Market Update - August 2022

Summer 2022 has been a season of change for the U.S. real estate market. With housing affordability at a 33-year low, existing-home sales have continued to soften nationwide, falling 5.9% month-to-month and 20.9% year-over-year as of last measure, according to the National Association of REALTORS® (NAR). Pending home sales have also continued to decline, while new listings have steadily increased, with unsold inventory reaching 3.3 months’ supply at the start of August. The pullback in demand has been particularly hard on homebuilders, causing new home sales and construction to slow.

Inflation, higher interest rates, and fears of a potential recession have taken a toll on buyers and sellers this summer, leading many people to stay on the sidelines to see what will happen with the market. But some experts, including NAR Chief Economist Lawrence Yun, believe the worst of inflation may be over. Although sales prices remain up from this time last year, price growth is expected to moderate in the months ahead as the market continues to shift in a more buyer-friendly direction.

Hilton Head & Mainland Real Estate Market Update - August 2022

For the 12-month period spanning September 2021 through August 2022, pending sales in the Hilton Head region were down -21.7 percent overall. Market-wide, inventory levels were up +20.6 percent, amounting to 1.8 months supply for single-family homes and 1.8 months supply for condos.

View the full report here. 

Hilton Head Island Homes - Real Estate Market Snapshot - August 2022

Year to date in 2022, new listings of homes for sale on Hilton Head were down -14.9 percent overall. Closed home sales on Hilton Head were down -33.2 percent and the median sales price increased +16.3 percent. Inventory levels of homes for sale were up +33.3 percent compared to August 2021. 

Hilton Head Island Condos/Villas - Real Estate Market Snapshot - August 2022

Year to date in 2022, new listings of condos/villas for sale on Hilton Head were down -17.0 percent overall. Closed condo/villas sales on Hilton Head were down -21.1 percent, and the median sales price increased by +26.1 percent. Inventory levels of condos/villas for sale were up +2.5 percent compared to August 2021. 

Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - August 2022

Year to date in 2022, new listings of homes for sale on the Mainland were down -6.9 percent overall. Closed home sales on the Mainland were down -22.4 percent and the median sales price increased by +26.1 percent. Inventory levels of homes for sale were up +19.7 percent compared to August 2021. 

Beaufort Area Real Estate Market Update - August 2022

For the 12-month period spanning September 2021 through August 2022, Pending Sales in the Beaufort region were down -13.2 percent overall. Market-wide, inventory levels were up +59.7 percent, amounting to 1.8 months supply for single-family homes and 2.0 months supply for condos.

Read the full report here.