A RESEARCH TOOL PROVIDED BY SOUTH CAROLINA REALTORS ®

U . S . sales of new residential homes sank 12.2 % from the previous month to a seasonally adjusted annual rate of 590,000 , the lowest level since November 2022 , according to the U . S . Census Bureau , as decades-high mortgage rates continue to impact buyer affordability . The National Association of Home Builders cautioned the drop is only temporary , however , with sales of new homes expected to rise in the months ahead due to falling mortgage rates , which have retreated more than one full percentage point from their peak of 7.79 % in October . For the 12-month period spanning January 2023 through December 2023 , Pending Sales in the Hilton Head Association of REALTORS ® region were down 9.0 percent overall . The price range with the largest pending sales gain was the $ 1,000,001 and Above range , where sales were up 7.7 percent .

The overall Median Sales Price increased 8.4 percent to $ 516,500 . The property type with the largest gain was the Condos segment , where prices increased 15.2 percent to $ 432,350 . The price range that tended to sell the quickest was the $ 150,001 to $ 250,000 range at 103 days . The price range that tended to sell the slowest was the $ 350,001 to $ 500,000 range at 174 days .

Price Range with Strongest Sales : $ 1,000,001 and Above

Bedroom Count with Strongest Sales : 3 Bedrooms

Property Type With Strongest Sales : Single-Family Homes

Market-wide , inventory levels were up 23.3 percent . The property type with the largest gain was the Condos segment , where the number of properties for sale rose 57.7 percent . That amounts to 2.7 months of inventory for Single-Family Homes and 3.7 months of inventory for Condos .

Current as of January 10 , 2024 . Data © 2024 REsides , INC . All Rights Reserved . | Sponsored by South Carolina REALTORS ®. | Report © 2024 ShowingTime .