Solving the Mystery of Charleston Median Home Prices

Zillow says Charleston Median Home Prices are $234,700.

BestPlaces says it is $212,000.

Even Forbes is claiming it to be $219,800.

So, who would blame you for thinking Charleston is quite affordable when you are envisioning your future move here? Close to the historic center, close to the beaches, for under $250,000….you can’t get better living than that.

Living the Dream

Living the Dream

Unfortunately, those numbers are misleading. Often they include the tri-county area – Charleston, Berkeley and Dorchester (and those last two can be an hour out from the historic City Center or FAR). Often they include a vast swath of suburbs with the city name ‘Charleston’ – yet which have zero resemblance to the Charleston of our dreams. I can’t tell you how many people I’ve had to disappoint when I tell them for $250,000 they’ll be living in an area that is not at all what they imagined.  Not that there’s anything wrong with that – it just requires a mental readjustment on the part of the house hunter.

So, I am here to set the records straight. Again. Back in 2010, I also wrote about this issue (which I had actually forgotten I had done until I googled Charleston Median Home Prices and my old post came up).  But five years and many changes have since passed, so let’s look at some new median prices. I have set up this map for you based on how we as real estate agents divide the area. I did not include the outer reaches of the metropolis, because frankly, I am just not sure where the lines are drawn. But I can tell you median prices there ARE in fact, under $200,000.

So, here’s the map of median prices for homes based on rolling 3-months statistics from January-March 2015. Follow the pretty colors from Southwest, to Northeast, and click on them for the median price of the area. If you prefer a list, just go below the map.


 

Wadmalaw Island – $938,000
Seabrook Island – $525,000
Kiawah Island – $978,000
Johns Island – $238,000
West Ashley outside I-526 – $248,695
West Ashley inside I-526 – $220,000
James Island – $310,003
Folly Beach to Battery Island – $515,000
Charleston Peninsula inside 17 – $752,500
Charleston Peninsula outside 17 – $363,450
North Charleston inside I-526 – $160,000
Hanahan – $215,000
Wando/Cainhoy – $281,012
Daniel Island – $703,283
Mount Pleasant inside the IOP Connector – $458,000
Mount Pleasant outside the IOP Connector – $427,000
Sullivan’s Island – $1,710,000
Isle of Palms – $787,000
Wild Dunes – $793,500
Dewees Island – $700,000

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7 Responses to Solving the Mystery of Charleston Median Home Prices

  1. Tom Grubisich says:

    Kris,

    Your stats are an excellent corrective to those alluring median “Charleston” home prices. But is it not possible to break out prices for “Below Broad and mid- and upper Peninsula? Couldn’t a millennial couple find a fixer-upper in the Cannon-Spring Streets area for somewhere between $200,000-$300,000?

    • hi Tom! Thanks for your kind comments. For the purposes of this post I didn’t break out the Peninsula prices but you are right, the neighborhoods vary greatly. At this point, unless a buyer had at least $100,000 for renovations, and probably closer to $200,000, it probably would not be feasible to find a property in that price range in those neighborhoods.

      • Tom Grubisich says:

        Kris,

        You’re right about renovation costs, if you hire out for everything. But some daring buyers do the less-skilled work themselves. I did a lot of the rehab of a carpenter gothic house I once owned in Northern Virginia. I said, afterwards, I’d never do it again — and didn’t — but it saved money.

  2. Nelia says:

    I started a search about 18 months ago with a max budget of $500K and an unwillingness to compromise on location…Historic French Quarter…purchased a condo but the cost was double my initial “budget”. Location, location, location!!!
    Love your articles – I always learn something relevant.

  3. Jennifer says:

    This is so extremely helpful, thank you for posting this! My husband and I are planning a move to Charleston in the near future. We will be renting first and buying a little ways down the road. It’s difficult as an outsider decoding all the different areas and deciding what is affordable for us. This really helps narrow it down!

    • Jennifer I am so glad you found my map useful!! I know it can be confusing, particularly with the “Charleston” addresses since there are so many different areas with ‘Charleston’! I’d be happy to help you guys out with some advice on renting locally until you are ready to buy. Have a great weekend!

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