We’re pleased to report the real estate market on Hilton Head Island is performing reasonably well through the 3rd quarter. Even with sales stumbling along, new all-time highs are being reached in pricing.
Hauntingly high-interest rates and persistently tight inventories are causing a number of buyers to gather and pool on the sidelines. However, seasoned Realtors on the Island report being just as busy as ever with 3/4 of the market still engaged in hot pursuit of the Island’s outdoor lifestyle. Behind the scenes, Realtors are operating in close consultations with their clients to tailor winning strategies. Armed with a game plan and determination, they’re successfully executing those strategies.
There’s a hint of good news for buyers. Inventory levels on the Island have risen from 0.90% at the beginning of the year to 1.34% today. This brings an additional 135 homes and villas to the market. It’s not enough to move the needle on pricing, but the directional drift is most welcomed.
A Look at the Numbers
Home sales around the Island were down 18.2%, year-over-year, while the median sale price gained 13.2% to $1,115,000.
Villas sales Island-wide fell 22.1%, year-over-year, as the median sales price climbed 15.6% to $520,000.
Home sales in Sea Pines dropped 12.5%, year-over-year, but the median sales price gained 3.0% to $1,699,500.
Villa sales in Sea Pines decreased 24.6%, year-over-year, and the median sales price edged down .8% to $749,500.
For a comprehensive review of the Hilton Head Island MLS sales data for Q3, including both on and off-Island communities, please click on the links below:
New Awards and Accolades for Hilton Head Island
Conde Nast Traveler 2023 Readers’ Choice Awards for Best Island in the United States goes to Hilton Head Island for the seventh year in a row! As impressive as that is, Hilton Head Island also received the highest score given to any island worldwide.
Travel + Leisure’s World Best Awards for 2023 named the Golden Isles of Georgia as the No. 1 Island in the Continental U.S. Hilton Head Island held that title for the last 6 years in a row but fell this year to No. 5. On an impressive note though, Hilton Head Island was inducted into Travel + Leisure’s coveted Hall of Fame. To receive this crowning achievement, a place or destination must be voted onto the World Best Awards list for a minimum of 10 years.
Tripadvisor’s Best of the Best Beaches in the USA named Hilton Head Island’s Coligny Beach as the country’s 12th best beach for 2023.
Parents.com recently named Hilton Head Island as the Number 1 Best Family Beach Town for Your Next Vacation.
The editors at U.S. News & World Report have scrutinized over 6,000 hotels throughout the country and determined The Inn & Club at Harbour Town to be the 5th best hotel in the country for 2023.
Are You New to the Market?
If you’re new to our local market or if you have new real estate questions you’d like to ask, please give us a call. We’d love the opportunity to help you.
Wishing you a wonderful fall season,