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 -8.1% One-year change in Median Sales Price +18.3% One-year change in Months Supply +56.5%

U.S. existing-home sales fell for the second month in a row, sliding 1.9% monthover- month and 1.9% year-over-year, according to the National Association of REALTORS® (NAR), with sales down in all four regions of the country. Higher borrowing costs and accelerating home prices continue to weigh on demand, pushing some prospective buyers to the sidelines and causing market activity to slump ahead of summer.

New Listings remained flat at 633. Pending Sales increased 2.2 percent to 550. Inventory grew 56.2 percent to 1,589 units.

Prices moved higher as Median Sales Price was up 18.3 percent to $575,000. Days on Market increased 47.5 percent to 59 days. Months Supply of Inventory was up 56.5 percent to 3.6 months.

Market Overview

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

Key Metrics

Historical Sparkbars

05-2023 05-2024 Percent Change

YTD 2023 YTD 2024 Percent Change

New Listings

633

3,264

633

0.0%

+ 16.7%

2,797

5-2022

5-2023

5-2024

Pending Sales

550

2,557

538

+ 2.2% 2,477

+ 3.2%

5-2022

5-2023

5-2024

Closed Sales

521

2,296

567

- 8.1% 2,094

+ 9.6%

5-2022

5-2023

5-2024

Cumulative Days on Market

59

58

+ 34.9%

40

+ 47.5% 43

5-2022

5-2023

5-2024

Median Sales Price

$486,220 $575,000 + 18.3% $500,000 $546,581

+ 9.3%

5-2022

5-2023

5-2024

Average Sales Price

$726,705 $803,543 + 10.6% $697,127 $744,380

+ 6.8%

5-2022

5-2023

5-2024

Pct. of List Price Received

97.7%

97.9%

98.4%

- 0.7% 98.1%

- 0.2%

5-2022

5-2023

5-2024

HILTON HEAD HOMES | 2024 3

Housing Affordability Index

55

58

- 12.1%

68

- 19.1% 66

5-2022

5-2023

5-2024

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