As the Lowcountry of South Carolina awakens to the warmth of spring in 2024, the real estate market in Hilton Head and Bluffton is bustling with activity. We’re diving into the data to give you insights and shed light on the current state of affairs in the local real estate scene.
Springtime typically heralds an increase in inventory in most markets, and the Lowcountry is no exception. Despite this, the market remains robust, with transactions showing no signs of slowing down. Within the Collins Group team alone, approximately 90 deals have been closed year-to-date, indicating a healthy pace of activity.
One notable trend is the increase in new listings, which have surged by 24% compared to the same period last year. This influx of listings provides buyers with more options to choose from, contributing to a balanced market environment. Despite the rise in inventory, prices have remained relatively stable, with average and median sale prices showing notable increases.
However, it’s essential to consider the nuances of the market, especially when dealing with high-end properties that may lack comparable sales data. Areas like Sea Pines, Palmetto Bluff, and Colleton River are witnessing unprecedented listing prices, challenging the market’s conventional norms.
While buyers have more choices, sellers are also benefiting from a market where demand remains strong. The sales price to list price ratio remains high at 98%, indicating that sellers can expect favorable outcomes, albeit with some variations across submarkets.
One significant factor driving market activity is the availability of financing. Despite initial concerns about rising interest rates, buyers are seizing the opportunity to secure historically favorable rates, leading to an uptick in mortgage purchases, rather than waiting to see if interest rates come down.
As we transition into the second quarter of 2024, the outlook for the Hilton Head, Bluffton, and Beaufort real estate market appears optimistic. With demand keeping in close pace with inventory and a more balanced market emerging, stakeholders can look forward to continued stability and growth in the months ahead.
Overall, the market’s resilience and adaptability bode well for its long-term prospects, and we are optimistic about the local real estate market.