Charleston median home prices rise 3% in March from last year

Median home prices in the Charleston area rose more than 3% in March, according to data released Wednesday by the Charleston Trident Association of Realtors comparing last month to 2012.

CTAR reported 1,045 homes were sold at a median price of $202,210 in the Charleston region last month. The area hasn’t experienced that level of sales in March since 2007, the organization said.

CTAR President Owen Tyler said in a news release that it’s more common to see sales surpass 1,000 in late spring and early summer. Last year, May, June and August were high-volume months, he said.

“It’s unusual to see this many closed transactions this early in the season, but we know that market activity is being bolstered by increased interest from investors who recognize the benefits of investing in property in the Charleston area,” Tyler said. “While we do expect sales levels to remain higher than they were in previous years, we do not expect sales to sustain at this level through the spring.”

The Charleston area has been averaging more than 800 home sales per month this year, with 2,424 homes sold year-to-date with a median price of $182,500 across the region. CTAR said the sales volume shows a 16% increase from last year with a 3% increase in median price.

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