Q3 2024 Performance Snapshot
Island-wide home sales: +11.1% YoY; 23.9% below 2019 levels
Island-wide home median: $1,100,000, +4.7% YoY; +101.8% since 2019
Island-wide villa sales: -9.2% YoY; 24.7% below 2019 levels
Island-wide villa median: $510,000, +0.79% YoY; +104.8% since 2019
Sea Pines home sales: -7.4% YoY; 24.3% below 2019 levels
Sea Pines home median: $1,378,625, -3.2% YoY; +114.0% since 2019
Sea Pines villa sales: -9.7% YoY; 15.9% below 2019 levels
Sea Pines villa median: $817,520, +10.4% YoY; +96.4% since 2019
Island-wide home inventory: 1.0% of existing supply (+16.7% YoY)
Island-wide villa inventory: 1.7% of existing supply (+10.2% YoY)
Sea Pines home inventory: 1.2% of existing supply
Sea Pines villa inventory: 0.97% of existing supply
National context: Buyers showing preference for homes over villas; inventory rising but still well below neutral market threshold of 5-6%
We’re pleased to let you know the real estate market on Hilton Head Island is doing reasonably well through Q3. However, our local tides are no longer lifting all boats in unison and it appears that parts of our market are getting stuck in pluff mud.
To wit, buyers this year are showing a preference for homes over villas. Home sales on the island are up 11.1% while villa sales are down 9.2%.
Buyers are also gravitating towards homes priced under $1 million. The median sales price of a home in Sea Pines is now $1,378,625 and sales are down 7.4% this year, but sales in Hilton Head Plantation, with a median sales price of $850,000, are up 24.8%.
As the market begins to wax and wane, sellers are reacting and adjusting their sails as necessary to put deals together. But that’s not requiring too much effort on their part because perennially constrained inventory is acting as their bulldog negotiator.
It’s encouraging to see the inventory of homes on the island gaining 16.7% this year, but that bump only grows what’s listed for sale from .93% to 1.0% of our existing supply. The inventory for villas on the island increased 10.2% this year but that only amounts to 1.7% of the supply available for sale. A neutral market between buyers and sellers would have 5-6% of its inventory up for sale. Sea Pines has 1.2% of homes and just .97% of its villas listed for sale.
A Look at the Numbers
Q3 2024 Hilton Head Island Home Market Performance
Homes sold on the island gained 11.1%, year-over-year, and the median sales price rose 4.7% to $1,100,000. Sales are down 23.9% from 2019 and prices are up 101.8%.
Q3 2024 Hilton Head Island Villa Market Performance
Villas sold on the island dropped 9.2%, year-over-year, and the median sales price edged up .79% to $510,000. Sales are off by 24.7% from 2019 and prices are up 104.8%.
Q3 2024 Sea Pines Home Market Performance
Sea Pines closed home sales dropped 7.4%, year-over-year, and the median sales price declined 3.2% to $1,378,625. Sales are down 24.3% from 2019 and prices are up 114.0%.
Q3 2024 Sea Pines Villa Market Performance
Sea Pines closed villa sales fell 9.7%, year-over-year, but the median sales price gained 10.4% to $817,520. Sales are down 15.9% from 2019 and prices are up 96.4%.
For a comprehensive review of Hilton Head Island MLS sales data for Year to Date through Q3, 2024, please click on the links below:
Q3 Hilton Head Island Homes
Q3 Hilton Head Island Villas
Q3 Sea Pines Homes
Q3 Sea Pines Villas
For all other communities, please contact us for a personalized report.
Local Announcements
There’s good news coming on the heels of the hurricane season. The Town of Hilton Head Island has announced plans to restore eroded beaches with a $16.5 million dollar beach renourishment project that’ll begin next summer. For details on this exciting project and how it benefits the island, please click here.
Hurricane Helene recently roared through our area causing power lines to topple over all the way from Bluffton to the Boone. Many of those communities are still in the dark. Hilton Head Island was spared from this calamity because of the Town’s decision in 2004 to convert to a fully underground power system. The 17 year long project to bury power lines cost local energy users $35 million dollars to implement. For more information on this forward-thinking project, please click here.
We’re thrilled to report, that after great thought and consideration, the esteemed readers of Condé Nast Traveler have given rank to their favorite islands in the United States for 2024, and their collective wisdom has garnered the highest honor to Hilton Head Island. To see who placed where in the rankings, please click here.
If you’re curious to know more about the Hilton Head Island real estate market, or to the properties you see on-line, please reach out to us for a complete understanding and details.
Should you have questions about the new rules to real estate and how this is impacting buyers and sellers, please let us know. We’d love to discuss this with you in detail.
Wishing you and your family a wonderful fall season!
