Charleston Market Pulse: Luxury Activity Surges

The final week of January showcased a robust Charleston real estate market. High-end buyers were notably active, while the northern suburbs continued to drive the region’s overall transaction volume. A total of 290 residential properties went under contract this week, signaling a strong trajectory for the first quarter.

Single-Family Market Overview

Of the total weekly activity, 221 single-family homes went under contract. The data reveals a healthy market pace that remains sensitive to pricing.

• Median List Price: $479,000
• Price Per Square Foot: $243
• Median Days on Market (DOM): 46 Days

Buyer Trends: Buyers favored established homes over brand-new builds this week. The median "Year Built" for pending homes was 2005, with only 8% of contracts identified as new construction.

The Luxury Sector: High-End Demand

The luxury market saw impressive movement, with 41 homes listed over $1 million going under contract in just seven days.

Top-Tier Highlights:

• Velocity: 16 contracts were listed over $2 million; 9 surpassed the $3 million mark.
• Mount Pleasant: Remains the luxury stronghold with 24 contracts.
  
  • Median List Price: $1.1M ($546/sqft)
• Charleston Peninsula: The historic district saw 9 homes go pending.
  
  • Median List Price: $1.1M ($682/sqft)

Neighborhood Spotlight: Volume Leaders

While luxury captured the headlines, the bulk of transaction volume occurred in the affordable suburbs and popular sea islands.

1. The Northern Suburbs (Affordability Drivers)

• Hanahan, Goose Creek, & Moncks Corner: Led the region with 57 contracts. The median list price was $379,000, with Cane Bay accounting for 10 of those deals.
• Summerville & Ladson: Recorded 46 contracts with a median price of $377,000 ($192/sqft).

2. The Islands

Island living remains in high demand, with 41 homes going under contract across the region.

• Johns Island: 17 contracts | Median Price: $799,000
• James Island: 10 contracts | Median Price: $760,000
• Resort Islands: Notable high-value sales included Kiawah ($2.7M), Seabrook ($4.5M), and Isle of Palms ($4.4M).

3. West Ashley & North Charleston

• West Ashley: 22 homes pending | Median Price: $522,000
• North Charleston: The region's value leader | 17 contracts | Median Price: $330,000

Condos and Townhomes

The attached-home market remained active with 55 units going under contract. This segment showed extreme diversity:

• Entry Level: 5 units under $200k.
• Luxury: 8 units priced between $1 million and $2.4 million.

Market Health Check

The fundamentals of the Charleston market appear exceptionally stable. Out of the 221 single-family contracts, only 6 were bank-owned foreclosures or short sales. This indicates negligible levels of market distress as we move into February.