Charleston real estate market report, June 2008 home prices
Prices for Charleston single family homes under $600,000 have finally shown a slight decline on a year over year basis comparing both the average and median sales price for the most recent 12 month period to the previous 12 month period. This classification represents over 70% of all sales and therefore impacts the most buyers and sellers.
The average price declined by 3.22% and the median price declined by 3.32%. With inventory continuing at elevated levels and reduced demand, a drop in prices would be expected as the laws of supply and demand have finally caught up to the Charleston housing market. On the other hand, luxury homes and both condo / townhome classifications continue to show year over year price appreciation despite experiencing the same conditions. The Charleston housing market remains much healthier than many housing markets around the country that are reporting much sharper price declines.
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.
