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Charleston Real Estate Market Update for 2024 vs. 2023

Anthony Barrasso February 9, 2025

The Charleston real estate market remained steady in 2024, with home sales closely matching those of 2023. Mortgage rates have hovered around 7%, and while the Fed initially forecasted three rate cuts for 2025, that expectation has now been reduced to two.
 
  • Sales Volume: Both 2023 and 2024 saw approximately 16,000 transactions. The last time annual sales dipped below 17,000—excluding the pandemic years—was back in 2015. In fact, sales in 2024 increased by 1.1% compared to 2023.
  • Home Prices: The median sales price continues to climb, rising 3.5% year-over-year to $428,000. This signals continued strength in the market despite economic fluctuations.
  • A Decade in Perspective: Looking at 2015–2024, Charleston’s sales numbers have remained relatively consistent—except for the pandemic-driven boom of 2020-2022. Many businesses saw record-breaking sales during those years, but it’s important to recognize that this was an anomaly, not a long-term trend.
  • Key Takeaway: If you're in real estate or investing, don’t use the Covid years as a baseline for market expectations. The Charleston market is showing healthy, sustainable growth, and long-term trends remain positive!

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ANTHONY BARRASSO
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CHARLESTON, SC 29422