![]() President of Hilton Head Area Realtors Kathy Schroder has lived in the Lowcountry for over 30 years, said that pre-pandemic it was typical to see those who rent their property wait until the end of the vacation season to get the most out of their home before selling it. In terms of months inventory - the amount of time it would take for all current listings to sell if no new listings entered the market - there are 2.1 months of inventory for single-family homes. Single-family homes saw the largest gain and the number of properties for sale went up 13.6%. Market-wide, inventory levels - the number of active listings at the end of the month - are up 9.2% in June from June 2022. Are there a lot of options for what home to buy? ![]() The median price of a single-family residential home, based on a 12-month rolling median, is $394,782 compared to $353,467 at this time last year. The median price of single-family residential home is $1.1 million so far this year, it’s a 10.6% increase from last year’s $995,000 median home price. If you own a single-family home, what’s happening with your property’s value? Compared to Hilton Head, the prices in the Beaufort-Jasper area didn’t increase as much during the pandemic, but the Beaufort-Jasper area’s price increase is slowing down less now. While prices are still increasing, they’re moving more slowly. It’s a 9.5% increase from this time last year when the average price was $361,000.įrom 2021 to 2022 the average price mid-way through the year increased 18.7%. The median price of residential homes, condos and villas sold in June was $410,875, bringing the average price up to $395,284 so far this year. Last year, from 2021 to 2022, the average price mid-way through the year increased 23.1%. It’s a 6.1% increase from this time last year when the average price was $475,960. While there will be a second analysis of condos, villas and townhouses later this week, the median price of all properties, including residential homes, condos and villas sold in June was $529,362, bringing the average price for 2023 up to $505,038. Here’s what the data looks like halfway through 2023, and what experts said about the following topics: What’s happening with single-family property values in general? To interpret the data, The Island Packet and Beaufort Gazette spoke with representatives from both groups. Months supply of inventory is calculated by taking the number of homes for sale at the end of a month and dividing it by the average monthly pending sales from the last 12 months. When there isn’t a lot of inventory and prices are high it’s considered a sellers market and when there’s more inventory and prices are low it’s considered a buyers market. ![]() How is it determined if it’s a buyers or sellers market?įive to eight months inventory is considered a balanced market, and inventory increases when demand lessens and new listings keep being added to the market. The Beaufort-Jasper County Association of Realtor market reports include the most comprehensive data for northern Beaufort County and Jasper County. ![]() The Hilton Head Area Realtor market reports includes information on properties sold north and south of the Broad River however the largest areas of focus are Hilton Head, Bluffton, Daufuskie and Hardeeville. Between low inventory and increasing borrowing costs, they report markets are cooling down slightly. The Hilton Head Area Realtors and Beaufort-Jasper County Association of Realtors released their June market reports earlier this month, providing insightful data on home inventory, prices, construction and days on the sale market for the first half of 2023.ĭemand continues to outpace supply in both markets, causing prices to rise but more slowly than before the Federal Reserve began a series of quarter point bumps in prime rates.
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