Charleston Home Sales Show Signs of Stabilization in January 2025

News Summary

In January 2025, Charleston’s housing market shows stabilization, with the median home price holding steady at $415,000. However, closed sales fell by nearly 4%, indicating a shift in consumer behavior likely influenced by higher borrowing costs. Despite a slight increase in new listings, inventory remains low. Regional price variations reveal differing trends across counties, affecting buyer preferences. Experts predict gradual market balance as buyer demand adjusts to changing conditions.

Charleston Home Sales Show Signs of Stabilization in January 2025

Residents and homebuyers in Charleston are witnessing a notable shift in the housing market, as sales activity moderated in January 2025. The latest statistics reveal a significant change, particularly in how home prices are behaving. For the first time in several years, the median home price in the Charleston area remained unchanged at $415,000, a figure that hasn’t budged since January 2024. This stagnation comes as a breath of fresh air for potential buyers who might have grown weary of relentless price hikes in recent times.

Sales Figures Take a Dip

However, it’s not all sunshine and rainbows. Closed sales for homes in January fell by nearly 4%, with 1,411 residences changing hands over the month. That’s a notable decline and indicative of shifting trends in consumer behavior. Buyers may be taking a step back, possibly due to elevated borrowing costs, which currently hover around 6.85% for a 30-year fixed-rate home loan. This situation is mirrored by an increase in the average days on market, which rose to 50 days compared to 38 days in January 2024, signaling that homes are spending more time on the market than before.

A Peek at New Listings

40 new homes hit the market during January, marking a modest 2.1% year-over-year increase in new listings. While any influx is good news, it’s clear that the inventory in the Charleston housing market remains quite low, currently sitting at around 2.7 months of available homes. In a balanced market, we typically see a range of five to seven months of inventory, suggesting that demand is still outpacing supply.

Regional Price Variations

0.7%, reaching $404,857. Dorchester County followed suit with a more impressive 3.3% increase, bringing the median price to $399,378. Meanwhile, Colleton County saw a jaw-dropping increase of 35.7%, resulting in median prices of nearly $475,000. Such disparities suggest that while some markets are thriving, others may be encountering their own unique set of challenges.

Understanding Buyer Preferences

turnkey homes boasting modern upgrades. Conversely, lower-priced fixer-uppers are also capturing interest. However, homes that fall into the middle range—those requiring minor updates—are facing tougher challenges, finding it difficult to attract buyers and often remaining listed for longer periods.

A Looking Glass Into the Future

7% to 1,365 compared to January 2024, indicators suggest we may see single-digit price growth rather than the double-digit increases that have characterized the market in recent years.

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Additional Resources

• Post and Courier: Charleston County Home Sale Buy Prices
• Wikipedia: Charleston, South Carolina
• Nora Da Real Estate: Charleston SC Real Estate Market
• Google Search: Charleston real estate market
• Live 5 News: Charleston County Realtors Share Expectations for 2025 Market
• Google Scholar: Charleston housing market
• Charleston Business: 146-Unit Mobile Housing Community Sold
• Encyclopedia Britannica: Charleston real estate

Author: HERE Charleston