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Median Home Price Continues to Climb, Sales Slowed by Lack of Inventory
1,398 homes sold in January in the Charleston region at a median price of $360,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR).
Sales volume declined slightly, by 3% when compared to last January’s sales of 1,447 homes. Median price increased by 14% from the January 2021 figure of 315,000.
Inventory data shows 53% fewer homes, with 1,203 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month—representing just under one month’s worth of available inventory.
“We expect to see sales volume to slow a bit in the first part of this year, due to our extremely limited inventory” said 2022 CTAR President Jon Stroud. “If we had the number of homes the current market demands, sales would likely continue to grow and prices would normalize—there are many prospective buyers who can’t buy in this market because prices have increased so much” said Stroud
County-level data and further detail is available in the monthly market report article on our website.
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