Charleston VA Loan Rates, Closing Costs & Stats
CHARLESTON-NORTH CHARLESTON, SC
A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.
The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.
For additional benefits of VA loans, click here.
Charleston's 231 lenders originated 8,371 VA loans during 2021. The total origination value was $2,592,405,000, with an average VA loan value of $309,689.
Charleston VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Charleston
averaged
6.36%
for the week of 2023-01-27, compared to the national average (all VA variants) of
5.952% for the same period.
Charleston's average VA mortgage closing costs are $5,927.
The average rate for the prior week (2023-01-20) was
5.89% and
one month ago for the week of 2022-12-23, the
average rate was 6.36%.
The average rate one year ago was 3.96%.
For refis of the same type during the week of 2023-01-27, the average rate
was 5.91%.
Charleston VA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Charleston level.
The top Charleston VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with
566 VA loans originated. Their average total fees are
$3,360, which is $1,941
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Charleston VA lenders (with over 10 loans originated) are
LAKEVIEW LOAN SERVICING, LLC ($2,548), Lakeview Community Capital, LLC ($2,712), Wyndham Capital Mortgage, Inc. ($2,900), PENTAGON FEDERAL CREDIT UNION ($2,928) and FREEDOM MORTGAGE CORPORATION ($3,360).
The lowest rate Charleston VA lenders (with over 10 loans originated) are
BNC National Bank (2.31%), CLEARPATH LENDING (2.31%), VILLAGE CAPITAL MORTGAGE (2.33%), PENTAGON FEDERAL CREDIT UNION (2.34%) and ACCELERATE MORTGAGE, LLC (2.35%).
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Charleston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $393,945 (5.2%) | $666,998 (3.0%) | 1.46 | 4,315 |
| 2018-02-01 | $398,615 (3.7%) | $671,931 (2.0%) | 1.45 | 4,444 |
| 2018-03-01 | $400,000 (0.0%) | $690,847 (1.9%) | 1.40 | 4,595 |
| 2018-04-01 | $409,450 (-0.1%) | $701,666 (3.0%) | 1.39 | 4,743 |
| 2018-05-01 | $417,000 (4.0%) | $699,033 (2.9%) | 1.39 | 4,819 |
| 2018-06-01 | $411,760 (3.1%) | $699,625 (3.3%) | 1.37 | 4,902 |
| 2018-07-01 | $409,425 (2.4%) | $685,760 (2.2%) | 1.37 | 4,934 |
| 2018-08-01 | $399,125 (-0.2%) | $677,912 (0.8%) | 1.34 | 4,936 |
| 2018-09-01 | $399,000 (0.7%) | $670,709 (0.4%) | 1.34 | 5,020 |
| 2018-10-01 | $390,000 (-1.4%) | $657,703 (-0.4%) | 1.32 | 5,187 |
| 2018-11-01 | $389,000 (-1.5%) | $654,672 (-0.4%) | 1.32 | 5,257 |
| 2018-12-01 | $385,000 (-2.5%) | $648,741 (-2.7%) | 1.33 | 4,969 |
| 2019-01-01 | $387,835 (-1.6%) | $648,218 (-2.8%) | 1.34 | 4,844 |
| 2019-02-01 | $399,700 (0.3%) | $663,664 (-1.2%) | 1.35 | 4,946 |
| 2019-03-01 | $404,657 (1.2%) | $671,648 (-2.8%) | 1.32 | 5,103 |
| 2019-04-01 | $413,000 (0.9%) | $683,644 (-2.6%) | 1.31 | 5,270 |
| 2019-05-01 | $416,575 (-0.1%) | $689,659 (-1.3%) | 1.30 | 5,277 |
| 2019-06-01 | $419,000 (1.8%) | $693,394 (-0.9%) | 1.31 | 5,297 |
| 2019-07-01 | $419,450 (2.5%) | $696,565 (1.6%) | 1.31 | 5,200 |
| 2019-08-01 | $414,197 (3.8%) | $690,509 (1.9%) | 1.31 | 5,144 |
| 2019-09-01 | $405,643 (1.7%) | $681,114 (1.6%) | 1.30 | 5,100 |
| 2019-10-01 | $399,450 (2.4%) | $675,714 (2.7%) | 1.29 | 5,051 |
| 2019-11-01 | $399,000 (2.6%) | $680,673 (4.0%) | 1.31 | 4,935 |
| 2019-12-01 | $398,125 (3.4%) | $680,231 (4.9%) | 1.33 | 4,618 |
| 2020-01-01 | $399,450 (3.0%) | $679,678 (4.9%) | 1.33 | 4,317 |
| 2020-02-01 | $406,990 (1.8%) | $693,841 (4.6%) | 1.33 | 4,297 |
| 2020-03-01 | $421,276 (4.1%) | $699,371 (4.1%) | 1.32 | 4,373 |
| 2020-04-01 | $412,454 (-0.1%) | $683,841 (0.0%) | 1.29 | 4,458 |
| 2020-05-01 | $425,000 (2.0%) | $701,364 (1.7%) | 1.29 | 4,317 |
| 2020-06-01 | $429,000 (2.4%) | $720,715 (3.9%) | 1.26 | 3,955 |
| 2020-07-01 | $433,171 (3.3%) | $741,819 (6.5%) | 1.26 | 3,617 |
| 2020-08-01 | $439,000 (6.0%) | $765,122 (10.8%) | 1.26 | 3,324 |
| 2020-09-01 | $443,100 (9.2%) | $767,051 (12.6%) | 1.27 | 3,073 |
| 2020-10-01 | $435,000 (8.9%) | $777,523 (15.1%) | 1.25 | 2,940 |
| 2020-11-01 | $433,700 (8.7%) | $788,981 (15.9%) | 1.27 | 2,750 |
| 2020-12-01 | $439,875 (10.5%) | $803,309 (18.1%) | 1.31 | 2,466 |
| 2021-01-01 | $449,902 (12.6%) | $824,252 (21.3%) | 1.34 | 2,050 |
| 2021-02-01 | $499,499 (22.7%) | $886,384 (27.8%) | 1.45 | 1,564 |
| 2021-03-01 | $494,390 (17.4%) | $929,542 (32.9%) | 1.40 | 1,422 |
| 2021-04-01 | $500,000 (21.2%) | $1,024,363 (49.8%) | 1.35 | 1,302 |
| 2021-05-01 | $531,627 (25.1%) | $1,089,212 (55.3%) | 1.41 | 1,227 |
| 2021-06-01 | $525,000 (22.4%) | $1,034,826 (43.6%) | 1.38 | 1,347 |
| 2021-07-01 | $491,990 (13.6%) | $933,559 (25.9%) | 1.30 | 1,604 |
| 2021-08-01 | $479,465 (9.2%) | $890,942 (16.4%) | 1.28 | 1,705 |
| 2021-09-01 | $454,643 (2.6%) | $827,788 (7.9%) | 1.21 | 1,736 |
| 2021-10-01 | $474,000 (9.0%) | $860,811 (10.7%) | 1.26 | 1,583 |
| 2021-11-01 | $465,000 (7.2%) | $867,847 (10.0%) | 1.24 | 1,506 |
| 2021-12-01 | $467,617 (6.3%) | $934,741 (16.4%) | 1.27 | 1,269 |
| 2022-01-01 | $480,990 (6.9%) | $992,341 (20.4%) | 1.30 | 1,005 |
| 2022-02-01 | $507,699 (1.6%) | $1,088,405 (22.8%) | 1.32 | 828 |
| 2022-03-01 | $513,508 (3.9%) | $1,103,385 (18.7%) | 1.29 | 848 |
| 2022-04-01 | $525,000 (5.0%) | $1,084,451 (5.9%) | 1.25 | 899 |
| 2022-05-01 | $547,496 (3.0%) | $1,056,168 (-3.0%) | 1.25 | 1,181 |
| 2022-06-01 | $547,059 (4.2%) | $1,036,719 (0.2%) | 1.22 | 1,594 |
| 2022-07-01 | $524,990 (6.7%) | $978,820 (4.9%) | 1.19 | 2,024 |
| 2022-08-01 | $505,073 (5.3%) | $930,531 (4.4%) | 1.17 | 2,204 |
| 2022-09-01 | $500,000 (10.0%) | $918,908 (11.0%) | 1.17 | 2,247 |
| 2022-10-01 | $494,394 (4.3%) | $901,298 (4.7%) | 1.16 | 2,457 |
| 2022-11-01 | $484,995 (4.3%) | $894,855 (3.1%) | 1.17 | 2,562 |
| 2022-12-01 | $479,000 (2.4%) | $904,651 (-3.2%) | 1.20 | 2,422 |
Charleston's median listing price comes in at 120% of the national average.
Charleston's average listing price for 2022-12-01 was $904,651, a difference of $-30,090 (-3.2%) versus the prior year and $9,796 versus the prior month.
For the 2022-12-01 period, Charleston had 2,422 MLS listings, a difference of -140 listings (-5%) versus the prior month and 1,153 listings (91%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Charleston (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 99 days | 2,277 sqft |
| 2018-02-01 | 93 days | 2,295 sqft |
| 2018-03-01 | 64 days | 2,300 sqft |
| 2018-04-01 | 65 days | 2,311 sqft |
| 2018-05-01 | 66 days | 2,308 sqft |
| 2018-06-01 | 70 days | 2,302 sqft |
| 2018-07-01 | 72 days | 2,282 sqft |
| 2018-08-01 | 78 days | 2,245 sqft |
| 2018-09-01 | 81 days | 2,207 sqft |
| 2018-10-01 | 80 days | 2,176 sqft |
| 2018-11-01 | 83 days | 2,144 sqft |
| 2018-12-01 | 89 days | 2,135 sqft |
| 2019-01-01 | 95 days | 2,135 sqft |
| 2019-02-01 | 91 days | 2,158 sqft |
| 2019-03-01 | 76 days | 2,178 sqft |
| 2019-04-01 | 66 days | 2,208 sqft |
| 2019-05-01 | 68 days | 2,226 sqft |
| 2019-06-01 | 71 days | 2,215 sqft |
| 2019-07-01 | 74 days | 2,217 sqft |
| 2019-08-01 | 77 days | 2,202 sqft |
| 2019-09-01 | 79 days | 2,189 sqft |
| 2019-10-01 | 82 days | 2,179 sqft |
| 2019-11-01 | 84 days | 2,147 sqft |
| 2019-12-01 | 88 days | 2,138 sqft |
| 2020-01-01 | 94 days | 2,135 sqft |
| 2020-02-01 | 86 days | 2,144 sqft |
| 2020-03-01 | 62 days | 2,174 sqft |
| 2020-04-01 | 66 days | 2,180 sqft |
| 2020-05-01 | 75 days | 2,224 sqft |
| 2020-06-01 | 78 days | 2,235 sqft |
| 2020-07-01 | 68 days | 2,230 sqft |
| 2020-08-01 | 61 days | 2,212 sqft |
| 2020-09-01 | 59 days | 2,197 sqft |
| 2020-10-01 | 58 days | 2,173 sqft |
| 2020-11-01 | 59 days | 2,132 sqft |
| 2020-12-01 | 66 days | 2,134 sqft |
| 2021-01-01 | 73 days | 2,147 sqft |
| 2021-02-01 | 55 days | 2,102 sqft |
| 2021-03-01 | 42 days | 2,121 sqft |
| 2021-04-01 | 38 days | 2,166 sqft |
| 2021-05-01 | 31 days | 2,168 sqft |
| 2021-06-01 | 25 days | 2,144 sqft |
| 2021-07-01 | 26 days | 2,169 sqft |
| 2021-08-01 | 33 days | 2,109 sqft |
| 2021-09-01 | 33 days | 2,102 sqft |
| 2021-10-01 | 39 days | 2,086 sqft |
| 2021-11-01 | 38 days | 2,080 sqft |
| 2021-12-01 | 46 days | 2,090 sqft |
| 2022-01-01 | 57 days | 2,140 sqft |
| 2022-02-01 | 26 days | 2,153 sqft |
| 2022-03-01 | 17 days | 2,169 sqft |
| 2022-04-01 | 16 days | 2,163 sqft |
| 2022-05-01 | 16 days | 2,206 sqft |
| 2022-06-01 | 21 days | 2,210 sqft |
| 2022-07-01 | 29 days | 2,218 sqft |
| 2022-08-01 | 37 days | 2,211 sqft |
| 2022-09-01 | 44 days | 2,204 sqft |
| 2022-10-01 | 46 days | 2,178 sqft |
| 2022-11-01 | 48 days | 2,174 sqft |
| 2022-12-01 | 60 days | 2,150 sqft |
Charleston's median square footage for active listings during the 2022-12-01 period was 2,150 sqft. One year prior, the average listing was 2,090 sqft.