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Median home prices in Charleston on the rise again

If you're living in or want to invest in a home in Charleston, South Carolina, then you will be pleased to know about the rise in median home prices in the area. For several years, the economy has been poor in the area, causing the prices of homes to drop dramatically. Now, as the economy recovers from the recession, home prices are growing, allowing owners to get a good return on their investments once again.

Housing inventories fell by 8 percent in South Carolina in May 2015, according to the South Carolina Association of Realtors. The 41,284 homes on the market are fewer than recent months, making it more difficult for people to buy into the area and by association, making the homes worth more. Pending sales were shown as up by 3 percent to 6,538, showing interest in the area.

With the median price of homes rising by 9.3 percent in May, that allowed homes to reach a value of around $174,900 in the median price range. The amount of time these homes would stay on the market also dropped to just 108 days, down 6.9 percent. This is again good news, because it signals the 12th consecutive month of declines for the number of days a home has been left on the market.

Looking at local areas, Pee Dee had a drop in the number of homes sold in May 2015 compared to May 2014, but the median price of those homes went up to $134,950 instead of the previous median price of $115,000, showing how even fewer home sales hasn't influenced the rise in prices.

Source: Charleston Regional Business Journal, "Charleston median home price up 7.8%," Ashley Heffernan, June 16, 2015

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