MARKET UPDATE - February 2023

With buyer demand down from peak levels, home price growth has continued to slow nationwide, although prices remain up from a year ago. Sellers have been increasingly cutting prices and offering sales incentives in an attempt to attract buyers, who have continued to struggle with affordability challenges this winter. The slight decline in mortgage rates earlier this year convinced some buyers to come off the sidelines, but with rates ticking up again in recent weeks, buyers are once again pulling back, causing sales activity to remain down heading into spring.

Hilton Head & Mainland Real Estate Market Update - February  2023

For the 12-month period spanning March 2022 through February 2023, Pending Sales in the Hilton Head region were down 22.5 percent overall. The price range with the smallest decline in sales was the $375,001 to $650,000 range, where they decreased 2.4 percent.

View the full report here. 

Hilton Head Island Homes - Real Estate Market Snapshot - February 2023

Year to date in 2023, new listings of homes for sale on Hilton Head were down -30.4 percent overall. Closed home sales on Hilton Head were down -44.6 percent and the median sales price increased +13.2% percent. Inventory levels of homes for sale were up +15.8 percent compared to February 2022. 

Hilton Head Island Condos/Villas - Real Estate Market Snapshot - February 2023

Year to date in 2023, new listings of condos/villas for sale on Hilton Head were down -15.8 percent overall. Closed condo/villas sales on Hilton Head were down -45.1 percent, and the median sales price increased by +17.3 percent. Inventory levels of condos/villas for sale were up +133.3 percent compared to February 2022. 

Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - February 2023

Year to date in 2023, new listings of homes for sale on the Mainland were down -18.6 percent overall. Closed home sales on the Mainland were down -39.4 percent and the median sales price increased by +12.9 percent. Inventory levels of homes for sale were up +150.0 percent compared to February 2022. 

Beaufort Area Real Estate Market Update - February 2023

For the 12-month period spanning March 2022 through February 2023, Pending Sales in the Beaufort region were down 12.1 percent overall. The price range with the largest gain in sales was the $300,001 and Above range, where they increased 8.2 percent.

Read the full report here.