Hilton Head area real estate market slows. Which community’s sales held up in November?
American homeowners are facing higher home ownership costs, mortgage rates and increasing prices, slowing down the real estate market nationwide. In the Hilton Head area, fewer buyers are closing residential deals, but the slowdown is less than what the market saw between 2021 and 2022 in the aftermath of the pandemic.
For the entire area, just one fewer home sold in November 2023 than in November 2022 through the Hilton Head Area Association of Realtors. The year-to-date percent decrease in closed sales is slightly more: 7.1%. There have been 5,017 closed sales year-to-date in 2023 compared to 5,398 year-to-date in 2022. From 2021 to 2022 the percent decrease in closed sales was much greater: 20.7%.
In addition to closed sales, the following happened in the Hilton Head area real estate market last month, compared to November 2022, according to Hilton Head Area Realtors November reports:
- Median prices increased 11.6% to $550,000 from $493,000
- New listings decreased 7.1% to 446 from 480
- Inventory grew 20.5% to 1,306 units from 1,084 units
- Days on the market increased 14.2% to 153 days from 134 days
This month, there wasn’t any overlap between the most expensive median home sales prices and the communities with the most sales.
Here is where the most sales were:
Latitude Margaritaville — 49
Sun City — 34
- Hilton Head Plantation — 16
Palmetto Dunes, condos— 16
Forest Beach, condos— 12
Forest Beach, houses— 12
Hilton Head Lakes — 11
The most expensive median home sale prices were:
- Spanish-Wells — $5,300,000
- Wexford — $2,277,500
- Palmetto Bluff — $2,275,000
- Windmill Harbour — $2,125,000
- Callawassie Island — $2,050,000
Hilton Head Area Realtors
The Hilton Head Area Realtors market reports include information on properties sold north and south of the Broad River; however, the largest areas of focus are Hilton Head, Bluffton, Daufuskie Island and Hardeeville. The data is broken down by neighborhood.
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This story was originally published December 27, 2023 at 12:28 PM.
