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 200 lenders originated 4,034 VA loans during 2022. The total origination value was $1,465,210,000, with an average VA loan value of $363,215.
Charleston VA Loans, 30 Year Fixed Rates
30 Year VA mortgages in Charleston
averaged
6.24%
for the week of 2023-09-22, compared to the national average (all VA variants) of
6.823% for the same period.
Charleston's average VA mortgage closing costs are $6,504.
The average rate for the prior week (2023-09-15) was
6.52% and
one month ago for the week of 2023-08-18, the
average rate was 6.5%.
The average rate one year ago was 5.57%.
For refis of the same type during the week of 2023-09-22, the average rate
was 5.46%.
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 Mortgage Research Center, LLC, with
345 VA loans originated. Their average total fees are
$9,018, which is $510
higher than the next largest lender,
NAVY FEDERAL CREDIT UNION.
The lowest fee Charleston VA lenders (with over 10 loans originated) are
Wells Fargo Bank ($6,119), ANGEL OAK HOME LOANS LLC ($6,372), GUARANTEED RATE, INC. ($6,659), PLANET HOME LENDING, LLC ($7,170) and PULTE MORTGAGE LLC ($7,449).
The lowest rate Charleston VA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (3.26%), LAKEVIEW LOAN SERVICING, LLC (3.29%), LOANPAL, LLC (3.40%), CLEARPATH LENDING (3.70%) and PENTAGON FEDERAL CREDIT UNION (3.75%).
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 | $404,836 (1.2%) | $671,805 (-2.8%) | 1.32 | 5,107 |
| 2019-04-01 | $413,209 (0.9%) | $683,737 (-2.6%) | 1.31 | 5,281 |
| 2019-05-01 | $416,700 (-0.1%) | $689,765 (-1.3%) | 1.30 | 5,270 |
| 2019-06-01 | $419,000 (1.8%) | $693,852 (-0.8%) | 1.31 | 5,290 |
| 2019-07-01 | $419,500 (2.5%) | $697,059 (1.7%) | 1.31 | 5,193 |
| 2019-08-01 | $414,273 (3.8%) | $691,066 (1.9%) | 1.31 | 5,136 |
| 2019-09-01 | $405,682 (1.7%) | $681,680 (1.6%) | 1.30 | 5,091 |
| 2019-10-01 | $399,450 (2.4%) | $676,288 (2.8%) | 1.29 | 5,042 |
| 2019-11-01 | $399,000 (2.6%) | $681,384 (4.1%) | 1.31 | 4,926 |
| 2019-12-01 | $398,840 (3.6%) | $680,979 (5.0%) | 1.33 | 4,609 |
| 2020-01-01 | $399,450 (3.0%) | $680,482 (5.0%) | 1.33 | 4,308 |
| 2020-02-01 | $408,637 (2.2%) | $694,666 (4.7%) | 1.34 | 4,288 |
| 2020-03-01 | $424,000 (4.7%) | $700,203 (4.2%) | 1.33 | 4,363 |
| 2020-04-01 | $413,448 (0.1%) | $684,621 (0.1%) | 1.30 | 4,448 |
| 2020-05-01 | $425,000 (2.0%) | $702,207 (1.8%) | 1.29 | 4,308 |
| 2020-06-01 | $429,000 (2.4%) | $721,671 (4.0%) | 1.26 | 3,946 |
| 2020-07-01 | $434,500 (3.6%) | $742,908 (6.6%) | 1.26 | 3,608 |
| 2020-08-01 | $439,500 (6.1%) | $766,423 (10.9%) | 1.26 | 3,314 |
| 2020-09-01 | $444,260 (9.5%) | $768,487 (12.7%) | 1.27 | 3,063 |
| 2020-10-01 | $435,000 (8.9%) | $778,325 (15.1%) | 1.25 | 2,930 |
| 2020-11-01 | $434,500 (8.9%) | $789,870 (15.9%) | 1.27 | 2,740 |
| 2020-12-01 | $439,923 (10.3%) | $804,344 (18.1%) | 1.31 | 2,456 |
| 2021-01-01 | $450,000 (12.7%) | $825,770 (21.4%) | 1.34 | 2,039 |
| 2021-02-01 | $498,000 (21.9%) | $883,554 (27.2%) | 1.45 | 1,553 |
| 2021-03-01 | $496,085 (17.0%) | $930,902 (33.0%) | 1.41 | 1,411 |
| 2021-04-01 | $503,225 (21.7%) | $1,027,130 (50.0%) | 1.36 | 1,291 |
| 2021-05-01 | $531,995 (25.2%) | $1,092,470 (55.6%) | 1.41 | 1,216 |
| 2021-06-01 | $525,000 (22.4%) | $1,036,949 (43.7%) | 1.38 | 1,337 |
| 2021-07-01 | $491,785 (13.2%) | $930,134 (25.2%) | 1.30 | 1,594 |
| 2021-08-01 | $477,475 (8.6%) | $890,651 (16.2%) | 1.27 | 1,696 |
| 2021-09-01 | $454,623 (2.3%) | $828,054 (7.8%) | 1.21 | 1,727 |
| 2021-10-01 | $474,900 (9.2%) | $861,300 (10.7%) | 1.27 | 1,573 |
| 2021-11-01 | $466,036 (7.3%) | $867,093 (9.8%) | 1.25 | 1,496 |
| 2021-12-01 | $467,450 (6.3%) | $934,836 (16.2%) | 1.27 | 1,259 |
| 2022-01-01 | $480,000 (6.7%) | $992,575 (20.2%) | 1.30 | 995 |
| 2022-02-01 | $509,900 (2.4%) | $1,090,402 (23.4%) | 1.33 | 817 |
| 2022-03-01 | $516,238 (4.1%) | $1,108,814 (19.1%) | 1.29 | 837 |
| 2022-04-01 | $530,000 (5.3%) | $1,085,844 (5.7%) | 1.26 | 888 |
| 2022-05-01 | $546,000 (2.6%) | $1,053,576 (-3.6%) | 1.25 | 1,170 |
| 2022-06-01 | $549,000 (4.6%) | $1,037,782 (0.1%) | 1.22 | 1,583 |
| 2022-07-01 | $524,400 (6.6%) | $971,783 (4.5%) | 1.18 | 2,014 |
| 2022-08-01 | $506,733 (6.1%) | $927,207 (4.1%) | 1.17 | 2,193 |
| 2022-09-01 | $500,000 (10.0%) | $916,843 (10.7%) | 1.17 | 2,236 |
| 2022-10-01 | $489,900 (3.2%) | $899,714 (4.5%) | 1.15 | 2,446 |
| 2022-11-01 | $484,973 (4.1%) | $893,244 (3.0%) | 1.17 | 2,551 |
| 2022-12-01 | $479,900 (2.7%) | $907,505 (-2.9%) | 1.18 | 2,405 |
| 2023-01-01 | $479,901 (0.0%) | $911,593 (-8.2%) | 1.19 | 2,154 |
| 2023-02-01 | $497,450 (-2.4%) | $985,984 (-9.6%) | 1.20 | 1,950 |
| 2023-03-01 | $516,672 (0.1%) | $1,012,478 (-8.7%) | 1.22 | 1,887 |
| 2023-04-01 | $538,995 (1.7%) | $1,021,015 (-6.0%) | 1.25 | 1,853 |
| 2023-05-01 | $557,056 (2.0%) | $1,073,160 (1.9%) | 1.26 | 1,768 |
| 2023-06-01 | $554,917 (1.1%) | $1,075,972 (3.7%) | 1.25 | 1,910 |
| 2023-07-01 | $550,000 (4.9%) | $1,043,550 (7.4%) | 1.25 | 1,952 |
| 2023-08-01 | $531,993 (5.0%) | $1,006,706 (8.6%) | 1.22 | 2,074 |
Charleston's median listing price comes in at 122% of the national average.
Charleston's average listing price for 2023-08-01 was $1,006,706, a difference of $79,499 (8.6%) versus the prior year and $-36,844 versus the prior month.
For the 2023-08-01 period, Charleston had 2,074 MLS listings, a difference of 122 listings (6%) versus the prior month and -119 listings (-5%) 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 | 91 days | 2,277 sqft |
| 2018-02-01 | 82 days | 2,295 sqft |
| 2018-03-01 | 56 days | 2,300 sqft |
| 2018-04-01 | 58 days | 2,311 sqft |
| 2018-05-01 | 59 days | 2,308 sqft |
| 2018-06-01 | 60 days | 2,302 sqft |
| 2018-07-01 | 64 days | 2,282 sqft |
| 2018-08-01 | 67 days | 2,244 sqft |
| 2018-09-01 | 73 days | 2,206 sqft |
| 2018-10-01 | 72 days | 2,175 sqft |
| 2018-11-01 | 75 days | 2,144 sqft |
| 2018-12-01 | 78 days | 2,135 sqft |
| 2019-01-01 | 86 days | 2,135 sqft |
| 2019-02-01 | 77 days | 2,158 sqft |
| 2019-03-01 | 65 days | 2,178 sqft |
| 2019-04-01 | 58 days | 2,209 sqft |
| 2019-05-01 | 61 days | 2,227 sqft |
| 2019-06-01 | 63 days | 2,217 sqft |
| 2019-07-01 | 66 days | 2,218 sqft |
| 2019-08-01 | 70 days | 2,202 sqft |
| 2019-09-01 | 72 days | 2,189 sqft |
| 2019-10-01 | 74 days | 2,180 sqft |
| 2019-11-01 | 74 days | 2,148 sqft |
| 2019-12-01 | 80 days | 2,139 sqft |
| 2020-01-01 | 86 days | 2,139 sqft |
| 2020-02-01 | 74 days | 2,147 sqft |
| 2020-03-01 | 54 days | 2,176 sqft |
| 2020-04-01 | 59 days | 2,183 sqft |
| 2020-05-01 | 69 days | 2,226 sqft |
| 2020-06-01 | 65 days | 2,237 sqft |
| 2020-07-01 | 59 days | 2,233 sqft |
| 2020-08-01 | 54 days | 2,215 sqft |
| 2020-09-01 | 53 days | 2,200 sqft |
| 2020-10-01 | 52 days | 2,174 sqft |
| 2020-11-01 | 53 days | 2,135 sqft |
| 2020-12-01 | 60 days | 2,137 sqft |
| 2021-01-01 | 66 days | 2,148 sqft |
| 2021-02-01 | 46 days | 2,104 sqft |
| 2021-03-01 | 36 days | 2,126 sqft |
| 2021-04-01 | 33 days | 2,172 sqft |
| 2021-05-01 | 29 days | 2,170 sqft |
| 2021-06-01 | 23 days | 2,148 sqft |
| 2021-07-01 | 24 days | 2,171 sqft |
| 2021-08-01 | 30 days | 2,120 sqft |
| 2021-09-01 | 31 days | 2,105 sqft |
| 2021-10-01 | 37 days | 2,090 sqft |
| 2021-11-01 | 37 days | 2,092 sqft |
| 2021-12-01 | 44 days | 2,094 sqft |
| 2022-01-01 | 53 days | 2,150 sqft |
| 2022-02-01 | 22 days | 2,165 sqft |
| 2022-03-01 | 16 days | 2,173 sqft |
| 2022-04-01 | 16 days | 2,166 sqft |
| 2022-05-01 | 15 days | 2,211 sqft |
| 2022-06-01 | 21 days | 2,213 sqft |
| 2022-07-01 | 28 days | 2,221 sqft |
| 2022-08-01 | 36 days | 2,218 sqft |
| 2022-09-01 | 43 days | 2,206 sqft |
| 2022-10-01 | 45 days | 2,185 sqft |
| 2022-11-01 | 47 days | 2,175 sqft |
| 2022-12-01 | 58 days | 2,163 sqft |
| 2023-01-01 | 69 days | 2,188 sqft |
| 2023-02-01 | 60 days | 2,208 sqft |
| 2023-03-01 | 44 days | 2,222 sqft |
| 2023-04-01 | 38 days | 2,244 sqft |
| 2023-05-01 | 40 days | 2,260 sqft |
| 2023-06-01 | 37 days | 2,297 sqft |
| 2023-07-01 | 39 days | 2,263 sqft |
| 2023-08-01 | 43 days | 2,193 sqft |
Charleston's median square footage for active listings during the 2023-08-01 period was 2,193 sqft. One year prior, the average listing was 2,218 sqft.