March has set the Charleston real estate market ablaze with 1,420 homes sold in March in the tri-county area, at a median price of $221,730 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).
Year-to-date, 3,330 homes have sold in the region, an incredible 23% more sales than at this point in 2014. The year-to-date median price, currently $215,000, has grown 1%, which shows stable, sustainable price growth in a busy market.
“People believe in Charleston, businesses are investing in Charleston and that’s reflecting very well on our housing market. With more than 3,000 home sales so far this year, consumers believe that Charleston is a good investment—and with the announcement of a $500 million investment by Daimler to build their North Charleston-based van plant and bring 1,300 jobs to the region, businesses also believe that Charleston is a good investment” said 2015 CTAR President Matt DeAntonio.
“The one thing we need, however, is more homes on the market” he said. With just under 5,500 homes available in the region—about 18% less than in March of 2014—consumers have fewer options to choose from. “We need our cities, towns and municipalities to respond to the need here and start planning, looking at smart growth strategies” said DeAntonio. “Our population is growing, and it doesn’t look like it’s going to slow down. Our state leadership has worked hard to bring the jobs here—we need to ensure that there is attractive, affordable housing available for the workers who will fill these jobs” he concluded.
With inventory levels down 18% in 2015, the market is crying out for more homes to sell. This means prices will inevitably go up according to most analysis. Find out how this affects your buying or selling opportunities today by reaching out to your neighborhood realtor at our office at 33 Broad Street or online at DanielRavenelSIR.com.