Park Circle Market Update – May 2022

Park Circle Market Update - July 2021

Park Circle Home Sales Fall Slightly, but Prices Continue to Climb

29 homes sold in the month of April in Park Circle at a median price of $421,500. 

Inventory data shows 46.3% fewer homes, with 22 homes listed as “active” for sale in the CHS Regional MLS database at the end of the month for Park Circle —representing just 0.80 of a month’s available inventory.

“It’s important to remember that 2021 was an outlier in terms of sales volume, so it’s not so much that the market is declining, but returning to what was normal. In 2021 there was a lot of pent-up demand from a year of Covid restrictions the previous year. When you look at data from 2018-20, the sales volume is quite comparable to what we’re seeing now—even a little ahead” said 2022 CTAR President Jon Stroud.

“While we have seen the most significant adjustment to interest rates since 2011, along with local affordability challenges creating an even more challenging market for buyers, we continue to have strong buyer interest from outside markets and I don’t anticipate that will decline any time soon,” said Stroud. “Charleston is an incredibly attractive place for young professionals and retirees alike, so our pool of potential homebuyers remains strong,” said Stroud.

Park Circle Market Stats - May 2022

Average Sales Price

April 2022 – up 11.4% ($417,553) – April 2021: ($374,734) 

Average Price Per Sq Ft

April 2022 – up 12.9% ($245) – April 2021: ($217) 
Park Circle

Homes for Sale

April 2022 – down 46.3% (22) – April 2021: (41)

Median Days on Market

April 2022 – down 50% (4 days) – April 2021 (8 days)

Months Supply/Inventory

April 2022 – down 57.9% (0.8 Months) – April 2021 – (1.9 Months)

Higher interest rates will surely cool demand from buyers but with housing inventory remaining tight sellers have no real incentive to reduce prices yet.

For sellers, you can still sell your home for top dollar but beware of an influx of inventory that will most certainly drive down prices.  

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