Hilton Head & Bluffton Real Estate: 2024 Market Recap & What It Means for You
The 2024 Hilton Head Area Year-End Market Report is here, and while the headlines might scream "market slowdown!", the real story is much more layered. If you're a buyer, seller, or just a market watcher, let's break down what these numbers actually mean for you.
More Inventory, Slightly Fewer Sales—But Prices Keep Climbing
A 27.7% increase in homes for sale meant buyers had more choices in 2024. However, pending sales dropped 2.6%, and closed sales fell 2.5%—a reflection of higher mortgage rates earlier in the year, which slowed activity during what is usually a busy spring market.
But despite this, prices continued to rise:
Median sales price up 5.4% to $545,664 Detached homes up 8.2%, attached homes up 3.7% Some neighborhoods saw massive appreciation—Spanish Wells skyrocketed +85.2%! Meanwhile, areas like Hilton Head Plantation were more stable, with just 0.1% growth.
Are Sellers Still in Control? It’s Complicated.
- Sellers still got strong offers, with homes selling for 97.9% of their list price—but this was down from 99.4% in 2022.
- Days on market (DOM) stabilized after a big jump last year, hovering around 150 days for most homes.
- Ambitious pricing is common, but buyers are pushing back—meaning proper pricing is now crucial to get top dollar.
How Mortgage Rates Shaped 2024 (And What’s Next)
Rates started high, dropped, then rose again, stalling some buyers mid-year. By September, mortgage rates hit a yearly low of 6.08%, sparking renewed activity. The Fed has signaled potential rate cuts, which could bring more buyers into the market in 2025.
What Does This Mean for You?
Sellers: Homes are still appreciating, but pricing wisely is key. Overpricing leads to longer market times.
Buyers: More inventory means less competition, but prices are still rising—waiting may not equal savings.
Investors: Some areas saw massive gains, while others held steady. Local market knowledge is everything.
Curious About Your Home’s Value? Let’s Chat.
This report covers the entire REsides MLS, spanning multiple counties, but real estate is hyper-local. If you’re wondering what’s happening in your neighborhood, let’s take a closer look at the numbers that actually matter to you.
Message Allison Cobb for a custom market analysis, and let’s navigate this market together.
Click here to view the full 2024 Year-End Market Report
Written by Allison Cobb
The author assumes no responsibility or liability for any errors or emissions in the content of this blog. The information provided on is an “as is” basis with no guarantee of completeness, accuracy, usefulness, or timeliness.
Posted by The Cobb Group on
Leave A Comment