March 2023 Housing Market Report
Hi Neighbor,
I wanted to give you an update on the current market situation. Hopefully this information will aide you in your decision to either buy or sell. For most of us, our homes are the largest financial asset we’ll ever own – so you are right to want to understand this asset and the market you are in.
Here are the top things to know about the Beaufort real estate market right now:
Beaufort County is Enticing New Residents
The absorption rate in Beaufort county is rising. Which means that more people are moving here than are leaving. This is great news for sellers because this means we can sell your home fast!
Why are people interested in Beaufort? In the past year, South Carolina in general has become a hot spot for new out of state residents. Our growing cities (Charleston in particular) is bringing in daily traffic which trickles down to Beaufort. The housing market is slowing nationwide and selling in a desirable area is a huge help for a quicker turnaround.
Builder Confidence is Increasing
Single-family home purchases have increased to 7.1% this February largely due to new-home builds. The combination of limited supply of existing homes on the market, builder sales incentives, and softening sales prices have created a large surge of new-home builds purchases.
Single-family home purchases has also gained the most inventory, increasing to 128.4%. This amounts to 2.0 months supply.
Interest Rates Continue to Rise to Curb Inflation
This February, interest rates increased for the 8th time since March 2022 from 4.5% to 4.75%. The rates have dipped slightly since the peak last fall which have caused pending sales to increase 8.1%. Affordability constraints continue to limit homebuyer activity overall.
We are expecting to see continued low-sales activity this Spring. Low buyer demand is creating a slow-down of home price growth. Sellers are trying to attract buyers by significantly cutting prices and offering sales incentives. With the most recent interest rate increase, buyers continue to be hesitant to make a move.
Regardless of what twists and turns the market takes, to maximize your return on investment, it’s crucial that you strategically position your home to buyers.
If you are thinking about buying or selling your home in the next 12 months, call me today for your Strategic Marketing Consultation → 803-465-1725
To your success,
Melody Branham
License #117578
Keller Williams
www.MelodySellsSC.com
MelodySellsSC@gmail.com
803-465-1725
