The U.S. housing market remains robust, with strong activity reported across both rental and residential housing fronts. Single-family rent prices are increasing rapidly, as demand for single-family housing and inventory constraints forces some buyers to rent, increasing competition and pushing rents up across the nation. Meanwhile, sales of new construction single-family homes recently hit a six-month high, rising 14% to a seasonally adjusted rate of 800,000, according to the latest data from the U.S. Department of Housing and Urban Development.
As temperatures drop, existing home sales continue to be plentiful, buoyed by strong demand, low interest rates, and a slight uptick in new listings in recent months, according to the National Association of REALTORS®. With interest rates inching upward, and experts expecting further rate increases on the horizon, motivated buyers are hoping to lock in their home purchases to take advantage of what are still historically low rates.
Hilton Head & Mainland Real Estate Market Update - October 2021
For the 12- month period spanning November 2020 through October 2021, pending sales in the Hilton Head region were up 10.9 percent overall. Market-wide, inventory levels were down 48.4 percent. The property type that lost the least inventory was the condo segment, where it decreased 31.1 percent. That amounts to 1 months supply for single-family homes and 1.1 months supply for condos.
Hilton Head Island Homes - Real Estate Market Snapshot - October 2021
Year to date in 2021, new listings of homes for sale on Hilton Head were down -2.5% percent overall. Closed home sales on Hilton Head were up +28.7 percent and the median sales price increased +14.3 percent. Inventory levels of homes for sale were down -60.7 percent compared to October 2020.
Hilton Head Island Condos/Villas - Real Estate Market Snapshot - October 2021
Year to date in 2021, new listings of condos/villas for sale on Hilton Head were up +2.2 percent overall. Closed condo/villas sales on Hilton Head were up +19.6 percent and the median sales price increased by +22.2 percent. Inventory levels of condos/villas for sale were down -56.1 percent compared to October 2020.
Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - October 2021
Year to date in 2021, new listings of homes for sale on the Mainland were down -2.0 percent overall. Closed home sales on the Mainland were up +17.7 percent and the median sales price increased by +15.1 percent. Inventory levels of homes for sale were down -58.4 percent compared to October 2020.
Beaufort Area Real Estate Market Update - October 2021
For the 12- month period spanning November 2020 through October 2021, pending sales in the Beaufort region were up 12.3 percent overall. The price range with the largest gain in sales was the $300,001 and above range, where they increased 50.4 percent. Market-wide, inventory levels were down 50.6 percent. The property type that lost the least inventory was the single-family segment, where it decreased 48.2 percent. That amounts to 1.1 months supply for single-family homes and 0.9 months supply for condos.
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