MARKET UPDATE - JUNE 2024

U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.

Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.

Read the full report here.

Hilton Head & Bluffton Real Estate Market Update - June 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 July 2023 through June 2024, Pending Sales in the Hilton Head Association of REALTORS® region softened 1.0 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales were up 19.8 percent.

Market-wide, inventory levels improved 41.4 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale improved 50.5 percent. That amounts to 3.3 months of inventory for Single-Family Homes and 4.1 months of inventory for Condos.

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

Year to date in 2024, new listings of homes for sale on Hilton Head were up +3.6 percent overall. Closed home sales on Hilton Head were up +15.5 percent, and the median sales price increased +2.1 percent. Cumulative Days on Market Until Sale increased +49.3 percent from 38 days on the market to 56 days on the market. Compared to last June, inventory of homes for sale increased +28.1 percent to 205 homes for sale in June 2024.

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

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were down -20.5 percent overall. Closed condo/villas sales on Hilton Head decreased -13.0 percent, and the median sales price decreased -8.6 percent. Cumulative Days on Market Until Sale increased +29.6 percent from 43 days on the market to 56 days on the market. Compared to last June, inventory of condos for sale increased +42.0 percent with 328 villas for sale in June 2024.

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

Year to date in 2024, new listings of homes for sale on the Mainland were down -10.4 percent overall. Closed home sales on the Mainland were down -1.3 percent, and the median sales price increased by +3.3 percent. Cumulative Days on Market Until Sale increased +2.0 percent from 50 days on the market to 51 days on the market. Compared to last June, inventory of homes for sale rose +52.8 percent to 619 homes for sale in June 2024.

Read the full Bluffton report here.

Beaufort Real Estate Market Update - June 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 down -8.9 percent to 226. Pending Sales decreased -4.8 percent to 219. Inventory grew +72.3 percent to 703 units.

Median Sales Price was up +3.4 percent to $439,990. Days on Market increased +1.0 percent to 105 days. Months Supply of Inventory was up +68.4 percent to 3.2 months.

Read the full Beaufort report here.