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SCSold.com Market Update – May

Keller Williams Charleston West Ashley

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West Ashley     Charleston Below The Crosstown      Summerville     
Wando      Daniel Island      Charleston       Mount Pleasant




May is here and spring has sprung!!  Spoleto and Piccolo Spoleto come to Charleston from May 27-June 12 with an amazing array of events at more venues than you can imagine.  The Sound of Charleston will bring beautiful Charleston music to the Circular Congregational Church each Wednesday for the next 4 weeks.   Enjoy Garden Strolls and Wine Tasting each Wednesday in May at Middleton Place.  It’s time to get out and enjoy our great city.

Looking To Buy In The Summerville SC Area


May calendar of events around the Charleston, SC area:

  • 1: Picnic in the Parks, Hampton Park
  • 1: Three Dog Night, Chas Music Hall
  • 3: Beth Hart, Chas Music Hall
  • 3: Megadeath, N Chas Coliseum
  • 4-8: 39th Annual N Charleston Arts Fest
  • 5: Cinco De Mayo Block Party, Mex 1 W Ashley
  • 6: Alva Anderson, Forte Jazz Lounge
  • 7: Prosecco on the Portico, Drayton Hall
  • 7: Tom Segura, N Chas PAC
  • 10: Women, Wealth, and Wine, Harbour Club
  • 11: Hoodoo Gurus, Chas Music Hall
  • 12: Paws on the Patio, Burton’s Bar and Grill Mt P
  • 12: Marty Stuart, Chas Music Hall
  • 13: Cheers to Adoption, Daniel Island
  • 13: Charleston Jazz Orchestra, Firefly Distillery
  • 14: Palmetto Moon’s 20th Anniversary Bash, Firefly Distillery
  • 14-15: Anastasia, N Chas PAC
  • 17: Chicago, N Chas PAC
  • 18: Blues Traveler w/Danielle Howle, Chas Music Hall
  • 19: Dark Star Orchestra, Chas Music Hall
  • 20: Steep Canyon Rangers, Chas Music Hall
  • 21-22: Oklahoma!, N Chas PAC
  • 21: Warrior Surf Foundations Charity Golf Classic, Wild Dunes
  • 25: Bright Eyes, Chas Music Hall
  • 26: Bela Fleck, Chas Music Hall
  • 27: Amy Grant, Chas Music Hall

Search For Mount Pleasant SC Homes For Sale


A look at Charleston’s economy:

The Charleston economy is doing great.  Coastal Crossroads Industrial Park broke ground in April on large spec development.  The 1.1 million sqft Coastal Crossroads project is expected to attract a retail distributor that will move cargo from the Port of Charleston to an inland network of stores.  Before this announcement, Charleston Industrial said that 5.1 million sqft of spec warehouse construction was in the 2022 pipeline and 85% of that space is expected to find a tenant before work wraps up.  Since then, Dalfen Industrial from Dallas also announced their plans for a 1.3 million sqft warehouse for Palmetto Commerce Park.

Looking To Buy In The Summerville SC Area

Of course, our real estate market is doing fantastic.  But low inventory, a common theme all over the US, is keeping sales down.  2020 and 2021 were incredible years.  2022 looks as if it will be somewhat below those years in terms of transactions.  Q1 sales in 2022 were down 8.2% from Q1 in 2021.  Each week, we are putting about 20% less under contract currently than we did in 2021.  The demand is there, but the supply is not.  We still have only about 1000 active residential listings in the tri-country area while we will sell close to 20k homes this year.  High demand and low inventory results in rising prices.  Median sales price is up 14.3% in Q1 compared to Q1 of 2021.  Median sales price is now about $383k for the area.  Mt Pleasant continues to be one of the most popular areas in Charleston because of the reputation of the school systems there.  A typical recent week saw 26 single family homes go under contract in Mt  P ranging from $485k-$2.5M.  9 were over $1M.  The median list price of those 26 homes was $853k.  The median $/sqft was $374/sqft.  None were under $235/sqft.  The Summerville and Goose Creek markets are also very popular and the prices are considerably lower there than in Mt P.  The Summerville school systems also seem to be well regarded.  Meanwhile, mortgage rates have risen to around 5% and the forecast seems to show that will continue.  Remember that a 1% increase in mortgage rates reduces a buyer’s buying power by around 10% in order to keep the same monthly payment.od.


If You’re Looking To Buy, Sell Or Invest In Real Estate,

Charleston-Mount Pleasant-Daniel Island-West Ashley-James Island-Isle of Palms-Sullivan’s Island 
Keller Williams Charleston/West Ashley 

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