Charleston Market Updates 1/21/2025

[Peter H Derry]

Charleston, South Carolina's housing market continues to exhibit growth and competitiveness.The median home sold price reached $582,329, reflecting a 9.7% increase from the previous year, with a median price per square foot of $325.The average home value stands at $562,718, marking a 5.1% year-over-year rise, and homes typically go pending in approximately 30 days.

In Charleston County, the median home sold price was $626,134 in December 2024, up 9.5% from the prior year, with a median price per square foot of $342. Downtown Charleston experienced a significant surge, with home prices increasing by 33.2% compared to the previous year, resulting in a median price of $1.2 million.

The market remains a seller's market, characterized by higher prices and faster home sales. In December 2024, 67.9% of homes sold below the asking price, indicating potential opportunities for buyers to negotiate.However, inventory levels have decreased, with 1,191 homes for sale in December 2024, a 4.3% decline from the previous month, suggesting a tightening market.

Overall, Charleston's housing market is experiencing steady growth, with increasing home values and a competitive environment for buyers.