Lowcountry Real Estate Market Report - October 2020

Posted by Paige Rose on Friday, November 20th, 2020 at 1:39pm

Hilton Head Area Real Estate Market Report

Housing Supply Outlook - October 2020

Interest rates set new record lows again in October, and are helping to maintain buyer purchasing power in the face of rising home prices driven by multiple offers across many segments of the market. While seller activity in some segments has improved, available inventory remains tight in many areas. For the 12-month period spanning November 2019 through October 2020, Pending Sales in the Hilton Head region were up 24.2 percent overall. The price range with the largest gain in sales was the $650,001 and above range, where they increased 81.6 percent.

The overall Median Sales Price was up 9.7 percent to $356,500. The property type with the largest price gain was the Condos / Villas segment, where prices increased 12.2 percent to $262,000. The price range that tended to sell the quickest was the $100,001 to $225,000 range at 107 days; the price range that tended to sell the slowest was the $650,001 and Above range at 192 days.

Market-wide, inventory levels were down 41.9 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 41.5 percent. That amounts to 2.4 months supply for Single-Family homes and 2.0 months supply for Condos. Read the full report here.

 

Beaufort Area Real Estate Market Report

Housing Supply Outlook - October 2020

The overall Median Sales Price was up 7.3 percent to $257,500. The property type with the largest price gain was the Single-Family Homes segment, where prices increased 8.0 percent to $274,000. The price range that tended to sell the quickest was the $100,000 and Below range at 53 days; the price range that tended to sell the slowest was the $300,001 and Above range at 129 days.

Market-wide, inventory levels were down 34.3 percent. The property type that lost the least inventory was the Condos segment, where it decreased 18.3 percent. That amounts to 2.3 months supply for Single-Family homes and 3.2 months supply for Condos. Read the full report here. 

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