Charleston real estate market report, April 2008 home prices

June 4, 2008

It appears the law of supply and demand hasn’t quite reached the Charleston real estate market as yet because with fewer sales and increasing inventory, you would think that prices might have declined a little more. And while anecdotal evidence does confirm pricing pressure, the statistics haven’t quite caught up as yet.

I use a running 12 month average for the past 12 months compared to the previous 12 months on the chart below. But for those of you who really want to see some price declines, the median home price in the Charleston real estate market declined from $210,000 in April 2007 to $199,900 in April 2008. The median price however is just the middle price of all recorded home sales and since there have been more sales of lower priced homes than higher priced properties, the median has declined while actual prices seem to have held up a little better.

Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.

Charleston real estate home prices