Hilton Head Island and Bluffton Real Estate Market Update (Nov 2023 - Oct 2024)
For the past 12 months, the Hilton Head Association of REALTORS® region showed a slight dip in activity, with Pending Sales down by 1.7%. However, the luxury market saw a significant surge, with properties priced at $1 million and above experiencing a 21% increase in pending sales. The median sales price across the area rose by 7.2% to $545,000, and single-family homes led this growth with a 9.4% price increase, reaching a median of $580,000. Homes priced between $150,001 and $250,000 sold the fastest, averaging 90 days on the market, while those between $350,001 and $500,000 were on the market for the longest at 178 days. Inventory levels increased by 24.9%, with single-family homes experiencing a 30.8% rise, equating to 3.8 months of supply, while condos now have a 4.5-month supply.
Hilton Head Island Market Insights
Single-Family Homes:
- New Listings rose by 10.4%, from 772 to 852.
- Closed Sales increased by 18.1%, totaling 679.
- The Median Sales Price remained steady at $1,100,000.
- Percent of List Price Received slightly declined to 96.9%.
- Days on Market increased by 13.1% to 101 days.
Condos:
- New Listings dipped by 2.4%, moving from 1,134 to 1,107.
- Closed Sales fell by 7.4%, with 776 transactions completed.
- The Median Sales Price edged up by 0.1% to $520,750.
- Percent of List Price Received saw a slight drop to 96.9%.
- Days on Market rose by 6.4%, now averaging 107 days.
Bluffton Real Estate Market Trends
Bluffton's real estate market maintained robust growth:
- New Listings increased by 16.6% to 2,494.
- Closed Sales saw a 7.4% uptick, reaching 1,855.
- The Median Sales Price held firm at $541,500.
- Percent of List Price Received remained steady at 98.1%.
- Days on Market rose by 7.6%, averaging 128 days.
Beaufort Area Market Overview (Nov 2023 - Oct 2024)
In Beaufort-Jasper County, Pending Sales saw a minor decrease of 1.1%, yet high-end properties ($1 million+) surged with a 37.9% sales increase. The Median Sales Price across the area rose by 7.5% to $430,000, with single-family homes seeing a 9.0% increase to $447,665. Homes in the $150,001 to $250,000 range sold the quickest at 78 days, while those between $500,001 and $750,000 took 112 days on average. Inventory surged by 74.8%, with single-family homes inventory climbing by 76.2%, providing a 4.1-month supply for single-family homes and a 5.6-month supply for condos.
In Summary
The real estate markets in Hilton Head, Bluffton, and Beaufort have shown mixed trends over the past year, with increased inventory and stronger activity in the luxury sector, especially in properties priced above $1 million. Despite slight overall sales declines, median prices have risen steadily, with Bluffton and Beaufort showing notable increases in new listings and inventory, catering to a diverse range of buyers and price points.
