February 2025 Market Update
Spring is coming in hot and with a bang! Phil may have seen his shadow early this month, but winter is over in our market. We’re ready to bust out flip flops and “for sale” signs. 297 total contracts were written last week with a median sales price of $549k. Overall, our median sales price in Charleston hovers between $400k and $425k, where it has mostly been for 2.5 years. With the exception of July 2020 and July 2023, our home prices have shown positive growth each month. Buyer demand is increasing and we are seeing multiple offers on perfectly poised listings. It’s only February, and a new local record was already set for the most contracts in one week over $1M. Before 2020, a typical week was 30-35 contracts… we’ve already hit 60! 34 of those were in Mount Pleasant and downtown. We continue to have significant population growth with roughly 34 new lowcountry residents daily. South Carolina ranked 4th for annual population growth in 2024.
We do not expect to see a decline in prices, yet the rate of increasing prices is finally back to a pre-pandemic pace, as are “days on market.” This is exciting for both the consumer and us - we like a fair market that allows reasonable time for both buyers and sellers to act. It also ensures our market adjusts at a rate that is sustainable. We are hopeful this year’s market will bring back glimpses of the seasonality we’re used to: a thriving spring market before the summer slow down, with a steady cruise into Labor Day when most buyers and sellers are moving out of necessity or responsibility, not choice and leisure.
Inventory is working its way up. We have 4,000 active listings, short nearly 3,000 additional listings to achieve a balanced market. With 60% of current homeowners having a mortgage rate of 4% or less, many are still choosing to stay in their homes. Often using their equity for additions or that dream kitchen they've always wanted. So where is everyone going? New homes are helping close the gap - 47% of pending contracts are new construction! New homes represent 25% of the available inventory.
13% of all closings in Charleston County are new construction.
46% of all closings in Dorchester County are new construction
51% of all closings in Berkeley County are new construction
New Homes Average Sales Price in 2024
Charleston County - $736,520
Berkeley - $447,964
Dorchester - $396,852
Speaking of new homes, if you’re interested in new construction - call us! Read this article for a reminder of why having your own agent and representation is important:
