July 2024 Housing Market Report for Mount Pleasant, SC

A headline caught my eye recently. It read: 

“The Housing Market Isn’t Making Sense. What’s Going On.” 

It got me thinking about how much information is circulating out there. Numbers are flying around about inventory increases and price reductions (promising news for buyers)—and at the same time, there are also stats about record-high home prices (every seller’s dream).

When I first sat down to write this, I planned to dispel some misinformation and explain what all those numbers really mean. Then it hit me—the headlines and reports you are seeing all reference housing market stats nationwide. And when buying or selling real estate, the most important data is hyperlocal. 

So, let’s take a look at what happened in the July 2024 housing market in Mount Pleasant. 

Mount Pleasant Housing Market Report for July 2024 

Single Family Homes: Data at a Glance

• Median Sale Price: $960,000, -1.7% year over year

• Average Sale Price: $1,333,182, +11.0% year over year

• Average Days on Market: 23 days, +27.8% YoY

• Months of Inventory: 2.4 months, +60.0% change YoY

• Active Listings: 261 homes, +50.9%change YoY

• Closed Sales: 121 homes, +5.2% change YoY

• List-to-Sale Price Ratio: 96.0%, -2.3% change YoY

Single Family Homes: Market Highlights

The latest housing market statistics for Mount Pleasant, SC, reveal some significant trends that both homebuyers and homeowners should be aware of. The median sale price of homes is $960,000, which has dipped slightly by 1.7% compared to last year. However, the average sale price has increased by 11.0%, now sitting at $1,333,182. This suggests that while some homes might be selling for less, there are still many high-end properties that are commanding premium prices, pushing the overall average up.

For those looking to buy a home, the market appears to be shifting. Homes are staying on the market longer, with an average of 23 days before selling, a 27.8% increase from last year. Additionally, there is more inventory available, with 2.4 months of supply—up by 60.0%—and 261 active listings, a 50.9% increase. This means buyers may have more options to choose from and potentially more negotiating power as the market becomes less competitive. However, with the list-to-sale price ratio dropping to 96.0%, sellers are still getting close to their asking prices, but there's slightly more room for negotiation than before.

For homeowners, the outlook is mixed. While home values remain high, the slight decrease in the median sale price and the longer time on the market may indicate that the rapid price increases of the past few years are stabilizing. The increase in inventory and active listings could also mean that there’s more competition for sellers. Overall, the market seems to be balancing out, offering opportunities for both buyers and sellers as it transitions from a seller's market to a more neutral one.

Townhomes and Condominiums: Data at a Glance

• Median Sale Price: $515,000, +24.9% year over year

• Average Sale Price: $612,572, +22.7% year over year 

• Average Days on Market: 23 days , +9.5% YoY

• Months of Inventory: 1.9 months, +111.1% YoY

• Active Listings:  77 properties, +113.9% YoY

• Closed Sales:  43 properties, +7.5% YoY

• List-to-Sale Price Ratio:  97.8%, -1.3% YoY

Townhomes Condominiums: Market Highlights

The Mount Pleasant condo and townhome market has seen significant changes over the past year. The median sale price has jumped to $515,000, reflecting a strong 24.9% increase year-over-year, while the average sale price has risen by 22.7% to $612,572. This surge in prices indicates a competitive market, where demand has pushed values higher. For potential buyers, this means homes are more expensive, and they might need to act quickly to secure a property within their budget.

However, the market is showing signs of a shift. The average days on market have increased slightly to 23 days, and inventory has more than doubled to 1.9 months. With 77 active listings available, there’s more choice for buyers, which could ease some of the competitive pressure. This increase in inventory suggests the market is beginning to balance, giving buyers a bit more leverage than they had a year ago.

For homeowners, the price gains are great news if you're considering selling. However, the slight decrease in the list-to-sale price ratio to 97.8% suggests that buyers are starting to negotiate more, possibly due to the increased inventory. Overall, while the market remains strong, the rise in inventory and longer days on market indicate that it might be shifting toward a more balanced environment. Buyers may find more opportunities, and sellers might need to be more strategic in pricing their homes.

Final Thoughts

The housing market may seem confusing right now, but with the right information and a focus on local data, you can navigate it confidently. For an even more personalized data report for your home or neighborhood, reach out to me here.