By Dan Prud’homme
Contributor
The Bluffton real estate market remains resilient and dynamic as we head into December 2024. While Bluffton’s appeal is undeniable, it’s the numbers that tell the full story of today’s market, especially as we observe notable trends in inventory, demand and pricing.
Bluffton continues to favor sellers, with historically low inventory levels slowly rising, though still far below pre-pandemic figures. Inventory has seen a 15.5% increase since last December, climbing from 696 homes on the market to 804 this month. While this is a notable rise, it’s down from the high point of 900 homes in the spring, suggesting a seasonal adjustment. If past years are any indication, we may see this number decrease further as we close out 2024.
The average days on market has also nudged up, currently at 65 days compared to 62 days at this time last year. This gradual increase in listing time reflects a tempered demand, although it remains strong by historical standards. So far this year, Bluffton has seen 1,542 closed sales, slightly ahead of last year’s 1,540 closed sales by early December. This steady volume is impressive, especially considering the typical slowdown during an election year, with average monthly sales around 154 properties. Given the current inventory, Bluffton is holding steady with a five-month supply, reinforcing the seller’s market status.
Pricing trends also demonstrate stability and slight growth. The median sales price has risen to $555,000, a 2.87% increase from $540,000 last December. This steady appreciation aligns with Bluffton’s enduring appeal and the pent-up demand from buyers waiting for the right time to enter the market.
In recent months, the seasonal uptick in inventory has offered some increased options for buyers. However, with the Federal Reserve’s recent rate cuts—a half-point decrease in September and an additional 25 basis points in November—the market may be primed for more activity. As mortgage rates stabilize and potentially decrease, more buyers could feel encouraged to make their move, fueling demand in the months ahead.
For opportunistic buyers, now may be an ideal time to negotiate, as the market remains competitive but slightly less frenzied than during the height of pandemic demand. The Bluffton market’s future will inevitably shift with broader economic changes, but as we’ve seen, it’s a place where demand persists, inventory remains tight, and conditions can change quickly.
Wishing everyone a happy holiday season and a wonderful New Year! I look forward to sharing more market updates and insights with you in 2025.
Dan Prud’homme is the Visionary & Success Coach of The Prud’homme Team at William Raveis Real Estate. dan@danprudhomme.com theprudhommeteam.com
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