Charter One Realty Blog

The U.S. housing market has continued to cool, as rising mortgage rates and record high sales prices have stifled affordability, weakening demand and pricing out many buyers. Nationally, median household income has failed to keep pace with increasing mortgage payments, with the costs of buying a home about 80% more expensive now than they were just three summers ago, according to the National Association of REALTORS® (NAR). As more and more prospective buyers find their home purchase plans delayed, many are turning to the rental market, where competition has intensified due to increased demand.

Hilton Head & Mainland Real Estate Market Update - July 2022

For the 12-month period spanning August 2021 through July 2022, pending sales in the Hilton Head region were down -22.4 percent overall. Market-wide, inventory levels were up +30.6 percent, amounting to 1.8 months supply for single-family homes and 1.9 months supply for condos.

View the full report here. 

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

Year to date in 2022, new listings of homes for sale on Hilton Head were down -13.2 percent overall. Closed home sales on Hilton Head were down -33.1 percent and the median sales price increased +16.1 percent. Inventory levels of homes for sale were up +36.6 percent compared to July 2021. 

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

Year to date in 2022, new listings of condos/villas for sale on Hilton Head were down -13.2 percent overall. Closed condo/villas sales on Hilton Head were down -19.6 percent, and the median sales price increased by +31.3 percent. Inventory levels of condos/villas for sale were up +31.3 percent compared to July 2021. 

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

Year to date in 2022, new listings of homes for sale on the Mainland were down -3.8 percent overall. Closed home sales on the Mainland were down -25.4 percent and the median sales price increased by +27.4 percent. Inventory levels of homes for sale were up +32.2 percent compared to July 2021. 

Beaufort Area Real Estate Market Update - July 2022

For the 12-month period spanning August 2021 through July 2022, Pending Sales in the Beaufort region were down -13.3 percent overall. Market-wide, inventory levels were up +51.0 percent, amounting to 1.7 months supply for single-family homes and 2.0 months supply for condos.

Read the full report here.