Median price of homes sold in Charleston area up 2.7%

By Ashley Barker
Published Nov. 19, 2013

The Charleston-Trident area’s number of residential homes sold at the median price increased by 11.1% in October compared with the previous year, a monthly report said. The median price of homes sold increased by 2.7% to $190,000.

A total of 1,020 homes were sold in the region at the median price in October, compared with 920 homes in October 2012, according to preliminary data from the Charleston Trident Association of Realtors.

“As we expected, we didn’t see much, if any, impact from the government shutdown during October. Sales progressed at a normal pace, and any transactions that were delayed by the temporary shutdown have likely closed,” Owen Tyler, president of the Charleston Trident Association of Realtors, said in the report.

Year to date, 10,897 homes were sold in the Charleston region at a median price of $203,947 in an average of 86 days. Compared with this same period in 2012, sales have increased by 23%, and the median price rose by 8.5%, the report said. Inventory also rose slightly throughout the area, with 5,836 homes listed as “active” for sale in the Charleston Trident Multiple Listing Service.

“Changes to the National Flood Insurance Program are impacting real estate in the Lowcountry, as rates adjusted for many residential and commercial property owners on Oct. 1, who purchased or are purchasing pre-Flood Insurance Rate Map properties,” Tyler said.

Berkeley County

The most active part of Berkeley County was the area bordered by Jedburg Road, Highway 17A and College Park, which accounted for 60 of the county’s 227 homes sold during October. The median price of homes sold in Berkeley County was $171,090, the report said.

Charleston County

In Charleston County, 566 homes were sold at a median price of $288,147 during October. West Ashley, outside Interstate 526, led the county during the month with 80 sales at a median price of $197,219.

Dorchester County

Dorchester County, with a median price of $162,500 in October, sold 188 homes. The most active area was Summerville-Ridgeville, where 80 homes sold at a median price of $163,750.

Reach Ashley Barker at 843-849-3144 or @AshleyNBarker.

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