MARKET UPDATE - AUGUST 2024

U.S. existing-home sales increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.

Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.

Read the full report here.

Hilton Head & Bluffton Real Estate Market Update - August 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 September 2023 through August 2024, Pending Sales in the Hilton Head Association of REALTORS® region dropped 3.5 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales improved 17.6 percent.

Market-wide, inventory levels were up 34.6 percent. The property type with the largest gain was the Single-Family Homes segment, where the number of properties for sale increased 40.0 percent. That amounts to 3.6 months of inventory for Single-Family Homes and 4.3 months of inventory for Condos.

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

Year to date in 2024, new listings of homes for sale on Hilton Head were up +13.1 percent overall. Closed home sales on Hilton Head were up +20.9 percent, and the median sales price decreased -1.8%. Cumulative Days on Market Until Sale increased +9.3 percent from 89 days on the market to 97 days on the market. Compared to last August, inventory of homes for sale increased +9.8 percent to 191 homes for sale in August 2024.

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

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were down -0.4 percent overall. Closed condo/villas sales on Hilton Head decreased -6.2 percent, and the median sales price increased +0.1 percent. Cumulative Days on Market Until Sale increased +1.2 percent from 104 days on the market to 105 days on the market. Compared to last August, inventory of condos for sale increased +26.0 percent with 364 villas for sale in August 2024.

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

Year to date in 2024, new listings of homes for sale on the Mainland were up +19.8 percent overall. Closed home sales on the Mainland were up +12.8 percent, and the median sales price increased by +1.2 percent. Cumulative Days on Market Until Sale increased +8.5 percent from 117 days on the market to 127 days on the market. Compared to last August, inventory of homes for sale rose +56.0 percent to 627 homes for sale in August 2024.

Read the full Bluffton report here.

Beaufort Real Estate Market Update - July 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 -3.9 percent to 246. Pending Sales decreased -2.3 percent to 216. Inventory grew +68.5 percent to 138 units.

Prices moved higher as Median Sales Price was up +10.0 percent to $445,000. Days on Market increased +7.4 percent to 102 days. Months Supply of Inventory was up +70.0 percent to 3.4 months, indicating that supply increased relative to demand.

Read the full Beaufort report here.