Apr 11, 2022

Q1 Real Estate Market Report

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Drew Grossklaus, Sales Director/BIC East Cooper

The first quarter of 2022 was quite a whirlwind. The Charleston real estate market continues to have strong demand with reduced inventory. A good place to look for statistical comparison is looking back to the first quarter of 2020.

The first three months of 2020 were before the changes we experienced in the world due to Covid. In March 2020 there were 5,485 available residential homes for sale in the Charleston MLS. With the number of sales occurring, this corresponded to an inventory level of 3.24 months. In March 2022 there were 1,214 available residential homes for sale in the Charleston MLS, corresponding to an inventory level of 0.58. That is a staggering 78% decrease in inventory.

It might be assumed that the number of sales between the first quarters of 2020 and 2022 would be quite different given the historically low inventory levels. In actuality, sales between the two time periods are quite similar. In some areas it is even significantly higher, including downtown Charleston where home sales have increased 60%. Overall, it is showing that the demand is high, and in relation to the first quarter of 2020, enough homes are entering the market to be purchased nearly as quickly as they are being offered for sale. See below for more comparison details by area for 2022 and 2020 home sales and contracts.

William Means agents have navigated through this phase of supply and demand helping both buyer and seller clients achieve their desired outcomes. It is important to be fully armed with the knowledge to navigate both writing and negotiating contracts. This cycle of high demand and low inventory shows no sign of stopping in 2022. If it all seems a little crazy, it is! Having William Means by your side is the best way to navigate Charleston real estate.

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