MARKET UPDATE - FEBRUARY 2024

U.S. existing-home sales grew 3.1% month-over-month to a seasonally adjusted annual rate of 4.00 million, exceeding economists’ expectations and marking the strongest sales pace since August 2023, according to the National Association of REALTORS® (NAR). Falling interest rates late last year, coupled with a recent uptick in inventory, helped existing-home sales to climb following last month’s decline, with monthly gains reported in the Midwest, South, and West regions.

Total inventory heading into February stood at 1.01 million units, a 2% increase from the previous month and a 3.1% increase from the same time last year, for a 3 months’ supply at the current sales pace, according to NAR. Although buyers may find additional options in their home search, inventory remains below the 5-6 months’ supply of a balanced market, and demand is exceeding supply. As a result, existing-home sales prices have continued to rise, climbing 5.1% year-over-year to $379,100.

Read the full report here.

Hilton Head & Bluffton Real Estate Market Update - February 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 March 2023 through February 2024, Pending Sales in the Hilton Head Association of REALTORS® region softened 6.0 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales increased 13.1 percent.

Market-wide, inventory levels went up 41.7 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale improved 94.5 percent. That amounts to 2.9 months of inventory for Single-Family Homes and 3.6 months of inventory for Condos.

Hilton Head Island Homes- Real Estate Market Snapshot - February 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 +63.1 percent, and the median sales price increased +12.5% percent. Days on the market increased +20.3 percent from 101 days on the market to 121 days on the market. Compared to last February, inventory of homes for sale increased +65.4 percent to 177 homes for sale in February 2024.

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

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were up +16.4 percent overall. Closed condo/villas sales on Hilton Head remained the same, and the median sales price increased by +9.3 percent. Days on the market increased +0.1 percent from 96 days on the market to 97 days on the market. Compared to last February, inventory of condos for sale increased +99.3 percent with 285 villas for sale in February 2024.

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

Year to date in 2024, new listings of homes for sale on the Mainland were up +39.7 percent overall. Closed home sales on the Mainland were up +41.7 percent, and the median sales price increased by +3.5 percent. Days on the market increased +28.3 percent from 113 days on the market to 145 days on the market. Compared to last February, inventory of homes for sale rose +31.6 percent to 520 homes for sale in February 2024.

Beaufort Real Estate Market Update - February 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 +14.0 percent to 544. Pending Sales decreased -2.8 percent to 456. Inventory grew +44.4 percent to 6660 units.

Prices moved higher as Median Sales Price was up +5.6 percent to $404,128. Days on Market decreased -1.0 percent to 97 days. Months Supply of Inventory was up +45.0 percent to 2.9 months, indicating that supply increased relative to demand.