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.

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