We’re pleased to report that having come through some of the direst economic news in the last decade, the real estate market on Hilton Head Island is off to a reasonably good start this year with higher year-over-year gains in the median sales price. Closed sales are well behind last year’s strong first-quarter results, especially at the upper end, with buyers continuing to express caution. As expected though, a number of undeterred and committed buyers have already fulfilled their Hilton Head Island dream this year with a purchase. These happy buyers have managed to reduce razor-thin inventory levels even further from .90% of existing inventory at the beginning of the year to .77% at the start of the 2nd quarter.
The Island’s real estate market feels like it’s ramping up as we come into spring. New buyers, unfazed by current pricing and enamored with the Island’s lifestyle are flocking to our shores to begin their process, a number of current property owners are looking to trade up or down, and a new round of committed buyers are busy putting the final touches on their due diligence as they lay in wait for the right opportunity.
A Closer Look at Q1 Numbers
Home sales around the Island fell 29.7% year-over-year while the median sales price rose 4.5% to $980,000.
Villa sales around the Island dropped 36.1% year-over-year but the median sales price increased 13.6% to $465,715.
Home sales in Sea Pines sank 37.2% year-over-year and the median sales price dropped 30.6% to $1,250,000. There were 18 homes that sold above $2m in Q1 of last year compared to only 8 homes this year.
Villa sales in Sea Pines cratered 43.2% year-over-year and the median sales price increased by 2.9% to $734,500.
For a comprehensive review of the Hilton Head Island MLS sales data for Q1, including both on and off-Island communities, please click on the links below:
New Accolades for Hilton Head Island
The Wall Street Journal and Realtor.com named Hilton Head Island-Bluffton-Beaufort area as the top emerging luxury market in the country.
With all the places to travel to in the month of February, Travel + Leisure declares Hilton Head Island to be one of the world’s best locations to visit.
FishingBooker ranked the waters around Hilton Head Island as the country’s best place to fish in February.
The U.S. News & World Report named the Sea Pines Resort’s Inn & Club at Harbour Town to be the 5th best hotel in the country for 2023.
If you’re giving thought to buying or selling, please call us today. We look forward to providing you with exceptional service to all your real estate needs on Hilton Head Island!
Thanks and have a wonderful spring season!