Luxury Guide November 2023 - CHS

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.

3

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