As the clock struck midnight ushering in the year 2024, many found themselves eagerly anticipating what the new year had in store. Let’s delve into the unique dynamics of the Hilton Head & Bluffton, South Carolina real estate market during what is affectionately referred to as the “Hangover week.”
The term “Hangover week” describes the initial phase of the year when the real estate market typically emerges slowly from the holiday haze. Contrary to traditional expectations of a sluggish start though, this year has witnessed ongoing activity in the market, even during this supposed lull.
The most salient topics in the current real estate market continue to include supply and demand and interest rates.
The last couple of years highlighted challenges with inventory, with buyers desiring more choices while sellers continue to enjoy scarcity in that they can enjoy a lack of competition. Encouragingly, there’s a positive trend with inventory gradually increasing. From our perspective, this shift is seen as beneficial for both buyers and sellers, fostering a more balanced and competitive market.
Despite the usual perception of a quiet period, the Hangover week this year has seen listing appointments, ongoing contracts, and active buyer engagement online. The market did not experience a holiday season slowdown, emphasizing the importance of vigilance and proactivity on behalf of those wishing to move forward with a real estate sale or purchase. With over 400 homes under contract in the local market, strategic timing continues to play a pivotal role in securing favorable outcomes for both buyers and sellers.
Another crucial aspect is the trajectory of interest rates. After a slight spike in October that might have caused buyers to pause and reevaluate a purchase, the rates have now stabilized around 7%, providing relief to those monitoring the market. We’re looking forward to bringing you our Annual Market Analysis, coming in late January, we’ll be sharing interviews with local industry experts in both short-term and long-term rentals, insurance, lending, and others to provide their insights and opinions on how different factors may shape the 2024 housing market.