MARKET UPDATE - November 2022
Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.
Hilton Head & Mainland Real Estate Market Update - November 2022
For the 12-month period spanning December 2021 through November 2022, pending sales in the Hilton Head region were down -23.3 percent overall. Market-wide, inventory levels were up +76.6 percent, amounting to 2.1 months supply for single-family homes and 2 months supply for condos.
Hilton Head Island Homes - Real Estate Market Snapshot - November 2022
Year to date in 2022, new listings of homes for sale on Hilton Head were down -16.7 percent overall. Closed home sales on Hilton Head were down -33.7 percent and the median sales price increased +17.3 percent. Inventory levels of homes for sale were up +60.5 percent compared to November 2021.
Hilton Head Island Condos/Villas - Real Estate Market Snapshot - November 2022
Year to date in 2022, new listings of condos/villas for sale on Hilton Head were down -19.8 percent overall. Closed condo/villas sales on Hilton Head were down -22.6 percent, and the median sales price increased by +22.9 percent. Inventory levels of condos/villas for sale were up +55.2 percent compared to November 2021.
Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - November 2022
Year to date in 2022, new listings of homes for sale on the Mainland were down -6.1 percent overall. Closed home sales on the Mainland were down -22.6 percent and the median sales price increased by +24.0 percent. Inventory levels of homes for sale were up +118.8 percent compared to November 2021.
Beaufort Area Real Estate Market Update - November 2022
For the 12-month period spanning December 2021 through November 2022, Pending Sales in the Beaufort region were down -13.1 percent overall. Market-wide, inventory levels were up +96.3 percent, amounting to 2.1 months supply for single-family homes and 2.2 months supply for condos.
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