A FREE RESEARCH TOOL FROM THE HILTON HEAD AREA ASSOCIATION OF REALTORS ®
2022 began where 2021 left off : Mortgage rates were near historic lows , buyer competition was fierce , and homes were selling at a breakneck pace , often with multiple bids and all-cash offers , due to pent-up demand and a shortage of housing supply , causing sales prices to soar to new heights . But all that changed a few months later as mortgage rates began to rise , adding hundreds of dollars to monthly mortgage payments and causing housing affordability to plummet to its lowest level in decades . As borrowing costs continued to increase , home sales and home prices began to slow , and after two years of record-breaking activity , the red-hot housing market was finally cooling .
Sales : Pending sales decreased 24.1 percent , finishing 2022 at 5,673 . Closed sales were down 21.8 percent to end the year at 5,747 .
Listings : Comparing 2022 to the prior year , the number of homes available for sale was up by 88.6 percent . There were 977 active listings at the end of 2022 . New listings decreased by 9.7 percent to finish the year at 6,874 .
Prices : Home prices were up compared to last year . The overall median sales price increased 18.3 percent to $ 485,000 for the year . Detached home prices were up 15.0 percent compared to last year , and attached home prices were up 20.0 percent .
List Price Received : Sellers received , on average , 99.6 percent of their original list price at sale , a year-over-year improvement of 0.4 percent .
Home sales continued to decline throughout much of the year , as affordability challenges took their toll on market participants , forcing many prospective buyers and sellers to the sidelines . To help offset rising costs , some buyers moved from bigger , more expensive cities to smaller , more affordable areas , while others turned to the rental market , where competition and rental prices surged . As mortgage rates continued to climb and market conditions shifted , many homeowners were reluctant to sell their homes , and with buyer demand down , homebuilders eased production , further constraining an already limited supply of housing .
Looking ahead to 2023 , much depends on inflation , mortgage interest rates , and the broader state of the economy , although economists predict many of 2022 ’ s housing trends will continue into the new year : home sales will soften , price growth will moderate , inventory will remain tight , and there will be greater variability between markets nationally , with some regions possibly seeing price declines while other , more affordable areas of the country remain in high demand and experience price growth .
Table of Contents 3 Quick Facts 5 Price Range Review 6 Property Type Review 7 Area Overviews 8 Area Historical Prices
Current as of January 10 , 2023 . Data © 2023 REsides , INC . All Rights Reserved . Sponsored by South Carolina REALTORS ®. Report © 2023 ShowingTime . | 2