Charleston home price appreciation by zip code 2000 - 2006
The Charleston South Carolina real estate market has grown significantly in the number of sales and the average selling price between 2000 and 2006. As an overall market, unit sales climbed by 61.7% from the year 2000 to 2006 (and while 2006 was a pretty good year for real estate sales in the Charleston area, it was not as strong as 2005). Price appreciation was also very strong throughout the Charleston area with homes appreciating at rates from 50% to over 160% during the six year period. While appreciation rates might pale compared to some of the really hot housing markets in other parts of the country, the Charleston South Carolina real estate market is not suffering quite as badly as some of those previous hot markets.
| zip | area | sales 00 | sales 06 | % change | avg 00 | avg 06 | % change |
| | | | | | | |
| 29401 | Downtown lower | 151 | 126 | -16.56% | $709,389 | $1,400,918 | 97.48% |
| 29403 | Downtown upper | 143 | 209 | 46.15% | $148,427 | $363,533 | 144.92% |
| 29405 | N Charleston | 159 | 282 | 77.36% | $67,574 | $132,911 | 96.69% |
| 29406 | N Chas/Hanahan | 255 | 589 | 130.98% | $103,207 | $180,624 | 75.01% |
| 29407 | West Ashley | 377 | 426 | 13.00% | $161,298 | $288,788 | 79.04% |
| 29412 | James Island | 515 | 578 | 12.23% | $182,137 | $325,729 | 78.84% |
| 29414 | West Ashley | 483 | 619 | 28.16% | $161,196 | $261,039 | 61.94% |
| 29418 | N Charleston | 309 | 288 | -6.80% | $111,977 | $182,240 | 62.75% |
| 29420 | N Charleston | 294 | 386 | 31.29% | $145,336 | $257,100 | 76.90% |
| 29439 | Folly Beach | 53 | 45 | -15.09% | $381,467 | $944,279 | 147.54% |
| 29445 | Goose Creek | 824 | 1317 | 59.83% | $120,812 | $187,837 | 55.48% |
| 29451 | Isle of Palms | 193 | 161 | -16.58% | $624,359 | $1,363,518 | 118.39% |
| 29455 | Johns Island * | 228 | 368 | 61.40% | $455,119 | $583,963 | 28.31% |
| 29456 | Ladson | 303 | 644 | 112.54% | $93,592 | $171,878 | 83.65% |
| 29461 | Moncks Corner | 147 | 407 | 176.87% | $106,846 | $196,429 | 83.84% |
| 29464 | Mount Pleasant | 798 | 637 | -20.18% | $242,863 | $539,105 | 121.98% |
| 29466 | Mount Pleasant | 373 | 710 | 90.35% | $248,085 | $477,201 | 92.35% |
| 29482 | Sullivan's Island | 29 | 37 | 27.59% | $798,909 | $2,095,182 | 162.26% |
| 29483 | Summerville | 703 | 1614 | 129.59% | $120,210 | $194,081 | 61.45% |
| 29485 | Summerville | 521 | 1582 | 203.65% | $147,577 | $221,973 | 50.41% |
| 29492 | Daniel Island | 111 | 244 | 119.82% | $311,032 | $720,092 | 131.52% |
The above chart shows the number of sales in 2000 and 2006 for single family homes by zip code throughout the Charleston area. Please note that Johns Island * reflects not only Johns Island but Kiawah and Seabrook Islands which share the same zip code.
A couple of noteworthy points as I look at the data. There has been tremendous growth in the North area of Charleston with Summerville, Goose Creek, Moncks Corner, Ladson, and parts of North Charleston showing high levels of unit sales activity. The most logical reason for this is simply affordability. While price appreciation has been strong, the North area continues to remains very affordable.
Mount Pleasant also enjoyed significant growth in sales in the area beyond Highway 41 and price appreciation was robust throughout the town. Part of that was due to restrictions the Town of Mount Pleasant enacted to limit growth and demand far exceeded supply and with a limited number of building permits, builders used them to build bigger and more expensive homes.
Prices in downtown and at the beaches have soared and the luxury housing market in the Charleston area continues to look especially robust. Daniel Island has done spectacularly well in both sales and appreciation during the past decade.
I have not included any statistics on townhomes and condominiums since that market was insignificant in 2000 and the data would be misleading especially with the glut of inventory in the townhome and condo market. Additionally, I omitted zip codes with small populations and limited activity focusing on only the most popular areas.