This month, we’re doing something a little different and diving into the specific market update numbers for Berkeley County in June 2024. Now that we’re in July, it’s the perfect time to reflect on the past month and see what’s been happening in the real estate market once we have the full picture.
New Listings and Closed Sales
In Berkeley County, new listings are down by 12.8%. This is quite a contrast to Charleston County, where new listings are actually up. When it comes to closed sales, Berkeley County is also seeing a decline; we’re down 18% compared to last June. This trend aligns with the broader market conditions, where high interest rates are making people more hesitant to buy.
Price Trends
Despite the decline in new listings and closed sales, the median sales price in Berkeley County has gone up by 10.4%, similar to trends in other markets. Even with fewer houses on the market, prices are still climbing. The average sales price has also increased by almost 5%, reaching $535,000. Berkeley County remains somewhat more affordable, but the limited inventory reflects its growing desirability. It’s fascinating to watch these dynamics unfold.
List Price to Sales Price Ratio
The original list price to actual sales price ratio is slightly down from last year, but buyers are still purchasing homes at 97.9% of the listing price. So, they’re getting a bit of a deal, but it’s important to remember that overall prices are up. If you’re looking for a deal, Berkeley County might be the place to consider.
Days on Market
The average days on market is 42, meaning homes are sitting a bit longer than usual. This is primarily due to high interest rates, causing buyers to be more cautious and take their time making decisions.
Looking Ahead
That’s your Berkeley County market update for June 2024. In about two weeks, we’ll post another update to sum up where we stand overall in real estate and share our thoughts on where we’re heading. We’ll be attending a seminar soon and will bring you all the insights from that event.
If you have any questions about buying or selling a home in Berkeley County, South Carolina, just give us a call. We’re here to help with no pressure.
Warmly,
Lauren & Cambron | Lauren Zurilla & Associates
P.S. – Looking for the Charleston County market update for June 2024? Head on over to Lauren’s YouTube channel!