MARKET UPDATE - MAY 2024

U.S. existing-home sales fell for the second month in a row, sliding 1.9% month over-month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

Home prices have continued to climb nationwide, despite an uptick in inventory this year. Nationally, the median existing-home price reached $407,600 as of last measure, a 5.7% increase from the same period last year and a record high for the month, according to NAR. Meanwhile, total inventory heading into May stood at 1.21 million units, a 9% increase month-over-month and a 16.3% increase year-over year, for a 3.5 month’s supply at the current sales pace.

Read the full report here.

Hilton Head & Bluffton Real Estate Market Update - May 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 June 2023 through May 2024, Pending Sales in the Hilton Head Association of REALTORS® region softened 0.9 percent overall. The price range with the largest pending sales gain was the $1,000,001 and Above range, where sales went up 22.8 percent.

Market-wide, inventory levels rose 56.2 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale were up 81.0 percent. That amounts to 3.3 months of inventory for Single-Family Homes and 4.2 months of inventory for Condos.

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

Year to date in 2024, new listings of homes for sale on Hilton Head were down -11.8 percent overall. Closed home sales on Hilton Head were down -2.7 percent, and the median sales price decreased -6.8 percent. Cumulative Days on Market Until Sale decreased -15.7 percent from 49 days on the market to 42 days on the market. Compared to last May, inventory of homes for sale increased +30.0 percent to 196 homes for sale in May 2024.

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

Year to date in 2024, new listings of condos/villas for sale on Hilton Head were down -19.1 percent overall. Closed condo/villas sales on Hilton Head decreased -14.6 percent, and the median sales price increased +30.7 percent. Cumulative Days on Market Until Sale increased +121.5 percent from 37 days on the market to 83 days on the market. Compared to last May, inventory of condos for sale increased +66.3 percent with 331 villas for sale in May 2024.

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

Year to date in 2024, new listings of homes for sale on the Mainland were up +30.2 percent overall. Closed home sales on the Mainland were up +1.9 percent, and the median sales price decreased by -0.4 percent. Cumulative Days on Market Until Sale increased +39.0 percent from 41 days on the market to 57 days on the market. Compared to last May, inventory of homes for sale rose +62.3 percent to 628 homes for sale in May 2024.

Read the full Bluffton report here.

Beaufort Real Estate Market Update - May 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 -3.2 percent to 298. Pending Sales decreased -1.0 percent to 291. Inventory grew +63.0 percent to 706 units.

Prices moved higher as Median Sales Price was up +6.6 percent to $414,233. Days on Market increased +3.3 percent to 94 days. Months Supply of Inventory was up +63.2 percent to 3.1 months, indicating that supply increased relative to demand.

Read the full Beaufort report here.