Is the Charleston Market Cooling Down? A 2023 vs. 2024 Subdivision Comparison

The Charleston, South Carolina, real estate market continues to be a dynamic landscape, and keeping up with trends is crucial for buyers and sellers. We've analyzed single-family home sales data from Charleston area subdivisions for 2023 and 2024, providing key insights into how the market has shifted in just one year. This post explores these changes and what they mean for you.

Key Areas of Comparison:

We've examined several key metrics, including:

• Median Sales Price: How much have prices changed year-over-year in specific neighborhoods?
• Price per Square Foot: What areas see the most value appreciation per sq ft?
• Sales Volume: Are fewer or more homes selling in specific subdivisions?
• Luxury vs. Affordable Trends: How are different segments of the market performing?

Overall Market Trends: A Bird's-Eye View

• Continued Appreciation in Luxury: High-end neighborhoods see significant median price increases. For example, the median of Sullivans Island rose from 3.85M to 5M, and the median of Old Mt. Pleasant rose from 1.3M to 1.5 M.
• Moderate Growth in Established Suburbs: Many popular subdivisions saw a modest increase in median sale prices, but sales volume remained high. Summers Corner and Cane Bay median sales price remained steady, but sales volume remained high in 2024.
• Mixed Results in More Affordable Markets: While some more affordable neighborhoods saw slight price increases, some also saw a decrease in prices. The Lakes of Summerville remained steady, and Oak Creek saw declining median sales prices.

Subdivision Spotlight: 2023 vs 2024

Let's delve into specific communities to see how they fared year-over-year.

• Luxury Market Leaders:
  • Sullivans Island: The median price jumped from $3.85M in 2023 to $5M in 2024, and the median price/sqft went from 1353 to 1652. Despite the increase in sales, only 39 homes sold in 2024 compared to 38 in 2023.

• Old Village: The median price dipped slightly from 3M to 2.45M in 2024, but the median price/sqft dipped from 1171/sqft to 930/sqft, and sales volume decreased slightly from 22 in 2023 to 20 in 2024.

• Kiawah Island: Median price remained consistent at 2.3M, but median price per sqft rose from 808 to 877, 60 homes sold in 2023 while 65 sold in 2024.

• These areas demonstrate Charleston’s continued appeal to high-end buyers, but some may see decreased values.

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• Established & Growing Suburbs:
  • Summers Corner: The median price dipped from $403k to $388k, and the sales volume was 516 in 2023 compared to 789 in 2024.
  • Cane Bay: Median price slightly increased from $397k to $414k, but sales volume remained extremely high at 928 in 2023 compared to 976 in 2024.
  • Nexton: Median price fell from $500k to $480k with 338 sales in 2023 compared to 342 in 2024.
  • These communities showcase stable growth and continued buyer interest.

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• Affordable Markets:
  • Waylyn: Median price increased from $235k to $240k, and sales volume increased from 49 in 2023 to 68 in 2024. This shows continued demand for lower-priced communities.
  • Sangaree: The median price increased slightly from $285k to $286k, decreasing sales volume from 120 in 2023 to 102 in 2024.
  • Pineview: Median price increased slightly from 260k to 281,k and sales volume decreased slightly from 24 in 2023 to 20 in 2024.
  • These areas may offer more budget-friendly options but may also be seeing increasing prices due to high demand.
• Subdivisions With Interesting Changes
  • Ashley Forest (Area 11): The median sales price increased dramatically from 557k to 749k, while in area 62 median sales price decreased from 442k to 203k per sqft, 7 homes were sold in 2023 while 9 sold in 2024 in area 11 while 6 homes were sold in 2024 in area 62, indicating this area may require additional investigation for potential buyers.
  • Rivertowne: Median sales price increased slightly from $950k to $935k, with volume increasing from 49 in 2023 to 53 in 2024.
  • These communities show how neighborhood location can impact values.

What's Driving These Changes?

Several factors influence these shifts:

• Interest Rates: Fluctuations in interest rates can affect buyer affordability and market activity.
• Inventory Levels: Low inventory continues to create competition in many segments.
• Economic Factors: The local and national economies play a significant role in buyer confidence and housing prices.
• Location: Certain areas of Charleston may remain more desirable than others.

What Does This Mean for You?

• For Buyers:some text
  • Do Your Homework: Analyze neighborhoods carefully using this data and consider sales volume, price per square foot, and median sales price when making decisions.
  • Be Prepared to Compete: Some areas remain competitive, so be ready with financing and a clear offer strategy.
  • Explore Different Areas: Don't limit your search; the Charleston region has many great neighborhoods.
• For Sellers:some text
  • Price Strategically: Use comparative market analysis (CMA) from your area.
  • Showcase Your Property: Highlight key features, upgrades, and the appeal of your neighborhood.
  • Consult with an Expert: Partner with a real estate agent who understands local market conditions.

The Takeaway

The Charleston area real estate market shows continued growth and some pricing and activity levels shifts. This comparison of 2023 and 2024 subdivision sales data provides valuable insights for anyone looking to buy or sell. It is essential to track the median price/sqft and the number of sales for each subdivision to help determine which area best suits individual needs.

We want to hear from you! What are your predictions for the Charleston real estate market in the coming months? Share your thoughts in the comments below!

Interested in learning more about a specific subdivision or want to discuss your real estate goals? Reach out to us today for a free consultation. David@charlestonhome.com, 843.606.0824

Data supplied by Doug Holmes.

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