Millennials are entering the housing market at a record pace, fueling demand and driving sales prices higher amid an epic housing shortage. Currently, millennials represent 22% of the U.S. population but make up 43% of the current market share, according to a survey by the National Association of REALTORS®. With nearly a quarter of the population approaching their peak earning years over the next two decades, this new generation of homebuyers are expected to have a big impact on the economy—and on the housing market—in the years to come.
Hilton Head & Mainland Real Estate Market Update - March 2022
For the 12-month period spanning April 2021 through March 2022, pending sales in the Hilton Head region were down -17.4 percent overall. Market-wide, inventory levels were down -25.6 percent, amounting to 1.0 months supply for single-family homes and 0.6 months supply for condos.
Hilton Head Island Homes - Real Estate Market Snapshot - March 2022
Year to date in 2022, new listings of homes for sale on Hilton Head were down -22.8 percent overall. Closed home sales on Hilton Head were down -37.3 percent and the median sales price increased +6.5 percent. Inventory levels of homes for sale were down -35.9 percent compared to March 2021.
Hilton Head Island Condos/Villas - Real Estate Market Snapshot - March 2022
Year to date in 2022, new listings of condos/villas for sale on Hilton Head were down -22.9 percent overall. Closed condo/villas sales on Hilton Head were down -6.6 percent and the median sales price increased by +39.9 percent. Inventory levels of condos/villas for sale were down -42.6 percent compared to March 2021.
Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - March 2022
Year to date in 2022, new listings of homes for sale on the Mainland were down -8.8 percent overall. Closed home sales on the Mainland were down -26.3 percent and the median sales price increased by +31.9 percent. Inventory levels of homes for sale were down -25.8 percent compared to March 2021.
Beaufort Area Real Estate Market Update - March 2022
For the 12-month period spanning April 2021 through March 2022, pending sales in the Beaufort region were down -10.8 percent overall. Market-wide, inventory levels were down -23.1 percent, amounting to 0.7 months supply for single-family homes and 0.8 months supply for condos.
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