Median housing prices 2001-2007 in Charleston
Some fascinating statistics for the Charleston South Carolina real estate market. As you know, prices have been stable in the Charleston area despite high inventory and declining unit sales. Here's an interesting look at the median housing prices and unit sales from 2001-2007 (note, 2007 is through November 30).
All residential units (please note that the percent of luxury refers to homes over $600,000)
| Year | Unit Sales | Median Price | Percent Luxury |
| 2001 | 8316 | $147,000 | 3.23 |
| 2002 | 9607 | $155,978 | 4.53 |
| 2003 | 11720 | $163,000 | 4.51 |
| 2004 | 14277 | $174,349 | 6.60 |
| 2005 | 18074 | $187,500 | 7.70 |
| 2006 | 16758 | $201,990 | 8.37 |
| 2007 | 11691 | $207,240 | 8.25 |
All residential under $600,000
| Year | Unit Sales | Median Price |
| 2001 | 8047 | $144,900 |
| 2002 | 9172 | $150,744 |
| 2003 | 11192 | $158,693 |
| 2004 | 13335 | $167,000 |
| 2005 | 16683 | $179,900 |
| 2006 | 15355 | $193,498 |
| 2007 | 10726 | $198,500 |
Clearly, the median price has increased every year including the current year despite the declining sales we have discussed previously. Also interesting is the growth of luxury real estate in the Charleston real estate market, almost tripling in unit sales in the last 7 years.
I'm planning to update this information at year end including late reporting November and all of the December sales to give you an even more accurate picture of the market.
UPDATE: I neglected to include the percentage increase in median price from year to year for either category so please find it below:
| Year | All residential | Under $600,000 |
| 2002 | 6.11% | 4.03% |
| 2003 | 4.50% | 5.27% |
| 2004 | 6.96% | 5.23% |
| 2005 | 7.54% | 7.72% |
| 2006 | 7.73% | 7.56% |
| 2007 | 2.60% | 2.58% |