MARKET UPDATE - JULY 2024

U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.

Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.

Read the full report here.

Hilton Head & Bluffton Real Estate Market Update - July 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 August 2023 through July 2024, Pending Sales in the Hilton Head Association of REALTORS® region dropped 2.7 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales were up 16.7 percent.

Market-wide, inventory levels improved 41.1 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale went up 45.4 percent. That amounts to 3.3 months of inventory for Single-Family Homes and 4.4 months of inventory for Condos.

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

Year to date in 2024, new listings of homes for sale on Hilton Head were up +16.9 percent overall. Closed home sales on Hilton Head were down -1.5 percent, and the median sales price remained the same. Cumulative Days on Market Until Sale increased +18.2 percent from 29 days on the market to 35 days on the market. Compared to last July, inventory of homes for sale increased +26.3 percent to 197 homes for sale in July 2024.

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

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were down -3.7 percent overall. Closed condo/villas sales on Hilton Head decreased -20.2 percent, and the median sales price decreased -11.8 percent. Cumulative Days on Market Until Sale increased +83.2 percent from 41 days on the market to 74 days on the market. Compared to last July, inventory of condos for sale increased +46.5 percent with 359 villas for sale in July 2024.

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

Year to date in 2024, new listings of homes for sale on the Mainland were up +26.4 percent overall. Closed home sales on the Mainland were up +0.5 percent, and the median sales price decreased by -0.1 percent. Cumulative Days on Market Until Sale increased +22.0 percent from 50 days on the market to 61 days on the market. Compared to last July, inventory of homes for sale rose +59.5 percent to 611 homes for sale in July 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.