NOVEMBER Home of the CLHMS
TM
2023
CHARLESTON SO U TH CA R O L I N A www.LuxuryHomeMarketing.com
CHARLESTON
SINGLE - FAMILY HOMES
LUXURY INVENTORY VS. SALES | OCTOBER 2023 Inventory
Sales
Luxury Benchmark Price 1: $950,000 $5,000,000+ $4,500,000 - $4,999,999 $4,000,000 - $4,499,999
$3,500,000 - $3,999,999 $3,000,000 - $3,499,999
42
4
Total Inventory: 532
8
1
Total Sales: 146
11
1
7
43
15
$2,000,000 - $2,499,999
67
19
$1,750,000 - $1,999,999
55
10
$1,500,000 - $1,749,999
48
11
$1,400,000 - $1,499,999
33
9
$1,300,000 - $1,399,999
28
14
$1,200,000 - $1,299,999
42
13
$1,100,000 - $1,199,999
52
12
$1,000,000 - $1,099,999
1
Total Sales Ratio2: 27%
21
$2,500,000 - $2,999,999
$950,000 - $999,999
Seller's Market
25
7
15
24 33
8
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 1,999
$1,120,000
4
3
13
52
25%
2,000 - 2,999
$1,300,000
4
4
47
169
28%
3,000 - 3,999
$1,668,750
4
4
54
171
32%
4,000 - 4,999
$2,390,000
5
5
23
76
30%
5,000 - 5,999
$2,850,000
6
6
3
30
10%
6,000+
$3,725,000
6
7
6
33
18%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
CHARLESTON
SINGLE - FAMILY HOMES
13 - MONTH LUXURY MARKET TREND 4 Median Sales Price
$1,350,000
$1,472,739
379
374
$1,416,875
$1,400,000
$1,425,000
$1,435,000
361
373
354
347
119
96
100
84
83
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
$1,350,000
377
Inventory
Solds
$1,475,000
$1,441,250
$1,487,000
419
453
446
149
136
161
174
Mar-23
Apr-23
May-23
Jun-23
$1,410,000
Jul-23
532
500
443
147
$1,521,220
$1,467,500
136
140
146
Aug-23
Sep-23
Oct-23
MEDIAN DATA REVIEW | OCTOBER TOTAL INVENTORY Oct. 2022
Oct. 2023
374
532 VARIANCE: 42 %
SALE PRICE PER SQFT. Oct. 2022
Oct. 2023
503
$
550 VARIANCE: 9 % $
TOTAL SOLDS Oct. 2022
Oct. 2023
119
146 VARIANCE: 23 %
SALE TO LIST PRICE RATIO Oct. 2022
Oct. 2023
97.99% 99.43% VARIANCE: 1 %
SALES PRICE Oct. 2022
Oct. 2023
1.35m
$
$
1.52m VARIANCE: 13 %
DAYS ON MARKET Oct. 2022
Oct. 2023
22
12 VARIANCE: -45 %
CHARLESTON MARKET SUMMARY | OCTOBER 2023 • The Charleston single-family luxury market is a Seller's Market with a 27% Sales Ratio. • Homes sold for a median of 99.43% of list price in October 2023. • The most active price band is $1,000,000-$1,099,999, where the sales ratio is 63%. • The median luxury sales price for single-family homes is $1,521,220. • The median days on market for October 2023 was 12 days, down from 22 in October 2022.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
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CHARLESTON
ATTACHED HOMES
LUXURY INVENTORY VS. SALES | OCTOBER 2023 Inventory
Sales
Luxury Benchmark Price 1: $725,000 $2,500,000+
16
2
$2,000,000 - $2,499,999
15
3
$1,500,000 - $1,999,999
$1,400,000 - $1,499,999
2
0
$1,300,000 - $1,399,999
$1,100,000 - $1,199,999
4
1
$900,000 - $949,999
8
2
8
2 3
$775,000 - $799,999
$750,000 - $774,999
1
8
5
$800,000 - $849,999
Total Sales Ratio2: 30%
3
1
$850,000 - $899,999
Seller's Market
6
4
$950,000 - $999,999
Total Sales: 36
6
2
$1,000,000 - $1,099,999
Total Inventory: 122
12
2
$1,200,000 - $1,299,999
$725,000 - $749,999
15
7
4
3
1
13
0
Square Feet3
Price
Beds
Baths
Sold
Inventory
Sales Ratio
-Range-
-Median Sold-
-Median Sold-
-Median Sold-
-Total-
-Total-
-Sold/Inventory-
0 - 999
$799,000
2
2
1
8
13%
1,000 - 1,499
$1,021,000
2
2
11
38
29%
1,500 - 1,999
$995,000
3
3
13
30
43%
2,000 - 2,499
$2,037,000
3
4
6
18
33%
2,500 - 2,999
$1,700,000
3
3
5
18
28%
3,000+
NA
NA
NA
0
10
0%
The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.
CHARLESTON
ATTACHED HOMES
13 - MONTH LUXURY MARKET TREND 4 Sale Price
Inventory
Solds
$1,208,858
$1,206,690 $882,552
79
78
$952,500
79
$950,000
75
$1,002,750
$1,025,000
82
84
22
22
18
15
12
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
$1,025,000 $885,500
91
90 26
26
Mar-23
Apr-23
49
39
122
110
91
79
Jun-23
$1,155,000 $1,000,000
$900,000
79
May-23
$1,159,615
25
29
35
36
Jul-23
Aug-23
Sep-23
Oct-23
MEDIAN DATA REVIEW | OCTOBER TOTAL INVENTORY Oct. 2022
Oct. 2023
78
TOTAL SOLDS Oct. 2022
Oct. 2023
122 VARIANCE: 56 %
36 VARIANCE: 64 %
SALE PRICE PER SQFT.
SALE TO LIST PRICE RATIO
Oct. 2022
$
Oct. 2023
630
773 VARIANCE: 23 % $
22
Oct. 2022
Oct. 2023
99.20% 100.00% VARIANCE: 1 %
SALES PRICE Oct. 2022
Oct. 2023
1.21m
$
$
1.16m VARIANCE: -4 %
DAYS ON MARKET Oct. 2022
Oct. 2023
30
4 VARIANCE: -87 %
CHARLESTON MARKET SUMMARY | OCTOBER 2023 • The Charleston attached luxury market is a Seller's Market with a 30% Sales Ratio. • Homes sold for a median of 100.00% of list price in October 2023. • The most active price band is $775,000-$799,999, where the sales ratio is 133%. • The median luxury sales price for attached homes is $1,155,000. • The median days on market for October 2023 was 4 days, down from 30 in October 2022.
Square foot table does not account for listings and solds where square foot data is not disclosed. 4 Data reported includes Active and Sold properties and does not include Pending properties.
3