The Hilton Head Island-area housing market appeared to continue to thrive in 2018 with sales increasing 9.8 percent from 2017, according to the Hilton Head Area Association of Realtors.
“From what we’ve seen, signs are pointing up and good in the sense of the influx in the retiree market,” association president Brian Kinard said Thursday. “The second home market is doing well because of the overall economy, and consumer confidence being high, which makes a good job market and a good home market for first-time buyers.”
Here are three things you should know if you’re planning to sell or buy a home in the Hilton Head area this year.
- The average home was on the market for four and a half months — a slight decrease from 2016 and 2017, according to the association’s annual report. In 2016, homes were on the market for just over 4 and a half months. In 2017, home where on the market for 5 months.
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“We ask folks to have realistic expectations,” Kinard said. “If your house hasn’t been renovated, it may not show as well.”
Kinard also recommended reducing clutter around the home so it shows better, both in person and online where many moving to Beaufort County now look.
- The more expensive the home, the longer it will be on the market.
Homes listed from $100,000 and below sold in around 106 days. The amount of time steadily increased as price brackets rose. The final price bracket listed in the report indicated that homes priced $650,000 and above took around 188 days to sell.
- The largest number of homes sold were listed between $225,000 and $375,000.
The number of homes sold in 2018 in that price range was 1,876. The number of homes in that price bracket has been steadily increasing since 2016, when 1,454 homes were sold. As prices increased, fewer homes were sold.
“(The 225,000 to 375,000 price range) matches up to median prices nationwide,” Kinard said. “A lot of that has to do with the economics of the market and the fact that that’s a really attractive home price for buyers.”