Lowcountry Real Estate Market Report - September 2020

Posted by Paige Rose on Monday, October 19th, 2020 at 9:16am

Hilton Head Area Real Estate Market Report

Housing Supply Outlook - September 2020

According to the September Housing Supply Overview from the Hilton Head Area Association of Realtors, for the 12- month period spanning October 2019 through September 2020, pending sales in the Hilton Head region were up 18.7 percent overall. Market-wide, inventory levels were down 33.8 percent, amounting to 2.8 months supply for single-family homes and 2.3 months supply for condos.

Regarding the luxury real estate market, the pandemic's effect on this segment of the market has been contrary to all initial predictions of an impending global recession. The last 6 months have seen a resurgence in buying luxury properties, especially if they offer established indoor and outdoor spaces, home offices, and private wellness amenities such as gyms, swimming pools, and recreation rooms. With more than 400 $1M plus closed properties year-to-date, the sales of $1M plus properties in the Hilton Head region are up 83.1% over the same period last year.  Read the full report here.

 

Beaufort Area Real Estate Market Report

Housing Supply Outlook - September 2020

For the 12-month period spanning October 2019 through September 2020, pending sales in the Beaufort region were up 21.7 percent overall. The price range with the largest gain in sales was the $300,001 and above range, where they increased 42.8 percent.

The overall median sales price was up 6.8 percent to $255,000. The property type with the largest price gain was the single-family segment, where prices increased 8.0 percent to $270,000. The price range that tended to sell the quickest was the $100,000 and below range at 52 days; the price range that tended to sell the slowest was the $300,001 and above range at 132 days.

Market-wide, inventory levels were down 31.7 percent. The property type that lost the least inventory was the condos segment, where it decreased 16.0 percent. That amounts to 2.6 months supply for single-family homes and 3.9 months supply for condos. Read the full report here. 

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