MARKET UPDATE - SEPTEMBER 2024

U.S. existing-home sales slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.

Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.

Read the full report here.

Hilton Head & Bluffton Real Estate Market Update - September 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 October 2023 through September 2024, Pending Sales in the Hilton Head Association of REALTORS® region softened 3.5 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales were up 19.3 percent.

Market-wide, inventory levels increased 33.7 percent. The property type with the largest gain was the Single-Family Homes segment, where the
number of properties for sale were up 39.3 percent. That amounts to 3.7 months of inventory for Single-Family Homes and 4.5 months of inventory for Condos.

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

Year to date in 2024, new listings of homes for sale on Hilton Head were up +11.3 percent overall. Month-over-month, closed home sales on Hilton Head were up +5.0 percent, and the median sales price increased +1.1%. Cumulative Days on Market Until Sale increased +50.5 percent from 80 days on the market to 120 days on the market. Compared to last September, inventory of homes for sale increased +5.9 percent to 198 homes for sale in September 2024.

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

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were down -1.9 percent overall. Month-over-month, closed condo/villas sales on Hilton Head decreased -26.0 percent, and the median sales price decreased -1.4 percent. Cumulative Days on Market Until Sale increased +40.6 percent from 84 days on the market to 118 days on the market. Compared to last September, inventory of condos for sale increased +21.7 percent with 364 villas for sale in September 2024.

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

Year to date in 2024, new listings of homes for sale on the Mainland were up +18.2 percent overall. Month-over-month, closed home sales on the Mainland were down -14.9 percent, and the median sales price decreased by -1.7 percent. Cumulative Days on Market Until Sale increased +7.1 percent from 127 days on the market to 136 days on the market. Compared to last September, inventory of homes for sale rose +51.4 percent to 660 homes for sale in September 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 +1.3 percent to 228. Pending Sales decreased -4.1 percent to 185. Inventory grew +85.8 percent to 862 units.

Median Sales Price was up +1.6 percent to $410,608. Days on Market increased +21.4 percent to 119 days. Months Supply of Inventory was up +95.2 percent to 4.5 months.

Read the full Beaufort report here.