Real Estate Market Update: Charleston, South Carolina
Market Update
RATE VOLATILITY
The average top tier 30yr fixed rate held a fairly narrow range between 6.49 and 6.58, with Friday’s latest move being a decent drop back to 6.56%. Contrast that 0.09% range to the previous two weeks, which saw ranges of 0.29% and 0.41%!
NEW CONSTRUCTION 🏡
U.S. sales of new residential homes slipped to a 7-month low in July as higher mortgage rates and rising sales prices have caused demand to slump. According to the U.S. Census Bureau, sales of new single-family homes fell 0.6% month-over-month and 7.4% year-over-year. The median sales price for new homes rose to $417,300 as of last measure.
JULY WAS BUSY!
July was Smith Spencer’s busiest month ever! Area-wide, July 2024 was up 12.3% in transactions vs July 2023, so it wasn’t just us.
Median Sales PriceHome prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Charleston-area median sales price is up 3.6% over last year to $430,000._____
Overall, buying activity is very similar to 2023. The Charleston-area MLS closed almost 19,000 residential units in 2022 but dropped to just under 16,000 in 2023. 2024 is on track to end up almost identical to 2023, if not slightly lower than 2023.
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*data from the CHS MLS.