Here’s what’s changed in the Charleston real estate market compared to this time last year - explained in a way that actually makes sense if you don’t speak “real estate.”
Absorption Rate (How fast homes are selling)
The absorption rate rose about 15% (from 3.15 to 3.64 months).
This usually means homes are taking a little longer to sell because there are more listings available.
Active Median List Price (What sellers want for their homes)
Prices sellers are listing their homes for went up about 1% (from $435,000 to $440,000).
In other words: not much has changed - sellers are still aiming high.
Inventory (Number of homes for sale)
Inventory increased about 19% (from 4,550 to 5,400 homes).
This is a normalizing trend as we continue to move away from the low-inventory frenzy of the pandemic.
Days on Market (How long it takes a home to sell)
Homes are taking about 11% longer to sell (from 57 to 63 days).
This means buyers have more breathing room, and sellers need to price smartly.
Sale-to-Original List Price (How close homes sell to their asking price)
This number dipped just over 1% (from 96% down to 94.9%).
The likely reason? Many sellers are still overpricing, even though buyers have more options.
Total Sales Volume (Overall value of homes sold)
Sales volume dropped about 7.4% (from $857.5M to $793.9M).
Fewer buyers are making moves, which aligns with rising inventory and slightly longer selling times.
