Real Estate Market Report
The real estate market in the Low country continues to show robust activity driven by a combination of lifestyle appeal, and sustained interest from both local buyers, retirees and out-of-state investors.
The median home prices in Hilton Head Island and Bluffton have seen a steady increase over the past year. As of July 2024, the median sales price for single-family home in Hilton Head is $1,050,000 and Bluffton $552,950 reflecting a Year-to-date increase from last year of 5.53% in HHI and almost 2% in Bluffton. Inventory levels remain relatively tight, with a slight increase (15% – HHI and 10% in Bluffton) in new listings compared to the previous year.
Looking ahead to the remainder of 2024, what has become very important is home preparation. Staged, upgraded, and modernized homes are experiencing significant benefits, achieving the highest sales price and the quickest market time. Another big topic is interest rates. They have slightly decreased and are expected to adjust again in the fall. The Federal Reserve is cautious about keeping rates too high for an extended period as it may hinder economic growth. Pricing your home competitively is crucial in this market. Due to the limited inventory, some Sellers are often tempted to initially overprice their property. This strategy frequently results in significant price reductions prolonging the days on market.
Herman and Davis Properties has been exceptionally busy, assisting 25 families with their buying and selling needs, resulting in over $35 million in sales in just the first half of the year alone. If you are curious about your home’s value, please call us. It’s never too early to strategize, and we would love to meet with you.
