October 2023 Market Update

Interpreting the Data


Let’s take a look back at August’s statistics:

Charleston County:
Median DOM – 10;   Average Sale – $774k; Active Listings – 1,134
Mount Pleasant:
Median DOM – 7; Average Sale – $994k; Active Listings – 230
Median DOM – 12; Average Sale – $395k; Active Listings – 750
Entire MLS:
Median DOM – 10; Average Sale – $558k; Active Listings – 2,289

The fall season is in full swing, and we’re seeing our seasonal slow-down of homebuyers. Many families have settled in before the school year started and others won’t plan on moving until after the holidays have passed. We are seeing an “increase” in inventory as a result of the slowdown in buyers, meaning those looking to make a purchase now will have more options!

Homes are still appreciating in value, seen by the increase in average sale price since August. Despite the increasing interest rates, buyers are still able to pay the market prices we see here in the Lowcountry.

Right now is one of the best times to buy for the forseeable future. If you’re one of the people waiting for interest rates to drop before you make your move, remember that other people have that same idea. If you’re holding out, you may be in the next “frenzy” when buyers re-enter the market as rates fall.

Why wait? If you buy now, you can always refinance later and avoid the multiple-offer frenzy that comes with lower interest rates.