Looking Back: Real Estate Trends Over the Last 2.5 Years
A Deeper Look Into Kiawah Island Real Estate Trends
Perfectly positioned in the scenic Lowcountry of South Carolina’s coast, Kiawah Island is home to opulent ocean views, quaint small-town feels, and charming architecture. Thus, it’s no wonder why so many people are eager to move to this eclectic coastal town!
If you’re interested in buying a property on Kiawah Island, it’s crucial that you understand the state of the current real estate market, as well as trends over the last 2.5 years. Read on to learn all about Kiawah Island Real Estate trends and what you can expect if you plan on entering the market!
The State of The Housing Market in General
The U.S. housing market has seen an incredible past two years, with record-low interest rates, the strongest yearly growth in single-family values and rentals, a historical low in foreclosure rates, and the highest number of home sales in 15 years. As fierce buyers battled for the winning bid, home sellers witnessed a market in which their properties sold rapidly and frequently for amounts over the listing price.
When it comes to Kiawah Island Real Estate trends, plenty of transactions are happening, meaning confidence is still high, buyers are not deterred, and the market is stable. In fact, despite the rise in interest rates, Kiawah Island had some very impressive sales results this year — hitting 310 closings for $608 million and a 21 percent increase in Island inventory year over year.
Record Breaking Sales Activity
Nationwide in 2021, people spent more on real estate than ever before due to the surge of home prices. At the end of 2021, prices were 50 percent above their highest point before the market crash in 2008.
When we sat down with Kiawah Island Real Estate (KIRE) President, Dan Whalen, he stated, “2022 will be the third best sales year of all-time, falling right behind 2020 in second place and 2021 in first.” With these statistics in mind, KIRE is poised to act quickly with buyers eagerly seeking to be part of the intimate magic of the Island.
Historically Low Inventory
After two years of record-low inventory, the Island is seeing a slow replenishment. Overall, at the close of Q3 2022, inventory increased 21 percent year-over-year to 102 listings in 2022 but remains at only two percent of the Island-wide inventory. In fact, Whalen stated that Kiawah Island is close to not having any more development options available, as the breathtaking waterfront Island has grown tremendously over the past couple of years.
Competition Among Buyers
Over the past 2.5 years, people who sought to plant their roots on Kiawah Island were willing to dig deep into their wallets to make it happen. In fact, within the past two years, the Island has seen a large increase in total dollar volume — from 220 million in 2019 to nearly 608 million this year.
When asked what advice he would give to prospective buyers, Whalen stated, “Don’t think that there is only one option for your future home. For whatever reason, if your offer is not accepted, keep trying, and don’t get discouraged.” Buying smart is possible. Just be sure to have a great network of real estate professionals you can lean on for advice and guidance — like the Kiawah Island Real Estate team!
Is Now a Good Time to Buy?
Short answer, yes. You should absolutely consider buying a property in today’s market. While inventory is low, you have the potential to be the only offer on the home, and avoid having to pay above the asking price. Additionally, home prices are relatively steady on the Island, so if you find a home you’re interested in, you shouldn’t delay.
With these Kiawah Island Real Estate trends in mind, work closely with the Kiawah Island Real Estate team to ensure the most bang for your buck. “No one wants to postpone making great memories with their families,” said Whalen. So, if you’re in the market to buy, act quickly so you and your family can begin making memories that will last a lifetime.
Learn More: Is Now the Right Time to Buy a Vacation Home?
Make Kiawah Island Your Home
Buying a Kiawah Island property begins with working with Kiawah Island Real Estate. Here, our team of more than 50 sales and marketing professionals is exclusively dedicated to helping you find the perfect property that will become a cherished home!
From the beginning, we get to know more about your life and personal interests. By doing so, we can help you choose the Kiawah Island neighborhood that is best suited for you and your family while also ensuring you get everything you’re looking for and more.
To learn more about how you can partner with our team of experienced professionals and buy your dream home, click on the button below.