The wild year of 2022 is now behind us and the housing market remained firmly in the spotlight throughout, as Federal interest rate hikes were center stage, intending to curb inflation and effectively cooling a highly competitive seller’s market. Looking at the data, we can clearly see a reduction in the number of sales from 2021 to 2022 across our Lowcountry markets.
What we must recognize, however, is that, although sales have slowed from the pace of 2021, the persistent allure of the Lowcountry lifestyle kept our market strong. Overall the strongest markets to date in the U.S. can be found in Florida, Georgia, and South Carolina, which is great news indeed for our area. Sales prices continued to increase across our markets, with strong list-to-sales price ratios.
Despite that trend, the landscape is shifting from a strong sellers market to a more balanced market, with more properties coming up for sale, fewer bidding wars, and fewer multiple offer situations. Great news for buyers! For sellers, this market demands that your home is priced right, presented well, and that your agent has a pulse on the shifting sands. Overall, we are looking at a great year ahead for the Lowcountry real estate market, and those with a savvy advisor in their corner will come out ahead. Click below to view the reports.
