Charleston VA Loans
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 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
5.12%
for the week of 2022-08-05, compared to the national average (all VA variants) of
5.013% for the same period.
The average rate for the prior week (2022-07-29) was
5.27% and
one month ago for the week of 2022-07-01, the
average rate was 5.8%.
The average rate one year ago was 2.88%.
For refis of the same type during the week of 2022-08-05, the average rate
was 5.07%.
Charleston VA Loan Lenders by Rates & Fees
The below table looks at the average fees 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 & INVESTMENT LLC (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 | $399,706 (4.6%) | $682,952 (3.1%) | 1.47 | 4,117 |
| 2018-02-01 | $409,455 (2.5%) | $692,337 (2.6%) | 1.48 | 4,190 |
| 2018-03-01 | $416,990 (-0.6%) | $710,039 (2.4%) | 1.44 | 4,335 |
| 2018-04-01 | $424,440 (0.8%) | $721,507 (3.9%) | 1.42 | 4,463 |
| 2018-05-01 | $429,000 (3.4%) | $720,992 (4.2%) | 1.43 | 4,544 |
| 2018-06-01 | $424,900 (3.1%) | $721,321 (4.1%) | 1.42 | 4,632 |
| 2018-07-01 | $419,900 (2.2%) | $707,052 (3.4%) | 1.40 | 4,674 |
| 2018-08-01 | $409,165 (-1.4%) | $698,166 (2.0%) | 1.37 | 4,664 |
| 2018-09-01 | $399,985 (0.0%) | $685,130 (0.7%) | 1.34 | 4,757 |
| 2018-10-01 | $399,000 (-0.3%) | $673,305 (0.0%) | 1.33 | 4,902 |
| 2018-11-01 | $395,000 (-1.3%) | $669,954 (-0.3%) | 1.32 | 4,959 |
| 2018-12-01 | $390,999 (-2.3%) | $665,974 (-2.5%) | 1.34 | 4,684 |
| 2019-01-01 | $394,220 (-1.4%) | $664,933 (-2.6%) | 1.36 | 4,514 |
| 2019-02-01 | $407,850 (-0.4%) | $681,357 (-1.6%) | 1.37 | 4,609 |
| 2019-03-01 | $418,143 (0.3%) | $692,189 (-2.5%) | 1.36 | 4,715 |
| 2019-04-01 | $429,000 (1.1%) | $705,890 (-2.2%) | 1.35 | 4,869 |
| 2019-05-01 | $431,200 (0.5%) | $711,442 (-1.3%) | 1.33 | 4,897 |
| 2019-06-01 | $434,900 (2.4%) | $715,739 (-0.8%) | 1.34 | 4,880 |
| 2019-07-01 | $434,950 (3.6%) | $717,509 (1.5%) | 1.35 | 4,834 |
| 2019-08-01 | $430,671 (5.3%) | $715,929 (2.5%) | 1.36 | 4,695 |
| 2019-09-01 | $421,950 (5.5%) | $707,804 (3.3%) | 1.34 | 4,627 |
| 2019-10-01 | $416,000 (4.3%) | $699,702 (3.9%) | 1.33 | 4,654 |
| 2019-11-01 | $415,000 (5.1%) | $707,026 (5.5%) | 1.34 | 4,547 |
| 2019-12-01 | $414,095 (5.9%) | $707,172 (6.2%) | 1.38 | 4,250 |
| 2020-01-01 | $419,500 (6.4%) | $713,029 (7.2%) | 1.40 | 3,923 |
| 2020-02-01 | $430,000 (5.4%) | $726,486 (6.6%) | 1.39 | 3,912 |
| 2020-03-01 | $442,500 (5.8%) | $734,095 (6.1%) | 1.38 | 3,994 |
| 2020-04-01 | $435,400 (1.5%) | $716,655 (1.5%) | 1.36 | 4,061 |
| 2020-05-01 | $450,000 (4.4%) | $741,449 (4.2%) | 1.36 | 3,899 |
| 2020-06-01 | $450,000 (3.5%) | $760,985 (6.3%) | 1.31 | 3,592 |
| 2020-07-01 | $462,500 (6.3%) | $783,532 (9.2%) | 1.33 | 3,276 |
| 2020-08-01 | $472,500 (9.7%) | $808,563 (12.9%) | 1.35 | 3,038 |
| 2020-09-01 | $482,495 (14.4%) | $811,976 (14.7%) | 1.38 | 2,775 |
| 2020-10-01 | $475,000 (14.2%) | $823,627 (17.7%) | 1.36 | 2,681 |
| 2020-11-01 | $480,000 (15.7%) | $841,801 (19.1%) | 1.37 | 2,456 |
| 2020-12-01 | $494,933 (19.5%) | $865,273 (22.4%) | 1.45 | 2,182 |
| 2021-01-01 | $524,000 (24.9%) | $893,481 (25.3%) | 1.54 | 1,781 |
| 2021-02-01 | $550,000 (27.9%) | $959,249 (32.0%) | 1.58 | 1,350 |
| 2021-03-01 | $550,000 (24.3%) | $1,003,907 (36.8%) | 1.54 | 1,223 |
| 2021-04-01 | $550,000 (26.3%) | $1,090,648 (52.2%) | 1.48 | 1,137 |
| 2021-05-01 | $574,990 (27.8%) | $1,140,346 (53.8%) | 1.51 | 1,094 |
| 2021-06-01 | $560,498 (24.6%) | $1,097,633 (44.2%) | 1.46 | 1,185 |
| 2021-07-01 | $520,000 (12.4%) | $1,006,409 (28.5%) | 1.35 | 1,371 |
| 2021-08-01 | $497,275 (5.2%) | $949,382 (17.4%) | 1.31 | 1,462 |
| 2021-09-01 | $477,750 (-1.0%) | $883,759 (8.8%) | 1.26 | 1,477 |
| 2021-10-01 | $491,490 (3.5%) | $900,272 (9.3%) | 1.29 | 1,370 |
| 2021-11-01 | $480,224 (0.1%) | $921,973 (9.5%) | 1.27 | 1,283 |
| 2021-12-01 | $488,000 (-1.4%) | $1,001,312 (15.7%) | 1.30 | 1,082 |
| 2022-01-01 | $500,000 (-4.6%) | $1,074,447 (20.3%) | 1.33 | 834 |
| 2022-02-01 | $574,990 (4.5%) | $1,193,813 (24.5%) | 1.47 | 690 |
| 2022-03-01 | $576,750 (4.9%) | $1,209,180 (20.5%) | 1.42 | 705 |
| 2022-04-01 | $585,000 (6.4%) | $1,188,113 (8.9%) | 1.38 | 724 |
| 2022-05-01 | $587,515 (2.2%) | $1,132,963 (-0.7%) | 1.31 | 959 |
| 2022-06-01 | $574,995 (2.6%) | $1,105,906 (0.8%) | 1.28 | 1,329 |
Charleston's median listing price comes in at 128% of the national average.
Charleston's average listing price for 2022-06-01 was $1,105,906, a difference of $8,273 (0.8%) versus the prior year and $-27,057 versus the prior month.
For the 2022-06-01 period, Charleston had 1,329 MLS listings, a difference of 370 listings (39%) versus the prior month and 144 listings (12%) 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 | 101 days | 2,284 sqft |
| 2018-02-01 | 96 days | 2,300 sqft |
| 2018-03-01 | 64 days | 2,301 sqft |
| 2018-04-01 | 66 days | 2,313 sqft |
| 2018-05-01 | 67 days | 2,316 sqft |
| 2018-06-01 | 71 days | 2,307 sqft |
| 2018-07-01 | 73 days | 2,289 sqft |
| 2018-08-01 | 78 days | 2,248 sqft |
| 2018-09-01 | 80 days | 2,212 sqft |
| 2018-10-01 | 81 days | 2,177 sqft |
| 2018-11-01 | 85 days | 2,139 sqft |
| 2018-12-01 | 91 days | 2,125 sqft |
| 2019-01-01 | 97 days | 2,123 sqft |
| 2019-02-01 | 93 days | 2,146 sqft |
| 2019-03-01 | 66 days | 2,169 sqft |
| 2019-04-01 | 66 days | 2,207 sqft |
| 2019-05-01 | 69 days | 2,221 sqft |
| 2019-06-01 | 71 days | 2,211 sqft |
| 2019-07-01 | 74 days | 2,216 sqft |
| 2019-08-01 | 78 days | 2,197 sqft |
| 2019-09-01 | 86 days | 2,176 sqft |
| 2019-10-01 | 84 days | 2,170 sqft |
| 2019-11-01 | 84 days | 2,140 sqft |
| 2019-12-01 | 88 days | 2,132 sqft |
| 2020-01-01 | 94 days | 2,129 sqft |
| 2020-02-01 | 88 days | 2,143 sqft |
| 2020-03-01 | 64 days | 2,168 sqft |
| 2020-04-01 | 68 days | 2,173 sqft |
| 2020-05-01 | 78 days | 2,226 sqft |
| 2020-06-01 | 83 days | 2,227 sqft |
| 2020-07-01 | 71 days | 2,220 sqft |
| 2020-08-01 | 65 days | 2,212 sqft |
| 2020-09-01 | 63 days | 2,190 sqft |
| 2020-10-01 | 62 days | 2,143 sqft |
| 2020-11-01 | 63 days | 2,092 sqft |
| 2020-12-01 | 71 days | 2,096 sqft |
| 2021-01-01 | 78 days | 2,108 sqft |
| 2021-02-01 | 65 days | 2,068 sqft |
| 2021-03-01 | 47 days | 2,100 sqft |
| 2021-04-01 | 44 days | 2,139 sqft |
| 2021-05-01 | 38 days | 2,163 sqft |
| 2021-06-01 | 30 days | 2,126 sqft |
| 2021-07-01 | 30 days | 2,150 sqft |
| 2021-08-01 | 35 days | 2,089 sqft |
| 2021-09-01 | 35 days | 2,081 sqft |
| 2021-10-01 | 42 days | 2,044 sqft |
| 2021-11-01 | 42 days | 2,037 sqft |
| 2021-12-01 | 49 days | 2,102 sqft |
| 2022-01-01 | 62 days | 2,146 sqft |
| 2022-02-01 | 29 days | 2,161 sqft |
| 2022-03-01 | 24 days | 2,165 sqft |
| 2022-04-01 | 21 days | 2,160 sqft |
| 2022-05-01 | 18 days | 2,201 sqft |
| 2022-06-01 | 22 days | 2,212 sqft |
Charleston's median square footage for active listings during the 2022-06-01 period was 2,212 sqft. One year prior, the average listing was 2,126 sqft.
