MARKET UPDATE - October 2022

Existing home sales declined nationwide for the eighth consecutive month, falling 1.5% as of last measure, according to the National Association of REALTORS® (NAR), with sales down nearly 24% from the same period last year. Pending home sales also declined, dropping 10.9% month-to-month, exceeding economists’ expectations. Stubbornly high inflation and soaring borrowing costs have eroded buyer purchasing power and have caused the market to cool rapidly this year.

The US housing market is undergoing a major shift, and affordability continues to be an obstacle for buyers and sellers. Mortgage rates have doubled since March, and home prices remain elevated due to a limited supply of homes, although price gains are slowing at a quickening pace. As a result, many homeowners are waiting until market conditions improve to sell their home, while other sellers are increasingly cutting prices and offering concessions to attract a greater number of buyers.

Hilton Head & Mainland Real Estate Market Update - October 2022

For the 12-month period spanning November 2021 through October 2022, pending sales in the Hilton Head region were down -22.1 percent overall. Market-wide, inventory levels were up +43.7 percent, amounting to 2 months supply for single-family homes and 2 months supply for condos.

View the full report here. 

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

Year to date in 2022, new listings of homes for sale on Hilton Head were down -18.2 percent overall. Closed home sales on Hilton Head were down -33.2 percent and the median sales price increased +17.6 percent. Inventory levels of homes for sale were up +35.8 percent compared to October 2021. 

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

Year to date in 2022, new listings of condos/villas for sale on Hilton Head were down -18.2 percent overall. Closed condo/villas sales on Hilton Head were down -19.9 percent, and the median sales price increased by +22.9 percent. Inventory levels of condos/villas for sale were up +31.4 percent compared to October 2021. 

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

Year to date in 2022, new listings of homes for sale on the Mainland were down -6.8 percent overall. Closed home sales on the Mainland were down -21.7 percent and the median sales price increased by +24.7 percent. Inventory levels of homes for sale were up +66.7 percent compared to October 2021. 

Beaufort Area Real Estate Market Update - October 2022

For the 12-month period spanning November 2021 through October 2022, Pending Sales in the Beaufort region were down -12.7 percent overall. Market-wide, inventory levels were up +60.6 percent, amounting to 2.0 months supply for single-family homes and 2.1 months supply for condos.

Read the full report here.