Charleston Real Estate Market Update for October from Jon Crompton

🍂🔥 FIRE PIT SEASON IS HERE! 🔥🍂

As the air gets cooler and the humidity subsides, it's time to break out those fire pits and cozy up! Speaking of hot, the real estate market is still sizzling. 🔥

Big builders are pulling out all the stops, offering rate buy-downs, $5-10K in closing costs, and discounts on options to attract buyers. They're leaving no stone unturned to cater to the remaining buyer pool.
The activity in my listings varies, with some selling in a matter of weeks and others in just a weekend. The buyers in the market now are highly qualified, evident from the substantial down payments they're making despite the high-interest rates.




Market Update 📊
🏠 Average Sales Price: In September, the average sales price soared to $595k, a 10.3% increase from last year. Pricing remains strong, with well-priced homes selling within days.

📅 Average Days on Market: Our average days on market now stand at 32 days, up 45.5% from last September. It's a seasonal shift, and we have about four weeks until the holiday slowdown.

📦 Average Months of Inventory: Inventory is at 2 months, up 5.3% from last September. While it's an increase, we're still historically low on homes for sale, keeping prices stable and on the rise.

🏡 New Listings: September brought 1,757 new listings, down 2.9% from last year. Limited listings keep inventory low and prices steady.

📝 Homes Under Contract: September saw 1,368 homes go pending, a 4% increase from last year. Despite interest rates, buyers recognize the value of homeownership.

🔑 Closed Homes: In September, 1,354 homes closed, down 12% from last year but nearing stabilization.


With uncertainty in the air, the Fed's actions and the upcoming holiday season will shape the market. Sellers should note that fewer listings are typical during winter, but there are still eager buyers at all interest rate levels.
Thinking of selling? Let my expertise guide you through this dynamic market. 🏡📈


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