Oct
11

Charleston Residential Real Estate Market Improving

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The number of homes for sale across the region dipped to a five-year low in September, while sales volume increased by double-digits for the third straight month, the Charleston Trident Association of Realtors said Monday.

While the inventory of homes for sale locally is still roughly double what it was before the housing market overheated — nearly 8,000 are on the market now versus around 4,000 in 2004 — the report shows steady improvement in market conditions.

When there is a glut of homes for sale and the supply far outstrips demand, it takes longer to sell those homes and it’s harder for home-sellers to get the price they are asking. As the housing bubble peaked there were 11,879 homes for sale in Berkeley, Charleston and Dorchester counties, in the spring of 2008.

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