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June 2019 Charleston Real Estate Market Update

June 2019 Charleston Real Estate Market Update

At this point in the year, 2019 is shaping up to be a good one for buyers to find a home. The real estate market is in a good phase at the moment with no indications of upcoming imbalance.  Millennials have made up the majority of those taking out recent mortgages and they continue to look for homes. 

Interest rates have dipped and the rise in home prices has slowed, which is positive news for home buyers. There is still a limited supply of houses, especially for those at a lower price point. 

June 2019 Charleston Real Estate Monthly Statistics

New Listings - 2,192 (down 4.4% from 6/18)

Rending Sales - 1928 (up 11.9% from 6/18)

Closed Sales - 1923 (down 1.3% from 6/18)

Days On Market - 52 (up 6.1% from 6/18)

Median Sales Price - $289,787 (up 7.3% from 6/18)

Percent of Asking Price Received  - 96.5%  (-0.3% from 6/18)

Months Supply of Inventory - 3.7 (down 5.1% from 6/18)

The number of new listings in the Charleston area dropped in June, and in general, the rate of homes coming on to the market is slowing. This is, as we said, not great news for buyers. The number of pending sales is up 11.9 % from last year at this time, which could be explained by the drop in interest rates. That number means we should see a jump in the number of closed homes in July. Along with this good absorption rate, the slow down in the rate of new listings coming on to the market will keep us in a seller’s market. For more information on key indicators of a healthy housing market, click here.

The median sales price has gone up and the percentage of asking price received has stayed been hovering at around 96%. The month's supply of inventory has been edging downward, which means that it is a good time to sell your home.

Here at Jeff Cook Real Estate, we had a phenomenal month and closed 156 Sales in June. We have many more eager buyers wanting to purchase. It is an excellent time to give us a call to list your home. Call-855-HEY-JEFF today.

Stay up-to-date and check out the most current Charleston market updates!

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