Local Market Update- Greater Summerville Area
Compared to this time last year, the average price of single-detached homes in the Summerville area has increased 7.7 % to $263,071 while the number of new listings has decreased 20%. With the decrease in inventory, we're seeing a significant decrease (21.3%) in the number of Days on Market. A decrease from 47 to 37 Days on Market (DOM).
Townhomes/Condos showed an increase in average sales price from this time last year of 12.1% to $145,072 as the number of new listings remained the same. Days on Market (DOM) for Townhomes/Condos decreased from an average of 36 DOM to 12!!
The inventory of Townhomes/Condos in Summerville has increased over 100% from this time last year. As these are traditionally less expensive than single-detached homes, now might be the time for first-time home buyers to make their move.
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