Real Estate Market Update
As the Lowcountry blooms with the vibrant colors of spring, the real estate market is also abuzz with activity. Let’s delve into the latest updates and trends shaping our local market.
The real estate market on Hilton Head Island continues to exhibit strength and resilience. Despite broader economic fluctuations, our island’s allure remains steadfast, attracting both buyers and sellers seeking the quintessential coastal lifestyle.
Buyer demand remains robust, fueled by the Lowcountry’s unparalleled natural beauty, world-class amenities, and desirable quality of life. Properties across all price points are attracting interest, from cozy beachside condos to luxurious waterfront estates.
Inventory challenges and changes: While demand is high, inventory remains somewhat constrained, creating a competitive landscape in certain segments of the market. Sellers are benefiting from limited supply, with well-priced properties often receiving multiple offers and selling quickly. Some over eager sellers are seeing their properties sitting on the market longer and either reducing their offering price or taking their property off the market. Both are signs of a changing market.
Bluffton Real Estate
Bluffton residential home sales increased 16% YTD while seeing only a 1% increase in median sales price to $536,433, with still only 2.6 months of inventory. Bluffton home buyers will see more choices as there was an 19% increase in new listings. Bluffton villas saw a 27.3% increase in new listings YTD, however; sales increased less than 1%. Villa median sales price in Bluffton saw a 4.6% increase to $250,000 with only 3 months of inventory. In summary, more sellers are coming into the market to capitalize on higher prices and days on market increase across the board for both villas and homes and land.
Hilton Head Real Estate
Hilton Head Island buyers will see more choices in villas as inventory has seen a 53% increase from this same time last year. Villa sales increased less than 1%, while median sales prices of villas on the island saw a 10% increase to $513,500 with 3.6 months of inventory. Residential Island home sales increased 14% YTD with a 4.6% increase in median sales price to $1,019,750, with still only 2.3 months of inventory. In summary, more sellers are coming into the market to capitalize on higher prices with days on market increasing across the board for all villas, homes and land.
Looking ahead, the Lowcountry real estate market is poised for continued growth and prosperity. With strong demand, limited inventory, and a diverse array of properties to suit every lifestyle, the Lowcountry remains a sought-after destination for buyers seeking coastal luxury and timeless charm. Whether you’re buying, selling, or simply dreaming of Lowcountry living, we’re here to help you navigate the exciting world of Lowcountry real estate. Please call us for a no cost or obligation complimentary consultation.
