The latest numbers for the Charleston real estate market are in. The number of active listings in February is down 22% from January; compared to the same time last year, the number decreased by a whopping 60%. Since there’s less inventory, buyers have fewer options to choose from during their home search.
The median listing price in February was around $391,000, while the median sales price was around $303,000. Homes also sold more quickly—compared to the same time last year, the average number of days that properties spent on the market decreased by 38%. This means homes are selling quite quickly.
Compared to February 2020, the number of units sold increased by 1%. There was no change in the number from January to February 2021, however. Since sales are holding steady, buyers may have more opportunities to negotiate prices and other terms.
If you have any questions or would like more information, feel free to reach out to us. We look forward to hearing from you soon.