According to a study by Woods & Poole Economics Inc., the Hilton Head-Bluffton area is the 25th fastest growing area in the United States.
Here are the real estate implications:
• High demand for housing and low inventory. The influx of new residents to Bluffton and Hilton Head is expanding the need for more houses, villas, and condos to buy and/or to rent.
• Homes appreciate faster and prices rise. Population growth is increasing demand for homes, causing prices to rise and homes to sell faster. In fact, we have seen some pretty wild appreciation over the past year and a half.
• Multiple offers on homes. As more people move here and buy homes, we will continue to see multiple offers, with houses coming on the market today and going off the market tomorrow. When we were in a hot seller’s market, that is exactly what we saw.
• Great place to buy or build a home. Many folks like “the small town feeling” and “year-round out-door activities” of living in this area, with all the benefits of the big cities a short drive away.
• Still in a seller’s market. A little more than a few years ago, we were in a buyer’s market (inventory high, demand low, and prices very low). Now in 2023, we are in a seller’s market (inventory low, demand high, and prices going up). It’s not as crazy as it was a year and a half ago, but still a great time to sell.
• Residential rental market is very strong. There is a substantial shortage in rental housing in this area. In fact, it would be safe to say it is a landlord’s market (many people looking to rent, high rents, and low vacancy rates).
• Investing in rental properties makes sense. Even with home prices rising, there are still many good house values here that make it smart to buy rental properties for immediate income flow and for future appreciation expectations.
The Bluffton-Hilton Head local area market statistics for the period Jan. 2021 to Jan. 2022 (from hhrealtor.com) indicate:
• Median sales price up 16.2% (still a good time to sell)
• Average sales price up 17.6% (same as above)
• Inventory of homes for sale up 76.6%% (more homes to choose from)
• Housing affordability index (HAI) down 14.5% (houses are less affordable)
• Days on market up 38.1% (buyers might be able to get better deals)
• New listings down 4.1% (fewer resales available)
What’s going on in your plantation or housing development? Contact your knowledgeable real estate agent.
Larry Stoller is a broker and Realtor with Real Estate Five of the Lowcountry. Larry@RealEstateFive.com, RealEstateFive.com