Is Hilton Head the ‘new Hamptons’? Here’s what Zillow’s chief economist had to say
The Hamptons on Long Island are known for seaside villages, long stretches of beach and as a summer getaway for the rich and famous.
Hilton Head is the “new Hamptons,” according to Zillow Chief Economist Skylar Olsen.
“We got to know what’s the new Hamptons, there must be a new beach-y getaway for the ultra wealthy,” host Jessica Yellin asked Olsen on the “News Not Noise” podcast on Wednesday.
Without hesitating Olsen replied:
“For a beach-y enclave you can head to Hilton Head, South Carolina,” she said.
Rick Saba, who has been a real estate agent in Hilton Head for over 20 years, said that while he wouldn’t use the term “new Hamptons,” the Hilton Head market was underappreciated before the pandemic.
“Hilton Head was the best kept secret for a long time,” he said. “After the pandemic, I think the word kind of got out, but I’ve always felt as a Realtor that the values here were really lower than they should have been. There’s no question about that.”
Home values in Hilton Head have increased by nearly 74% from September 2019 to September 2022, according to the Zillow Home Value’s Index.
A typical home value in Hilton Head was $769,280 in September 2022 — up from $442,700 in September 2019.
In the past year, values have gone up by 32% from $601,371 in October 2021.
Olsen didn’t say why she called Hilton Head the “new Hamptons,” but Lowcountry Real Estate Owner Edward Dukes said it could be a multitude of things, though he also doesn’t agree with the term.
“The Hamptons are an incredibly desirable, an expensive destination. I think it’s a compliment,” he said, adding that the compliment should apply to the entire Lowcountry, not just Hilton Head.
“In some ways people would say that about the Lowcountry” he said. “But our biggest goal really is to prevent the Lowcountry from being so overgrown and overrun that it loses its charm.”
Hilton Head already has trouble with traffic, turning towards potential solutions like the U.S. 278 Corridor Project, which will reshape Hilton Head’s single entry and exit point.
The lifestyle sets Hilton Head apart from the Hamptons, but Hilton Head is starting to attract people from New York similarly to the Hamptons, according to Collins Group Realty Owner Chip Collins
“My sense is that the Lowcountry is a lot more laid back than what the Hamptons experience,” he said. “Frankly, we probably gained a lot of people that used to go to the Hamptons that moved down south and are down here in Hilton Head or Palmetto Bluff or Bluffton area.”
Collins said people from New York visited his website the most frequently this year, while in previous years it was Ohio, according to his websites analytics.
In September 2022 Hilton Head’s typical home value is $149,488 more than in the Hamptons, according to the Zillow Home Value Index. A typical home value in the Hamptons for September 2022 is $619,792.
Neither Collins, Dukes nor Saba agreed with Hilton Head being described as only “for the ultra wealthy.”
“There are plenty of wealthy people that live in the area and that have moved to the area as of late, but I don’t think anybody looks at this area as a place to come and be flashy,” Collins said. “Everybody is just here to enjoy the lifestyle, natural beauty and a growing culture that I think people are excited to be taking advantage of.”
This story was originally published November 3, 2022 at 3:00 PM.
