Q1 2024 Performance Snapshot
Island-wide home sales: 18.8% YoY increase
Island-wide home median: $1,025,000, +7.9% YoY; 21.6% sold at or above list price
Island-wide villa sales: +1.4% YoY
Island-wide villa median: $497,750, +9.9% YoY; 19.9% sold at or above list price
Sea Pines home sales: -2.3% YoY; down 8.8% from Q1 2019
Sea Pines home median: $1,250,000, +17.9% YoY; 34.1% sold at or above list price
Sea Pines villa sales: -13.6% YoY; down 18.5% from Q1 2019
Sea Pines villa median: $795,020, +8.2% YoY; 54.5% sold at or above list price
Island-wide inventory: 1.23% of existing stock
Sea Pines inventory: <1% of existing stock
National context: Economic pessimism of Q1 2023 waning; multiple offers and bidding wars flaring on select turnkey properties
We’re delighted to report the real estate market on Hilton Head Island is off to a good start this year. Much of the economic pessimism buyers felt during the first quarter of last year has waned on the improving economic news of this year.
With buyers feeling more confident, multiple offers and bidding wars have recently flared up on select turnkey properties. To be competitive in a market with such razor thin inventory, successful buyers on the Island are working closely with their Realtors to complete their due diligence ahead of time. They narrow down their focus, become primed with knowledge and are secure with the means to execute. And, as desirable properties come to the market, they’re in a position to act quickly. They need to be, the combined inventory of homes and villas on the Island has remained flat this year, hovering at historic lows with only 1.23% of existing stock available for sale. It’s even tighter in Sea Pines with less than 1% on the market.
As a result, sellers continue to remain happily perched in the catbird seat as they have for the last four years. Without a clear catalyst to draw more inventory to the market, they’re likely to remain perched high for the foreseeable future. Given the steady demand of buyers purchasing into the Island’s lifestyle, under any and all economic conditions, and with constrained inventory as far as the eye can see, prices are likely to rise higher.
A Look at the Numbers
Q1 2024 Hilton Head Island Home Market Performance
Closed home sales on the Island rose 18.8%, year over year, and the median sales price increased 7.9% to $1,025,000. Of those sales 21.6% were at or above the list price. Sales are down 9.1% from Q1, 2019.
Q1 2024 Hilton Head Island Villa Market Performance
Closed villa sales on the Island edged up 1.4%, year over year, while the median sales price increased 9.9% to $497,750. Of those sales 19.9% were at or above list price. Sales are down 9.2% from Q1, 2019.
Q1 2024 Sea Pines Home Market Performance
Closed home sales in Sea Pines decreased 2.3%, year over year, while the median sales price gained 17.9% to $1,250,000. Of those sales 34.1% were at or above list price. Sales are down 8.8% from Q1, 2019.
Q1 2024 Sea Pines Villa Market Performance
Closed villa sales in Sea Pines dropped 13.6%, year over year, but the median sales price rose 8.2% to $795,020. Of those sales 54.5% sales were at or above list price. Sales are down 18.5% from Q1, 2019.
For a comprehensive review of Hilton Head Island MLS sales data for Q1, 2024, please click on the links below:
Q1 Hilton Head Island Homes
Q1 Hilton Head Island Villas
Q1 Sea Pines Homes
Q1 Sea Pines Villas
For all other communities, please contact us for a personalized report.
First Annual Report from the Town of Hilton Head Island
The Town of Hilton Head Island has just released its first-ever Annual Report highlighting the significant accomplishments they made in 2023. This comprehensive report gives insight into the town’s finances, capital improvements and growth management policies. Also included are the Town’s priorities going forward as outlined in the 2023-2025 Strategic Action Plan. Please click here to read the report.
Tee it Up Where the Pro’s Play!
It’s almost as thrilling as playing inside the ropes on a Sunday afternoon with the cameras rolling. You can just as easily sink the birdie putt on the 18th at Harbour Town to win your group’s tournament as any of the Pros will do. Your purse is likely to be lighter but you’ll have forever won the same bragging rights.
The golfing experience at The Sea Pines Resort is so good that Golf Magazine recently awarded The Sea Pines Resort as one of “Top 100 Golf Resorts in the World for 2024-2025.”
For information on all the great golf opportunities available to you at The Sea Pines Resort, please click here to learn more.
Five Tips for Nabbing Your Dream Home
Kiplinger just published a great article on Five Tips for Nabbing Your Dream Home in a Tough Market and we thought
it was worth sharing with you. The tips they offer are best practices for buying real estate in low-inventory environments. We’re pleased to discuss the truth of these tips and how to turn them into a successful action plan tailored to your specific goals.
As always, we look forward to providing exceptional service to all your real estate needs on Hilton Head Island!
Thanks and enjoy your spring season!
