Charter One Realty Blog

A Look at the Key Real Estate Metrics for the Beaufort Real Estate Market from November 2023

The real estate market in the Beaufort-Jasper County region showed signs of moderation over the past 12 months, ending in November 2023. While home prices continued rising on a year-over-year basis, the rate of appreciation slowed down. Meanwhile, sales activity and housing inventory moved in directions favoring buyers.

Key Metrics - Year-Over-Year Comparison:

• New Listings: The number of new listings coming onto the market decreased 5.2% compared to the previous year. In raw numbers, new listings fell from 4,322 to 4,100. This dip in fresh inventory contributed to the decline in closed sales.
• Pending Sales: Pending home sales in the region decreased 4.0% year-over-year, from 2,698 to 2,589. This decline in pending sales typically foreshadows more moderate closed sales activity in upcoming months.
• Closed Sales: Closed sales moved in tandem with pending activity, decreasing 5.2% over the past year, from 2,707 to 2,567 closed transactions.
• Days on Market: The average time residential properties stayed on the market increased substantially, rising 27.6% from 76 to 97 days on market on average. Homes took longer to sell compared to last year in the region.
• Median Sales Price: Despite slower sales activity, home prices continued appreciating in Beaufort-Jasper County. The median sales price rose 9.0% year-over-year to $399,000. Appreciation did moderate compared to previous years.
• Inventory: Active residential listing inventory as of November 2023 rose by 21.8% compared to the previous year. Inventory now represents a 2.7 months supply, moving toward a more neutral or buyer-friendly market environment.

In summary, signs point to a real estate market shifting into more balanced territory in Beaufort-Jasper County, with moderating home price appreciation despite rising interest rates. Home buyers have started regaining leverage thanks to slowing sales, rising inventory levels, and less competition. Going into 2024, expect home price and sales trends to stabilize sustainably for the area.