A RESEARCH TOOL PROVIDED BY SOUTH CAROLINA REALTORS ®

A spike in mortgage rates , increased building costs , and record-setting new home prices continue to take their toll on the construction industry , as new single-family home sales plunged 16.6 % month-over-month , according to recent data from the Commerce Department . With the median price of a newly built home a record $ 450,600 as of last measure , declining affordability continues to hamper demand , as mortgage applications for new home purchases fell 10.6 % compared to a year ago , according to the Mortgage Bankers Association ( MBA ) Builder Application Survey ( BAS ). For the 12- month period spanning June 2021 through May 2022 , Pending Sales in the Hilton Head region were down 24.3 percent overall . The price range with the smallest decline in sales was the $ 375,001 to $ 650,000 range , where they decreased 4.8 percent .

The overall Median Sales Price was up 16.9 percent to $ 450,000 . The property type with the largest price gain was the Condos / Villas segment , where prices increased 27.6 percent to $ 370,000 . The price range that tended to sell the quickest was the $ 100,001 to $ 225,000 range at 71 days ; the price range that tended to sell the slowest was the $ 100,000 and Below range at 121 days .

- 4.8 % - 14.1

Price Range With the Strongest Sales :

Bedroom Co Strongest S

$ 375,001 to $ 650,000 2 Bedrooms

Pending Sales Days on Market Until Sale Median Sales Price Percent of List Price Receiv Inventory of Homes for Sale Months Supply of Inventory

Market-wide , inventory levels were up 9.4 percent . The property type that gained the most inventory was the Single Family segment , where it increased 11.0 percent . That amounts to 1.3 months supply for Single-Family homes and 1.3 months supply for Condos .

Current as of June 10 , 2022 Data © 2022 MLS of Hilton Head . All Rights Reserved . Provided by the Hilton Head Area Association of REALTORS ® and South Ca