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While student enrollment continues to increase, other metrics may indicate that some charter school markets are reaching saturation. The purpose of this study was to explore market share at the state, district, and county level in defining a charter school market. Using trend analysis, we analyze charter school markets that appear to have reached saturation. Mean enrollment at the state level continues to rise, while market share decreases. Regression analysis indicated predictors were market specific of market share and student enrollment. An exploratory time-series path analysis identified current enrollment was identified. From this analysis, we suggest that an upper limit to market share may exist in current conditions. Other factors that may contribute may still need to be examined.