month Comparison to Prior 12 Months
SOLD
+1.5% +2.3%
Sold Price Trend Days On Market Trend
 
ACTIVE
+7.3% +9.5%
New Listings Trend Months of Inventory Trend

Performance Comparison by Area
MEDIAN DAYS ON MARKET
AREA Last 12 Months Compared to Prior 12 Months
West Ashley 22 Days   ⇑  +69.2%
Johns Island 16 Days   ⇑  +32.0%
James Island 18 Days  ⇑  +9.1%
Mt Pleasant 31 Days   ⇑  +18.9%
Summerville 15 Days  ⇑  +3.3%
North Charleston 14 Days  ⇓  -9.7%
Goose Creek 11 Days  ⇓  -15.4%
MEDIAN MONTHS OF INVENTORY
AREA Last 12 Months Compared to Prior 12 Months
 West Ashley 3.1 Months    ⇑  +22.0% 
Johns Island 3.9 Months   ⇓  -13.5%
James Island 3.5 Months   ⇑  +15.0%
Mt Pleasant 4.4 Months    ⇑  +10.0%
Summerville 2.8 Months  ⇓  -5.1%
North Charleston 2.8 Months  ⇑  +3.7%
Goose Creek 1.6 Months   ⇓  -11.1%
MEDIAN PRICE PER SQUARE FOOT
AREA Last 12 Months Compared to Prior 12 Months
West Ashley $158 ⇑  +5.0%
Johns Island $162 ⇑  +4.5%
James Island $199 ⇑  +3.9%
Mt Pleasant $207 ⇑  +0.5%
Summerville $125 ⇑  +6.8%
North Charleston $118 ⇑  +2.2%
Goose Creek $122 ⇑  +7.5%
MEDIAN PERCENT OF LIST PRICE
AREA Last 12 Months Compared to Prior 12 Months
 West Ashley 97.4% -0.7%
Johns Island 98.6% -1.5%
James Island 97.3% -0.2%
Mt Pleasant 96.9% -0.5%
Summerville 98.8% -0.4%
North Charleston 98.2%  +0.5%
Goose Creek 99.4% FLAT

All statistical information is provided by the Charleston Association of Realtors.  Information is deemed reliable but is not guaranteed.