MARKET UPDATE - January 2023

The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.

As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.

Hilton Head & Mainland Real Estate Market Update - January 2023

For the 12-month period spanning February 2022 through January 2023, pending sales in the Hilton Head region were down -23.7 percent overall. Market-wide, inventory levels were up +122.6 percent, amounting to 2.1 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 - January 2023

Year to date in 2023, new listings of homes for sale on Hilton Head were down -35.9 percent overall. Closed home sales on Hilton Head were down -50.0 percent and the median sales price decreased -1.9% percent. Inventory levels of homes for sale were up +57.0 percent compared to January 2022. 

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

Year to date in 2023, new listings of condos/villas for sale on Hilton Head were down -17.2 percent overall. Closed condo/villas sales on Hilton Head were down -57.9 percent, and the median sales price increased by +30.1 percent. Inventory levels of condos/villas for sale were up +135.4 percent compared to January 2022. 

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

Year to date in 2023, new listings of homes for sale on the Mainland were down -1.2 percent overall. Closed home sales on the Mainland were down -45.1 percent and the median sales price increased by +18.3 percent. Inventory levels of homes for sale were up +196.0 percent compared to January 2022. 

Beaufort Area Real Estate Market Update - January 2023

For the 12-month period spanning February 2022 through January 2023, pending Sales in the Beaufort region were down -12.5 percent overall. Market-wide, inventory levels were up +87.8 percent, amounting to 2.0 months supply for single-family homes and 1.9 months supply for condos.

Read the full report here.