MARKET UPDATE - MARCH 2024

U.S. existing-home sales improved for the second month in a row, jumping 9.5% to a seasonally adjusted annual rate of 4.38 million units, exceeding economists’ expectations and marking the largest monthly gain in a year, according to the National Association of REALTORS®(NAR). The rebound in home sales comes amid fluctuating mortgage rates and elevated sales prices, indicating there is plenty of buyer demand heading into the spring selling season.

The recent surge in home sales was likely due to a dip in mortgage rates in December and an increase in housing supply nationwide. According to NAR, total inventory grew 5.9% month-over-month and 10.3% year-over-year to 1.07 million units, for a 2.9 months’ supply at the current sales pace. Buyer demand remains robust, and the limited supply of inventory helped push the median existing-home sales price up 5.7% year-over-year to $384,500, the eighth consecutive month of annual price increases.

Read the full report here.

Hilton Head & Bluffton Real Estate Market Update - March 2024

Below is the current state of the real estate market for the Hilton Head Association of REALTORS® service area, comparing year-to-date (YTD) figures from this year to the same period last year. Despite some challenges, there have been several encouraging trends that indicate resilience and opportunities in the market.

For the 12-month period spanning April 2023 through March 2024, Pending Sales in the Hilton Head Association of REALTORS® region softened 4.5 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales increased 17.8 percent.

Market-wide, inventory levels rose 44.6 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale went up 73.9 percent. That amounts to 3.1 months of inventory for Single-Family Homes and 3.9 months of inventory for Condos.

Hilton Head Island Homes- Real Estate Market Snapshot - March 2024

Year to date in 2024, new listings of homes for sale on Hilton Head were up +31.1 percent overall. Closed home sales on Hilton Head were up +35.8 percent, and the median sales price increased +7.5% percent. Cumulative Days on Market Until Sale increased +11.2 percent from 51 days on the market to 57 days on the market. Compared to last March, inventory of homes for sale increased +55.7 percent to 190 homes for sale in March 2024.

Hilton Head Island Condos/Villas - Real Estate Market Snapshot - March 2024

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were up +6.0 percent overall. Closed condo/villas sales on Hilton Head decreased -0.4 percent, and the median sales price increased by +9.5 percent. Cumulative Days on Market Until Sale increased +22.3 percent from 58 days on the market to 71 days on the market. Compared to last March, inventory of condos for sale increased +68.6 percent with 295 villas for sale in March 2024.

Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - March 2024

Year to date in 2024, new listings of homes for sale on the Mainland were up +22.1 percent overall. Closed home sales on the Mainland were up +38.2 percent, and the median sales price increased by +1.5 percent. Cumulative Days on Market Until Sale increased +48.8 percent from 43 days on the market to 64 days on the market. Compared to last March, inventory of homes for sale rose +33.4 percent to 563 homes for sale in March 2024.

Beaufort Real Estate Market Update - March 2024

Amidst the ever-changing landscape, the Beaufort-Jasper County real estate market stands strong and vibrant. Here is an overview of the year-to-date figures, comparing this year's performance to the same period last year, and we're delighted to share that the market is displaying remarkable resiliency.

New Listings were up +21.6 percent to 883. Pending Sales increased +5.1 percent to 757. Inventory grew +53.7 percent to 678 units.

Prices moved higher as Median Sales Price was up +3.9 percent to $400,000. Days on Market increased +1.0 percent to 99 days. Months Supply of Inventory was up +52.6 percent to 2.9 months, indicating that supply increased relative to demand.