Charleston Real Estate Continues to Expand

Charleston peninsula; digital use only
January 10, 2017

Charleston experienced increasing development and property appreciation in 2016 as companies continued to relocate here, baby boomers continued to retire here, and new residents from across the country chose to adopt Charleston as their new home.  With an estimated 45 people moving to the region each day, we’re paying close attention to real estate trends in Charleston and its submarkets.

As you can see from the graph above, the median price for a single-family home in the Charleston region rose 4% in 2016 to $255,000. That’s the highest it’s ever been, and with continued low inventory levels (at least for the first half of 2017) and demand, we expect the median price for the overall market to hold steady or continue to increase for the time being. However, building activity on a variety of housing options is on the rise throughout the region, which will eventually work towards adjusting inventory. With that in mind, if interest rates continue to rise or the stock market sees a correction, we could potentially see some price reductions hit the market.

Here are some other helpful 2016 real estate stats from some of Charleston’s most desirable submarkets:

Daniel Island

  • 198 single-family homes closed in 2016
  • 91 condominiums closed in 2016
  • 23 townhomes closed in 2016
  • 52 homesites closed in 2016
  • 364 total properties closed in 2016
  • $120,000 was the lowest price property to close on Daniel Island
  • $2,295,000 was the highest price property to close on Daniel Island
  • $210,000 was the lowest price homesite to close on Daniel Island
  • $2,250,000 was the highest price homesite to close on Daniel Island
  • $445,000 was the lowest price single-family homes to close on Daniel Island

Charleston Peninsula

  • 385 single-family homes closed in 2016
  • 246 condominiums & townhomes closed in 2016
  • 16 homesites closed in 2016
  • 647 total properties closed in 2016
  • $45,000 was the lowest price property to close on the peninsula
  • $7,510,000 was the highest price property to close on the peninsula
  • 119 properties closed that were $1 million+

Mt Pleasant

  • 2,020 single-family homes closed in 2016
  • 834 condominiums & townhomes closed in 2016
  • 126 homesites closed in 2016
  • 2,980 total properties closed in 2016
  • $25,000 was the lowest price homesite to close in Mt Pleasant
  • $4,576,000 was the highest price property to close in Mt Pleasant
  • 121 properties closed for over $1 million+ in Mt Pleasant

Sullivan’s Island

  • 58 single-family homes closed in 2016
  • 4 condominiums & townhomes closed in 2016
  • 5 homesites closed in 2016
  • 67 total properties closed in 2016
  • $385,000 was the lowest price property to close in 2016
  • $715,000 was the lowest price homesite to close in 2016
  • $1,250,000 was the highest price homesite to close in 2016
  • $425,000 was the lowest price home to close in 2016
  • $4,750,000 was the highest price home to close in 2016