Charleston Apartments | How to Avoid the Market Scare

Renting an apartment is easy. It's making the apartment feel like a home that's tough. OK, maybe it's not that black and white. After all, securing an apartment in the right neighborhood for the right place can be hard work as well. But, when you search for your new place using a trusted rental company, the job is made easier. Then all you have to decide is where to put the sofa, how to hang your favorite lamp. It's a big deal. And for the most part, an enjoyable one, especially when the search is made easy.

For the second month in a row, more than 500 homes sold in the tri-county area. The Charleston Trident Association of REALTORS report that the Lowcountry residential real estate market saw 518 closed transactions in the month of April. Median sale price remained steady at $181,303. 

In 2008, 700 homes sold in the tri-county, at a median sale price of $205,000. While April 2009 numbers translate to a 26% dip in total sales and a 10% adjustment in median sale price, they are recovering from the 36% and 16% declines seen at the beginning of this year.

Inventory has decreased by 1,000 homes, leaving 10,271 homes currently listed for sale with the Charleston Trident Multiple Listing Service, with 375transactions pending. Average Days on Market (DOM) for this period was 124, 18 days shorter than last month. This decrease in DOM indicates properties are beginning to go under contract more quickly than in past months, an improvement that's associated with the start of the summer season.

April brought another strong month in Charleston County—median sale prices rose again, to $239,500, while sales remained steady at 249. Significant movement took place in the western portion of the county, in and around Mount Pleasant, with 44 sales and a median sales price of $343,450. Belle Hall, I'On and Rivertowne subdivisions supported much of the area's activity.

So there you have it, Charleston's home and apartment market is a mixed bag. For the brave bunch, now might be the time to invest. For those of you still waiting to see where the real estate market goes, renting an apartment is the best bet.


Michael Russell writes about a variety of subjects. This article discusses Charleston Apartments. For more information, visit Apartment Finder.