College of Charleston Home Value Index – June 2009

The College of Charleston Home Value Index indicates that the value of a typical home in the Charleston Tri-County Area increased by 8.61% in May 2009. In comparison, the change in the index value was -3.38% in March 2009, and -5.17% in April 2009.

The College of Charleston Home Value IndexSM home value index is prepared monthly for the tri-county area and quarterly for smaller geographic areas in the Charleston community by the Carter Real Estate Center. The index is a “constant quality” hedonic price index that is calculated by estimating prices of individual property characteristics using data provided by the Charleston Trident Association of REALTORS® from its Multiple Listing Service. The index tracks the value of a “typical” home in each defined geographic area (tri-county and smaller areas) over time. The index should not be interpreted as an indicator of the change in value of all homes, but as an indicator of the change in value of a “typical” home with the contributions to value from that home’s features evaluated at the average estimated prices of those features.

Click here for more information on the methodology used to create the index.