Our local real estate market is constantly evolving — as we explored in our last article on the subject, it’s pretty complex.
We consulted with local Realtor® Natasha Viswanathan to bring you the latest:
The amount of time it takes a house to sell, or “days on market” has increased.
While it’s typical to see homes take longer to sell this time of year, it has helped housing inventory tick up just a little bit.
In a balanced market, it’s typical to see six months of inventory for sale in the Charleston region, but currently, we are only seeing about two months of inventory. So, while the days on market increase has helped, there’s still a long way to go.
The current market is complicated.
This is due to increased interest rates making monthly payments unaffordable for many buyers. Rates are also causing sellers to wait to list their homes.
Charleston County’s median home price has gone up to $575,000 a 5.5% increase since January, Berkeley County’s is at $380,000, and Dorchester’s is $368,400 (as of Oct. 16, 2023). As we move into the holiday season (which is historically slower for real estate sales), it will be interesting to see how interest rates and inventory continue to impact the market.