Year-End 2024 Performance Snapshot
Island-wide home sales: +7.4% YoY; 16.9% below 2019 levels
Island-wide home median: $1,100,000, +3.2% YoY; +96.4% since 2019
Island-wide villa sales: -6.8% YoY; 27.1% below 2019 levels
Island-wide villa median: $515,000, +0.98% YoY; +107.2% since 2019
Sea Pines home sales: -2.1% YoY; 26.0% below 2019 levels
Sea Pines home median: $1,406,500, +0.10% YoY; +109.1% since 2019
Sea Pines villa sales: -4.8% YoY; 16.8% below 2019 levels
Sea Pines villa median: $820,000, +11.5% YoY; +102.4% since 2019
Island-wide home inventory: 1.10% of existing supply; +18.0% YoY; 48.3% below pre-pandemic
Island-wide villa inventory: 1.57% of existing supply; -3.2% YoY
National context: NAR reports national home sales weakest since 1995; HHI homes down only 16.9% from 2019 vs. national inventory down 21.5% from pre-pandemic
We’re pleased to let you know real estate market on Hilton Head Island held its own in 2024 while the country struggled through another year of severely depressed home sales. NAR reports home sales haven’t been this bad since 1995, a remarkable statistic considering the pain inflicted upon the housing market during the Great Recession. As difficult as the market was to navigate last year, the silver lining it gave was a year of transition for the island.
For buyers, 2024 was the year that prices on the island finally began to moderate. The double digit gains in appreciation, achieved for both homes and villas in each of the previous four years, stumbled last year. A summer slump in sales allowed the inventory of homes to gain 18% by year’s end while villas actually declined by 3.2%. Buyers were more selective last year, showing a clear preference for renovated properties. Properties that didn’t sell in short order became ripe for seller markdowns and negotiations or languished on the market. With a chance that interest rates may decrease, buyers find themselves on the best footing they’ve had in years for taking advantage of these evolving conditions.
For sellers, prices may not have risen as hoped for in 2024 but with each sale last year, appraisers used those data points as nails to hammer down a solid floor on pricing expectations. 2024 was the year for consolidating the price gains of the previous four years and to shoring up the comps to defend those gains. Even with last year’s modest increase in the inventory, sellers still have the wind at their backs knowing the inventory levels on the island remain some of the most restricted in the country, down 48.3% from pre-pandemic levels compared to minus 21.5% for the country at large. Of the island’s existing inventory, there’s only 1.10% of homes and 1.57% of villas listed for sale. The scarcity of inventory is serving as a significant counterweight in support of the island’s pricing levels.
What does carry over into 2025, however, is that nice properties in turnkey condition continue to garner the most actionable excitement from buyers. To be successful with these properties, buyers need to be working closely with their Realtor, having already identified their targets, completed their due diligence and having their source of funds ready to deploy. Speed of execution continues to be the key to successful transactions in our market.
A Look at the Numbers
2024 Hilton Head Island Home Market Performance
Home sales on the island rose 7.4%, year-over-year, and the median sale price climbed 3.2% to $1,100,000. Sales are down 16.9% from 2019 and the median sales price is up 96.4%.
2024 Hilton Head Island Villa Market Performance
Villa sales on the Island were down 6.8%, year-over-year, while the median sales price edged up .98% to $515,000. Sales are down 27.1% from 2019 and the median sales price is up 107.2%.
2024 Sea Pines Home Market Performance
Home sales in Sea Pines decreased 2.1%, year-over-year, and the median sales price managed a minuscule gain of .10% to $1,406,500. Sales are down 26% from 2019 and the median sales price is up 109.1%.
2024 Sea Pines Villa Market Performance
Villa sales in Sea Pines dropped 4.8%, year-over-year, but the median sales price gained 11.5% to $820,000. Sales are down 16.8% from 2019 and the median sales price is up 102.4%.
For a comprehensive review of the 2024 Year-End Hilton Head Island MLS sales data please click on the links below:
Hilton Head Island Homes Year-End 2024
Hilton Head Island Villas Year-End 2024
Sea Pines Homes Year-End 2024
Sea Pines Villas Year-End 2024
For all other communities, please contact us for a personalized report.
Top State to Next in 2024
With smiling faces and some of the world’s most beautiful places, South Carolina had no trouble attracting new residents last year. In fact, SC led the country in 2024 with the highest move-in-to-move-out ratio at 2.05 according to The moveBudddha Migration Report 2024-2025.
Bankrate rated South Carolina as 4th best state to retire to in 2024.
Rocket Mortgage calculated South Carolina as having the 6th lowest property taxes in the country, for primary property owners, with an effective tax rate at .57%.
South Carolina also caps property taxes to no more than a 15% increase between each five year assessment period, for both primary and non-primary owners. So while properties may double in value, your property taxes can only increase by 15% over the prior assessment period.
If you have questions about the market, or you’re ready to make a move with purchasing or selling real estate on Hilton Head Island, let our experience and expertise guide you through today’s challenges. We’d love to help you achieve your real estate goals in 2025!
Wishing you and your family a Healthy and Happy New Year!
