MARKET UPDATE - APRIL 2024

U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

Warmer temperatures appear to have helped bring some sellers back to the market, providing additional options to home shoppers during the spring buying season. Total inventory was up 4.7% month-over-month and 14.4% year-over-year, for a 3.2 months’ supply at the current sales pace, according to NAR. Nevertheless, demand continues to outpace supply and properties are selling quickly, with the typical home spending 33 days on market nationwide, down from 38 days the month before.

Read the full report here.

Hilton Head & Bluffton Real Estate Market Update - April 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 May 2023 through April 2024, Pending Sales in the Hilton Head Association of REALTORS® region fell 2.4 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales went up 21.0 percent.

Market-wide, inventory levels rose 62.2 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale increased 101.7 percent. That amounts to 3.3 months of inventory for Single-Family Homes and 4.3 months of inventory for Condos.

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

Year to date in 2024, new listings of homes for sale on Hilton Head were up +41.1 percent overall. Closed home sales on Hilton Head were up +51.9 percent, and the median sales price decreased -8.4% percent. Cumulative Days on Market Until Sale increased +84.6 percent from 31 days on the market to 57 days on the market. Compared to last April, inventory of homes for sale increased +63.1 percent to 199 homes for sale in April 2024.

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

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were up +63.0 percent overall. Closed condo/villas sales on Hilton Head increased +14.0 percent, and the median sales price decreased by -1.5 percent. Cumulative Days on Market Until Sale increased +30.7 percent from 47 days on the market to 62 days on the market. Compared to last April, inventory of condos for sale increased +96.1 percent with 353 villas for sale in April 2024.

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

Year to date in 2024, new listings of homes for sale on the Mainland were up +56.1 percent overall. Closed home sales on the Mainland were up +10.9 percent, and the median sales price decreased by -3.2 percent. Cumulative Days on Market Until Sale increased +12.8 percent from 47 days on the market to 53 days on the market. Compared to last April, inventory of homes for sale rose +52.3 percent to 609 homes for sale in April 2024.

Beaufort Real Estate Market Update - April 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 +30.4 percent to 352. Pending Sales increased +7.6 percent to 296. Inventory grew +71.7 percent to 728 units.

Prices moved higher as Median Sales Price was up +5.8 percent to $445,000. Days on Market decreased -3.9 percent to 99 days. Months Supply of Inventory was up +63.2 percent to 3.1 months, indicating that supply increased relative to demand.