Posted By Pattie Stratton @ May 5th 2023 10:30am In: Blog
The lack of existing inventory continues to impact home sales in the Charleston area. Generally we have only 2.6 months supply of homes which is a sharp reduction from our historical average of 5-6 months available supply. This of course impacts competition for available properties especially if they are in good areas and are nicely finished.
Nationally home prices are down .9% but here in Charleston County the median sales price is up over 7.2% Closed sales are down 29 % but this, in our opinion, is due entirely to the lack of inventory.
We expect prices in our area to continue to rise with low inventory and strong demand continuing.
Please contact us if you have any questions or comments.