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Updated about 9 years ago, 12/11/2015
Charleston Market update
1,029 homes sold in November in the region at a median price of $246,000 according to preliminary data released today by the Charleston Trident Association of Realtors® (CTAR). In November 2014, 987 homes sold at a median price of $222,067.
Year-to-date data shows that sales volume is 14% ahead of where it was last year, with 14,758 sales through November 2015 and the regional median price has increased by 5.3%, currently $228,000. Through November 2014, 12,933 homes had sold at a median price of $216,352.
Inventory has declined about 15% from 2014. There are currently 5,390 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service (CTMLS).
Newly installed 2016 CTAR President Michael Sally sees inventory and affordability as two of the regional housing market’s biggest challenges in the coming year. “As Realtors®, we have enjoyed several busy years, watching our region and our businesses grow. Conversely, we have seen our political climate go in the opposite direction, particularly with regard to growth and development” said Sally.
“Access to housing—particularly affordable housing—is becoming more and more limited, and that’s going to be a real problem for our region” he continued, “we have major corporations and grand-scale economic investments taking place, but fewer and fewer options in terms of housing for the people who are going to take those jobs. It’s important to understand that when we say affordable housing, we aren’t just talking about government-subsidized housing—although that’s an important part of the picture—we are speaking to the larger need for housing availability for people at all levels of income. Prices are growing at a rapid pace and quickly pricing many existing Lowcountry residents out of the market they’ve grown up in and are trying to raise their families in” he said.
“We need to look at this from the perspective of how we are going to grow—in smart, sustainable ways that make sense for the various areas in our region. Right now, many communities just want to discuss how to stop the growth, and that’s simply not a sustainable or responsible outlook for our region,” said Sally. “This is everyone’s problem, and everyone’s responsibility. Communities throughout our region need to engage residents and start talking about how we responsibly manage growth—it’s happening whether you like it or not. The Association is here to serve as a resource and we’re going to make ourselves and our tools available to communities across the Lowcountry” he concluded.