Charleston Area Market Stats through May (and other news)
As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result. With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.
~ Charleston Trident Association of REALTORS® (CTAR)
Market Statistics by Area:
Closed Sales +44.4% | Median Sales Price +21.2% | Months Supply -78.8%
70 Saturday Road, I’On
6 beds, 5.5 baths, 3456 sq ft | Offered for $1,825,000
Located in highly sought after I’On, this thoughtfully renovated home offers modern conveniences that compliment its original charm. Stepping inside, you will find a spacious dining room, which is connected to the kitchen by the butler’s pantry that makes entertaining a breeze. The custom kitchen boasts luxurious Subzero, Bosch and Wolf Appliances and a large island with tucked away seating, while the living room offers a gas fireplace and built-in cabinetry, plus access to the screened porch. The property has been professionally landscaped with a design by Julie Hensley, and the brick and tabby driveway offers parking for 4+ cars, with space to add a garage or pool. For more photos and information, visit bit.ly/70SaturdayRoadIon.
Congrats to Tim Reese for this record-breaking Sullivan’s Island sale!
1901 Thee Street, Sullivan’s Island
4 beds, 4.5 baths | 5300 sq ft | SOLD FOR $10,500,000
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