Homeowners at different stages of their life might choose a single family home, a townhome or a condo to meet both their wants and needs. There really isn’t a hard and fast rule that young singles or empty nesters will choose a condo or townhome or that most families either getting started or moving up will choose to live in a single family home because neither is always the case.
Currently in Charleston, home buyers prefer a single family home to either a condo or a townhome by a 4 to 1 margin.
One thing that surprised me when preparing to write this post was that I sensed there was a bit of a condo glut as a continuing hangover from the housing boom when there were so many condo conversion projects around Charleston.
The reality is that is not the case.
There are currently 4929 single family homes 1316 condos and townhomes available for sale in Charleston. The percentages are 79 and 21 percent respectively. And amazingly, 79 and 21 percent is exactly the same percentage of single family homes and condos and townhomes that have sold thus far this year.
That means that both attached and detached homes are being absorbed by the market at exactly the same rate.
The big difference that I found is the price of each. Single family homes have sold for an average price of $278,433 and a median price of $190,675 while condos and townhomes have sold for an average price of $192,042 and a median price of $127,000.
But not all condos in Charleston are inexpensive. You can find condos primarily in downtown and at the beach selling for $1 million and higher but other than that, you’ll generally find that a condo or townhome will be more affordable than a single family home (but don’t forget to add the monthly regime fee to find your real cost).
What’s your preference?
Statistics compiled by Howard Arnoff using the Charleston MLS as the source of data, information deemed reliable but not guaranteed.