MARKET UPDATE - NOVEMBER 2024

U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.

The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing-home price of $407,200 as of last measure, a 4% increase from the same time last year.

Read the full report here.

Hilton Head & Bluffton Real Estate Market Update - November 2024

Below is the current state of the real estate market for the Hilton Head Association of REALTORS® service area, comparing year-to-date (YTD) figures from this year to the same period last year. Despite some challenges, there have been several encouraging trends that indicate resilience and opportunities in the market.

For the 12-month period spanning December 2023 through November 2024, Pending Sales in the Hilton Head Association of REALTORS® region fell 1.1 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales increased 23.1 percent.

Market-wide, inventory levels rose 25.7 percent. The property type with the largest gain was the Single-Family Homes segment, where the number of properties for sale rose 33.5 percent. That amounts to 3.8 months of inventory for Single-Family Homes and 4.4 months of inventory for Condos.

Hilton Head Island Homes- Real Estate Market Snapshot - November 2024

Year to date in 2024, new listings of homes for sale on Hilton Head were up +11.0 percent overall. Month-over-month, closed home sales on Hilton Head were down - 21.4% percent, and the median sales price decreased - 2.3%. Cumulative Days on Market Until Sale increased + 8.5% percent from 91 days on the market to 98 days on the market. Compared to last November, inventory of homes for sale increased + 10.0% percent to 209 homes for sale in November 2024.

Hilton Head Island Condos/Villas - Real Estate Market Snapshot - November 2024

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were down - 2.3% percent overall. Month-over-month, closed condo/villas sales on Hilton Head increased + 6.0% percent, and the median sales price decreased - 2.7% percent. Cumulative Days on Market Until Sale increased + 40.6% percent from 86 days on the market to 121 days on the market. Compared to last November, inventory of condos for sale increased + 8.2% percent with 355 villas for sale in November 2024.

Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - November 2024

Year to date in 2024, new listings of homes for sale on the Mainland were up + 14.5% percent overall. Month-over-month, closed home sales on the Mainland were up + 12.1% percent, and the median sales price increased by + 10.7% percent. Cumulative Days on Market Until Sale increased + 12.0% percent from 117 days on the market to 131 days on the market. Compared to last November, inventory of homes for sale rose + 43.5% percent to 703 homes for sale in November 2024.

Read the full Bluffton report here.

Beaufort Real Estate Market Update - November 2024

Amidst the ever-changing landscape, the Beaufort-Jasper County real estate market stands strong and vibrant. Here is an overview of the year-to-date figures, comparing this year's performance to the same period last year, and we're delighted to share that the market is displaying remarkable resiliency.

New Listings were up + 18.4% percent to 212. Pending Sales increased + 37.7% percent to 212. Inventory grew + 67.2% percent to 891 units.

Median Sales Price was up + 9.3% percent to $466,250. Days on Market increased + 28.1% percent to 114 days. Months Supply of Inventory was up + 64.0% percent to 4.1 months.

Read the full Beaufort report here.