Hilton Head Homes 2024 Market Report

HILTON HEAD AREA Market Overview information provided by Hilton Head MLS and Hilton Head Area Association of Realtors®

One-year change in closed sales +14% One-year change in Median Sales Price +4.6% One-year change in Months Supply +63.6%

U.S. existing-home sales recently fell from a one-year high, dropping 4.3% month over-month to a seasonally adjusted annual rate of 4.19 million, according to the National Association of REALTORS® (NAR), as higher interest rates and rising sales prices continue to keep some prospective buyers on the sidelines. Average 30-year mortgage rates have topped 7% in recent weeks, while the median existing-home sales price hit $393,500 as of last measure, a 4.8% increase from the previous month, according to NAR.

New Listings were up 38.7 percent to 735. Pending Sales increased 14.5 percent to 567. Inventory grew 62.2 percent to 1,599 units.

Prices moved higher as Median Sales Price was up 4.6 percent to $550,000. Days on Market increased 20.0 percent to 54 days. Months Supply of Inventory was up 63.6 percent to 3.6 months.

Market Overview

Key market metrics for the current month and year-to-date figures.

Key Metrics

Historical Sparkbars

04-2023 04-2024 Percent Change

YTD 2023 YTD 2024 Percent Change

New Listings

735

2,631

530

+ 38.7%

+ 21.6%

2,164

4-2022

4-2023

4-2024

Pending Sales

567

2,029

495

+ 14.5% 1,939

+ 4.6%

4-2022

4-2023

4-2024

Closed Sales

514

1,759

451

+ 14.0% 1,527

+ 15.2%

4-2022

4-2023

4-2024

Cumulative Days on Market

54

57

+ 29.5%

45

+ 20.0% 44

4-2022

4-2023

4-2024

Median Sales Price

$526,041 $550,000

+ 4.6% $501,633 $536,865

+ 7.0%

4-2022

4-2023

4-2024

Average Sales Price

$717,878 $740,108

+ 3.1% $686,136 $727,521

+ 6.0%

4-2022

4-2023

4-2024

Pct. of List Price Received

98.0%

98.0%

98.0%

0.0% 98.0%

0.0%

4-2022

4-2023

4-2024

HILTON HEAD HOMES | 2024 3

Housing Affordability Index

57

59

64

- 10.9% 67

- 11.9%

4-2022

4-2023

4-2024

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