With 2023 coming to a close, we at Southern Coast Realty feel it's important to share the state of the Hilton Island real estate market with our clients and followers. Knowledge is power, and if you’ve got your eyes on property in the lowcountry in the coming year, you’ll need to know what type of market you’re entering.
As with most of the country, the supply of homes in Sea Pines has been consistently low over the last 12 months. This is an interesting point for buyers to consider, as it indicates market stability (good), but also means the market can be competitive (a challenge you’ll want an expert to help you overcome). Sea Pines homes for sale have spent a median of 64 days on the market and sellers have received an impressive 97.3% of their asking price. The median price for sold homes is about $1,100,000, which shows a strong investment potential.
While these numbers may seem mundane, it’s important to not only become familiar with the metrics for your desired real estate market, but to also understand them. As potential homebuyers, you’ll want a solid understanding of key real estate metrics so that you can make informed decisions about one of the most important purchases of your life. In a competitive market, like the one we’re currently experiencing on Hilton Head Island, buyers may find it more difficult to capture the home of their dreams, may enter multiple-offer situations, and may need to act quickly when the right home becomes available. Having a firm grasp of the market you’re entering will allow you to make decisions quickly and with confidence.
Let's start by focusing on supply. Most markets across the U.S. are experiencing a shortage of homes, meaning there are not enough homes for the amount of people who need and want to buy them. One of the most basic economic principles is that if something is in high demand, but in short supply, the price goes up, and it's no different with real estate. As a luxury market, Hilton Head Island is already known as a high entry point for homebuyers, but the low inventory can add a layer of competition. It’s a tricky market for buyers (and sellers) to navigate, so you’ll want someone on your side who knows their stuff and is fighting for your best interest.
When we examine the metric of homes’ median days on the market (64), as well as the list-to-sold percentage (97.3%), we can deduce that sellers on Hilton Head Island are wielding an advantage over buyers. Ideally, sellers want to see a home sell within 30 to 60 days of being on the market and, while 64 is not quite within that range, it’s close enough to give sellers confidence that not only will their home sell, but it will likely sell at the listing price.
As we say goodbye to 2023 and prepare to usher in 2024, Deb and I here at Southern Coast Realty want to empower our clients to understand the importance of local market dynamics. In the coming year, making informed decisions and having a team of professionals on your side will be crucial.Posted by Russell Fielden on