Hilton Head Island Real Estate Market: November Insights
Changes Brewing in November
Well, hello there, Hilton Head Island! As we zoom into November 2024, the real estate market here is giving us quite the rollercoaster ride. From exciting opportunities for buyers to challenges for sellers, it seems like there’s something for everyone as we near the end of the year.
A Closer Look at Days on Market
Let’s kick things off with Days on Market (DOM), a vital signpost indicating how long homes stay up for sale. After a steady climb for several months, we’re finally seeing a promising drop! Currently, the average DOM is sitting at 65 days. That’s a refreshing change from 70 days just last month! But let’s not pop the party balloons just yet—this figure remains higher than the 45 days we saw a year ago. Just for a little context, if we rewind to 2019 and 2020, the average Cumulative Days on Market (CDOM) extended to 128 days and 119 days, respectively. This tells us that while homes are taking a bit longer to sell compared to the recent past, we’re still cruising at a much higher speed than before the pandemic!
Shifting Sale-to-List Price Ratios
But wait, there’s more! The sale-to-list price ratio has also taken a little dip. This year, home sweet homes sold for about 95.6% of their asking price, down from 97.3% last year. However, if we peek back to 2019, properties were moving at around 94.5%. So, despite this slight drop, the market is still standing strong like a seasoned pro.
Inventory Levels Are on the Rise
Good news for buyers is on the horizon as inventory and new listings have seen a slight uptick. The number of homes available has risen by 3.1% from last year, with 737 properties on the market compared to 715 last year. While this is heartening, it’s still shy of those hefty historical averages. Back in 2019, for example, inventory hovered around 1,300 homes. It’s worth noting that as we typically witness around this time of year—fall and early winter—there’s usually a decline in listings. It’s a pattern we expect to follow for the rest of this year.
Sales Figures Reveal Enthusiasm
In November, closed sales on the island reached 128, marking a 1.5% increase from 126 last year. With 737 properties available, and those 128 sales each month, we’re just under six months of inventory, solidifying this moment as a seller’s market. This is quite the turnaround from earlier in 2024, when months of supply were edging above six months.
Price Trends Pointing Up
Furthermore, the median year-to-date sale price has seen an uplifting rise, reaching an impressive $1,077,000—up 4% from $1,035,000 last year. Isn’t that a testament to Hilton Head Island’s captivating allure and enduring real estate value?
Looking Ahead to 2025
So, what’s on the horizon? Mark your calendars! With recent federal rate cuts and the stress of the election behind us, signs are pointing to a busy market ahead. Buyers holding out for favorable mortgage rates could be in for a treat, especially with interest rates gradually easing.
Time to Seize the Opportunity!
As we step into the festive holiday season and prepare for a fresh start in 2025, it’s a golden window for savvy buyers to seize this transitioning market. Wishing you all a fantastic holiday season as we navigate this dynamic real estate landscape together! Here’s to more exciting market updates to come!
