MARKET UPDATE - OCTOBER 2024

U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.

There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3- month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.

Read the full report here.

Hilton Head & Bluffton Real Estate Market Update - October 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 November 2023 through October 2024, Pending Sales in the Hilton Head Association of REALTORS® region was down 1.7 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 was up 24.9 percent. The property type with the largest gain was the Single-Family Homes segment, where the number of properties for sale rose 30.8 percent. That amounts to 3.8 months of inventory for Single-Family Homes and 4.5 months of inventory for Condos.

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

Year to date in 2024, new listings of homes for sale on Hilton Head were up +1.3 percent overall. Month-over-month, closed home sales on Hilton Head were up +8.2 percent, and the median sales price increased +12.9%. Cumulative Days on Market Until Sale increased +13.5 percent from 100 days on the market to 114 days on the market. Compared to last October, inventory of homes for sale decreased -0.5 percent to 198 homes for sale in October 2024.

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

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were down -6.5 percent overall. Month-over-month, closed condo/villas sales on Hilton Head remained the same, and the median sales price decreased -1.1 percent. Cumulative Days on Market Until Sale increased +38.1 percent from 87 days on the market to 120 days on the market. Compared to last October, inventory of condos for sale increased +10.3 percent with 363 villas for sale in October 2024.

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

Year to date in 2024, new listings of homes for sale on the Mainland were up +4.5 percent overall. Month-over-month, closed home sales on the Mainland were down -11.2 percent, and the median sales price increased by +1.9 percent. Cumulative Days on Market Until Sale increased +7.4 percent from 121 days on the market to 130 days on the market. Compared to last October, inventory of homes for sale rose +43.5 percent to 712 homes for sale in October 2024.

Read the full Bluffton report here.

Beaufort Real Estate Market Update - September 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 +11.1 percent to 243. Pending Sales increased +11.4 percent to 195. Inventory grew +74.8 percent to 921 units.

Median Sales Price was up +6.4 percent to $422,500. Days on Market increased +4.4 percent to 119 days. Months Supply of Inventory was up +79.2 percent to 4.3 months.

Read the full Beaufort report here.