The following is a bulleted list of interesting stats from 2024 taken from the Coastal Carolinas Association of Realtors:

• Prices remained relatively flat compared to recent years where we saw huge increases in property prices. In January 2024, the average price per property was $395,396. With a high point in May of $397,444 and a low point in February of $370,322, we ended the year in December with an average sales of $388,321. Compare that to 2022 where the year started at $314,268 and finished in December at $367,215.
  This past year, seller accepted less than their asking price and they did it much more frequently than in recent years. The average percent of list price dipped below 97% in 2024. This stat is the percentage of list price that a seller accepted on an offer. The last time that percentage dropped below 97% was June 2020. Through the entire year of 2024, the average percent of list price never went ABOVE 97.5%. Compare that to recent years where from March 2021 and October 2022, the average percent of list price didn’t drop BELOW 97.5%. That’s 21 months of sellers getting closer to their asking price. 

We’re officially in a buyer’s market for condos and townhomes! Since April 2024, there’s been more than 6 months of supply for condos and townhomes. That number spent most of the year trending up with a high point of 6.9 months of inventory in November. Most real estate experts agree that anything over 6 months of inventory is a buyers market and many will (including me) will argue that anything over 5 months is a buyers market. This is the first sustained buyers market we’ve had for condos and townhomes since 2017.

Total closed sales for 2024 (18,527) looks much closer to closed sales totals from 2017 (17,414), 2018 (17,125) and 2019 (18,060 )than the COVID market of the early 2020’s: 2020 (20,570), 2021 (25,190), 2022 (21,512). 

Other factors:

• Interest rates stayed between 6.5% and 7.5%. Interestingly as the Federal Funds rate dropped slightly towards the end of the year, mortgage rates went the opposite direction and went up. Please let me connect you with a trusted lender if you have questions about a mortgage. It’s never been more important to work with someone like Jenny King with Legendary Mortgage. 
• Migration trends- the exodus out of high cost states like California, New York, and Illinois continues as people move to South Carolina, Florida, Tennessee, Texas and Arizona. 
• Affordability- Historically, interest rates are low. However, they are higher than they have been in almost 20 years. Compounding the affordability issue is that prices have never been higher. In the past 60 years, home prices have grown more than twice as fast as wages; mortgage payments have doubled in the last decade; Taxes and insurance costs have increased dramatically with a 7% increase nationally in 2023 alone; home maintenance costs increased by 26% from 2020 to 2024. 

Is this all bad news? Not at all. Real estate continues to be one of the best investments a person can make. Everyone needs a roof over their head and you’re always paying a mortgage. If you’re renting, you’re often paying the property off for your landlord. Sellers have gained significant equity in the last 5 years. Buyers in the market have more options than ever with more properties on the market and sellers competing for them to make an offer on their home. With 2024 in the rear view mirror, I’m excited to help people with their real estate needs in 2025. If there’s anything I can do to help you or you want to talk through different scenarios, please don’t hesitate to contact us. I’d love to help!