Hilton Head Island Real Estate Market Experiences Dynamic Shifts
Hilton Head Island, South Carolina, is witnessing significant transformations in its real estate market as of August 2024. Several key trends have emerged that require attention from potential buyers, sellers, and industry professionals.
Days on Market Rises Gradually
In the first notable shift, properties are spending an average of 60 days on the market, up from the 46-day average recorded at the same point in the previous year. This increase signals a slow cooling in the rate at which homes are being sold, providing buyers with more time to make decisions.
Sale Prices Trending Downwards
Another trend pertains to sale prices which are proving to be 96.0% of the original asking price, down from 97.1% a year ago. The slight decrease implies a $11,550 reduction based on the median sales price. The decline indicates a shift in the market in which sellers are willing to make concessions to seal deals.
Inventory Reflects Fluctuating Supply
The pace of new listings has decelerated recently, affecting the available inventory. Inventory escalated by 10.2% year on year, jumping from 703 properties last year to currently 775, but the number descends from 816 last month. Even with the fluctuation in inventory numbers, today’s figures pale in comparison to the 1,763 properties available back in 2019, highlighting the robustness of the current market.
Monthly Sales Show Mixed Results
Closed sales for the prior month reached 167, marking a 9.2% decrease from the same period last year. However, year-to-date, sales have experienced a 33.6% surge. With 775 properties up for sale and 167 transactions recorded per month, the absorption rate has marginally climbed to just over 4.6 months. The data suggests that while Hilton Head Island remains a seller’s market, it is subtly gravitating towards a balanced, neutral market.
Median Home Sale Price Sees Modest Increase
The median sale price for homes in Hilton Head Island has risen by 1.45% over the past year, progressing from $1,035,000 in 2023 to $1,050,000 currently. Such gradual growth demonstrates ongoing demand and continued value appreciation in the area.
With the arriving general election, some potential buyers and sellers may adopt a “wait and see” approach, which could impact the overall real estate market activity. As the growing inventory and strong demand continue to shape the market, staying informed about these trends becomes essential.
Stay connected for next month’s update as we continue to track the developments and provide valuable insights into the vibrant real estate market of Hilton Head Island.
Wishing all of Hilton Head Island a great August!
