The real estate market on Hilton Head Island is progressing well through the 3rd quarter of 2019. Although the market isn't as brisk as last year's popping performance, signs of strength and stability are still present.
Island-wide, homes sales declined 5.5 percent, year-over-year, while the median sales price increased 2.8 percent to $545,000. However, the number of homes sold through the 3rd quarter of 2019 shows the market having a decent year when compared to the five year average. Within this context, sales are up 10.0 percent for the year. Over the last five years, the median sales price on the island has risen 3.8 percent.
The villa market on Hilton Head Island continues to do remarkably well with persistent growth. Sales of villas around the island, year-over-year, are up 3.4 percent and the median sales price increased 3.0 percent to $250,000. It's noteworthy that since 2015, sales transactions have increased 54.1 percent and the median sales price has gained 19.0 percent.
The number of homes sold in Sea Pines declined 13.8 percent, year-over-year, and the median sales price edged down 1.3 percent to $687,500. The market has been operating in fits and starts this year. We're averaging 17.3 homes sold per month in 2019 which is reasonably close to our five year average of 18.1 homes sold per month. The median sales price has gained 13.6 percent since 2015.
Villa sales in Sea Pines decreased 6.8 percent this year but the median sales price increased 3.0 percent to $422,500. This marks the fifth consecutive 3rd quarter with positive growth in the median sales price. Over the last five years, the market has appreciated 19.8 percent. The average number of villas sold per month this year is 12.2 while our five year monthly average has been 11.5 villas sold.
For an in-depth analysis of the real estate market on Hilton Head Island, including off-island communities, please click on the links below for the Hilton Head Island MLS September 2019 market reports:
Q3 REAL ESTATE MARKET REPORTS BY COMMUNITY
Q3 REAL ETATE MARKET OVERVIEW
The strength and stability of the island's real estate market should come as no surprise when recognizing the brand Hilton Head Island has created. Twice this year, Hilton Head Island has been awarded "Best Islands in the U.S." by the readers of two prominent travel magazines:
Travel + Leisure magazine readers voted Hilton Head Island "Best Island" in the continental United States for the fourth year in a row.
Conde Nast Traveler magazine readers voted Hilton Head Island "Best Islands in the U.S." for the third year in a row.
We're thrilled to share the new digital guide to Our Natural Environment in Sea Pines with you. This guide is an excellent resource to become acquainted with the various forms of wildlife you can discover within Sea Pines and our waterways. It's written with the intent to develop your awareness, appreciation and conservation of our natural environment.
If you've fallen in love with the island as much we have, we would enjoy helping you and your family to discover the thrill of becoming a part of our community. As long time residents of the island, our gratitude for being here grows by the day.
Please give us a call. We look forward to providing you with exceptional service!
Thanks and enjoy your fall season,
The Love FamilyTHE LOVE FAMILY on
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