June Market Market Update

June Market Market Update

May Homes Sales Neutral as Lack of Inventory Continues to Challenge the Market

CHARLESTON, SC—(June 11, 2018) 1,811 homes sold in May in the Charleston region at a median price of $273,438 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). Last May, 1,813 homes sold at a median price of $259,900.

Inventory data shows about 15% fewer homes for sale over the last 12-month period, with 5,244 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS) at the end of May.

“The slower start to the summer buying season is likely a result of the ongoing lack of inventory in our market. We have plenty of buyers, eager and ready to buy, but the market is being held back because there are simply not enough homes for sale in accessible and affordable price ranges to satisfy the demand” said 2018 CTAR President Kimberly Lease. “Hopefully we will see an uptick of inventory as we go into the summer months, but it will likely remain an incredibly competitive market for buyers, which can be a challenge to navigate. There’s never been a more important time to make sure you’re working with a professional and qualified Realtor®” Lease said.

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Phone: 843-513-3741
Dated: June 12th 2018
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