MARKET UPDATE - JANUARY 2024

U.S. existing-home sales slipped 1.0% month-over-month and were down 6.2% year-over-year as of last measure, while pending sales jumped 8.3% from the previous month, marking the largest gain since June 2020, according to the National Association of REALTORS® (NAR). Mortgage rates have dropped significantly from their peak last fall, and homebuyers are beginning to come out of the woodwork, with NAR forecasting a 13% increase in existing-home sales this year compared to 2023.

Despite tepid sales activity, the persistent shortage of housing supply has helped prop up home values nationwide, with the median existing-home price rising 4.4% year-over-year to $382,600, according to NAR. Total unsold inventory was at 1 million units heading into January, an 11.5% decline from the previous month, for a 3.2 months’ supply at the current sales pace. Nationally, listing activity has started to pick up, and with mortgage rates stabilizing and housing completions on the rise, inventory is expected to improve in the coming months.

Hilton Head & Bluffton Real Estate Market Update - January 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 February 2023 through January 2024, Pending Sales in the Hilton Head Association of REALTORS® region were down 7.5 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales rose 11.1 percent.

Market-wide, inventory levels rose 30.8 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale were up 74.8 percent. That amounts to 2.7 months of inventory for Single-Family Homes and 3.7 months of inventory for Condos.

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

Year to date in 2024, new listings of homes for sale on Hilton Head were up +66 percent overall. Closed home sales on Hilton Head were up 59.4 percent, and the median sales price increased +9.6% percent. Days on the market increased +47.3 percent from 85 days on the market to 125 days on the market. Compared to last January, inventory of homes for sale increased +48.7 percent to 171 homes for sale in January 2024.

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

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were up +19.3 percent overall. Closed condo/villas sales on Hilton Head were up +21.2 percent, and the median sales price increased by +1.1 percent. Days on the market decreased -7.7 percent from 101 days on the market to 93 days on the market. Compared to last January, inventory of condos for sale increased +83.2 percent with 295 villas for sale in January 2024.

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

Year to date in 2024, new listings of homes for sale on the Mainland were up +26.6 percent overall. Closed home sales on the Mainland were up +19.1 percent, and the median sales price increased by +6.5 percent. Days on the market increased +32.7 percent from 110 days on the market to 146 days on the market. Compared to last January, inventory of homes for sale rose +17.5 percent to 469 homes for sale in January 2024.

Beaufort Real Estate Market Update - January 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 +1.8 percent to 224. Pending Sales decreased -7.5 percent to 209. Inventory grew +36.3 percent to 616 units.

Prices moved higher as Median Sales Price was up +7.2 percent to $392,250. Days on Market decreased -9.5 percent to 95 days. Months Supply of Inventory was up +42.1 percent to 2.7 months, indicating that supply increased relative to demand.