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Understanding the Charleston County Real Estate Market: A November 2023 Update

Are you curious about the latest trends in Charleston's real estate market? We're here to break down the complex data into easy-to-understand insights. Whether you're looking to buy, sell, or just stay informed, here's what's happening in Charleston County as of November 2023.

Single-Family Homes: A Cool Down with Stable Pricing

For those eyeing single-family detached homes, here's the scoop: the market is cooling slightly but remains stable in terms of pricing. We've seen a small dip in the number of new listings, with a 3.1% drop compared to last year. Sales have also slowed a bit, with a 4.2% decrease in closed sales.

But when it comes to prices, there's good news for sellers. The median sales price nudged up by 2.5% to $615,000, and the average sales price made a notable leap to $928,038. This suggests that while homes may be taking slightly longer to sell (with an average of 30 days on the market), their value is holding strong.

Townhouses and Condos: A Growing Market

Turning to townhouses and condos, we're witnessing an exciting growth trend. New listings have jumped by 10%, and sales are following suit with a 4.3% increase. This is great news for both buyers and sellers in this segment. Prices are on the rise too – the median sales price has climbed to $413,750, and the average sales price is now at $543,304. These figures indicate a healthy demand and a vibrant market for attached homes.

What Does This Mean for You?

For sellers, especially of single-family homes, the market is still favorable. Your property might take a bit longer to sell, but the prices are holding strong. For buyers, particularly those looking at townhouses and condos, you're entering a market with more choices and growing opportunity.

In summary, the Charleston real estate market is showing different trends for different types of properties. Single-family homes are experiencing a slight slowdown but with robust pricing, while the market for townhouses and condos is more dynamic with an increase in listings, sales, and prices. This nuanced picture is essential for making informed decisions, whether you're buying your first home or selling your current one.

Stay tuned for more updates, and feel free to reach out if you have any questions or need guidance in navigating this vibrant market!


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