Charleston Real Estate Market Stabilizes in March 2024 Amid Fluctuations

The Charleston real estate market has shown itself to be as historic and complex as the city itself. Buyers and sellers have experienced a rollercoaster of activity, according to data, with average property values peaking markedly in June 2023 at around $699,600 before descending to a more modest $465,338 by September of the same year. This fluctuation is noteworthy, but by March 2024, we have seen the market correct somewhat with average property values stabilizing at $550,000.

In addition to the changes in property values, the per square foot cost has been slightly more stable, reaching its highest at $357 in June 2023 and then softly falling to $302 by September 2023. It has shown signs of resurgence by March 2024, standing strong at $345. This suggests that while the overall value of properties might have seen a significant fluctuation, the intrinsic value per square foot has maintained a steadier course, indicating sustained demand for Charleston properties.

Sales volume in Charleston has naturally ebbed and flowed as well. The number of properties sold peaked in October 2023 with a whopping 2,330 sales. Since then, however, volume has decreased, dwindling to 877 by March 2024. This could indicate a variety of factors, from market cooling to simply a seasonal adjustment period typical in real estate cycles.

Nonetheless, despite these peaks and valleys, the average sale price and the average sold per square foot value both displayed a general upward trend over the months. The average sale price modestly rose from about $424,966 in April 2023 to approximately $430,895 by March 2024. Similarly, the sold per square foot value witnessed a gradual increase from $273 to $278 during the same time period. Investors and homeowners alike watch these figures closely, as they often provide a reliable gauge of market direction.

Charleston, SC by the Numbers for March 2024

Charleston Real Estate Data for March 2024

Understanding the current state of the market in March 2024 provides a snapshot that can be instrumental for those looking to buy or sell. As it stands, the average property value in Charleston is $550,000. When examining the value per square foot—one of the most telling metrics—we are sitting at a robust $345. This translates to sustained investment in the Charleston area and reassurance that your square footage is well-valued.

The total property count comes in at 341, which gives us an indication of the market size and inventory at this point in time. For those who have closed deals, the average sale price was about $430,895, and sellers received an average of $278 per square foot. This is of particular interest to potential sellers who are considering listing.

When it comes to how many properties exchanged hands, the sold count for March came to 877. This reduced volume, compared to the bustling 2,330 sales in October 2023, paints a picture of a market that, while perhaps less frenzied than in the previous year, still holds a healthy rate of sales activity.

Comparative Analysis with Surrounding Areas

Turning our attention to nearby markets provides valuable context to Charleston’s performance. An example of moderate growth comes from North Charleston, which saw a gradual rise in the average property value from $320,000 in February 2024 to $335,000 in March 2024. These figures suggest a steadily appreciating market, likely buoyed by Charleston’s overall economic health and desirability.

Johns Island has differentiated itself as one of the more rather upscale areas, with an average property value of $799,000 in March 2024. Its distinct demographic and geographical allures make it perhaps one of the more sought-after locales, meriting higher property values.

Notably, Hanahan exhibited a remarkable jump in average property value, shooting up to $440,000 in February 2024 before a slight decrease to $425,000 in January. These fluctuations could illustrate a market that responds keenly to local developments and consumer sentiment – a microcosm of how certain city sectors can outpace others unexpectedly.

Sullivan’s Island raises eyebrows with its astronomical average property values, setting at $6,422,500 in March 2024, showcasing its position as a premium market with highly exclusive properties.

Lastly, Goose Creek offers a portrait of consistency, maintaining average property values within the $320,000 to $330,000 range through the first quarter of 2024. This represents a more stable market, possibly making it an attractive option for buyers and investors looking for steadiness.

In conclusion, the real estate scene in Charleston continues to be a diverse and dynamic market, reflective of its rich culture and historical significance. Its fluctuations and trends emphasize the need for potential buyers and sellers to stay well-informed and agile—something that a comprehensive, data-centric understanding of the market can ably support.