Charleston Real Estate Soars: Average Property Value Hits $589,500 in May 2024

Charleston, SC, is currently exhibiting a robust real estate market with rising property values and sales prices. As of May 2024, the average value of properties in Charleston stands at $589,500, marking an increase from $699,600 in June 2023. This indicates a general appreciation in property values over the year, despite a dip to $497,533 in January 2024. The per square foot value has similarly increased from $357 in June 2023 to $362 in May 2024, with a decrease noted in January 2024 to $327.

In terms of home sales, the average sale price has increased from $428,626 in June 2023 to $497,640 in May 2024. The average sale price per square foot has also seen a rise from $276 to $317 in the same period. However, there has been a decrease in the number of properties sold, from a peak of 2,330 in October 2023 to 1,817 by May 2024, suggesting fluctuations in market activity possibly due to seasonal changes or other market dynamics.

Read the previous report: Charleston Real Estate Market Stabilizes in March 2024 Amid Fluctuations

When comparing Charleston with nearby cities like North Charleston, Johns Island, Hanahan, Sullivans Island, and Goose Creek, it is apparent that Charleston generally sustains higher property values and per square foot values, underscoring its allure and competitive market. Sullivans Island is an outlier, significantly surpassing others with an average value of $3,805,000 and a per square foot value of $1,252 in May 2024.

Detailed Analysis of Real Estate Indices in Charleston and Nearby Cities

Charleston’s property market in May 2024 not only reveals higher values compared to its peers but also showcases varying dynamics across different areas. The average property count in Charleston was 390, with an impressive total of 1,817 properties sold. In contrast, North Charleston had a much lower average property value of $379,000, a per square about $205, and saw 261 properties sold.

Johns Island presented an interesting case with an average property value of $829,900 and a per square foot value of $437, signaling a higher-end market. It also enjoyed a considerable number of sales with 394 properties sold. Hanahan and Goose Creek displayed more affordable options, with average values at $434,800 and $325,000 respectively and correspondingly lower per square foot values and sales numbers.

Sullivans Island stood out dramatically with its unparalleled high prices and the exclusive nature of its market: only 6 properties were listed on the market, yet the average sale price was a staggering $5,421,962. Specific traits like geographical desirability, limited supply, or unique property types might explain these premium prices and high demand despite the low property count.

Implications for Real Estate Stakeholders

The progressive increase in property and per-square-foot values in Charleston reflects a healthy, growing market potentially beneficial for sellers and long-term investors. Agents might focus on leveraging these trends to attract buyers looking for value appreciation.

Moreover, real estate professionals and investors might find niche opportunities in markets like Sullivans Island, where exceptional prices could translate into high-value deals. For buyers, understanding these trends helps in making informed decisions about investing in properties that not only meet their personal and financial requirements but are also situated in areas with appreciating values.

In summary, Charleston’s real estate market shows strong growth potential and stability, making it an attractive region for residential and investment activities. By keeping an eye on detailed market trends and variations across different areas and times of the year, stakeholders can strategize effectively to maximize their returns and meet their real estate objectives.