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Beaufort County communities where home prices are skyrocketing and where they are lagging behind

 

In parts of Beaufort County, house prices have doubled in the last five years. In others, they increased by less than 10%.

Because already expensive neighborhoods tend to raise their prices more than less expensive ones, the gap between those who can afford to live in Beaufort County’s elite communities and those who can’t is widening.

The exceptional rise in prices in high-end communities shows that demand for high-end property in Beaufort County remains high, although supply is low, and homebuyers are willing to pay rising prices for high-end property.

The 2022 Market Report released last week by the Hilton Head Area Association of Realtors showed which community home prices have lagged, flattened or surged after the area’s average price increase of 54.4% since 2018.

“[The Hilton Head area data] includes everything sold through the Hilton Head MLS north and south of Broad River,” Hilton Head Area Realtors CEO Gene Beck previously told The Island Packet and Beaufort Gazette. “Most of it is Hilton Head, Bluffton, Dofusky and Hardeeville.”

On average, house prices in the top 10 most expensive communities have risen 66.4% since 2018. According to a survey conducted by The Island Packet and the Beaufort Gazette, home prices in the 10 least expensive communities rose by 54.5%. That’s more than a 10 percent difference in growth over time when you factor in home prices in the hundreds of thousands, if not millions. And this is without mentioning the commissions for the transfer and power of attorney.

In Wexford, one of Beaufort County’s top neighborhoods, median prices have more than doubled from $1.07 million five years ago to $2.2 million today. On Fripp’s Island, median prices have more than doubled from $542,463 five years ago to $1.22 million today.

Spanish Wells is one of the Beaufort County communities with the highest average price; however, its prices have risen only eight percent from $1.42 million five years ago to $1.55 million today. Excluding Spanish wells as a data point, home prices in the other nine most expensive communities rose by 72.84%.

In comparison, the total median selling price in South Carolina jumped from 57.5% in 2018 to $315,000. Market reports also provided data on last year’s growth, which was 15.4% for South Carolina and 18.3% for the Hilton Head area.

And homebuyers pay the asking price.

More than 99% of sellers got what they asked for or more in 2021, with inventory averaging 1.5 months, according to the report, despite a healthy housing market typically offering four to six months of supply.

“There is simply no inventory both on and off the island,” said realtor Rick Saba. “We also see a lot of different proposals. We just had a house on [Hilton Head Plantation] which we listed and we had three offers in one day. This again goes back to the lack of inventory here.”

The most expensive houses

Eleven communities had a median home price in excess of $1 million, and two had over $2 million. Taking into account their percentage increase since 2018, they are:

1. Wexford

$2.2 million; to 105.1% from $1.07 million

2. Palmetto Bluff

$2.14 million; up 55.3% from $1.38 million

3. Spring Island

$1.56 million; up to 20.5% from $1.38 million.

4. Spanish Wells

$1.55 million; to 8.8% from $1.42 million.

5 Colleton River

$1.54 million; to 51% from $1.02 million.

6. Belfair

$1.28 million; up to 93.2% from $659,937

7 Fripp Island

$1.22 million; up 124.9% from $542,463

8. Berkeley Hall

$1.21 million; up to 71.6% from $762,610

9. Long Cove

$1.78 million; up 75.4% from $669,897

10 Port Royal Plantation

$1.1 million; up to 58.6% from $693,568

11. Oldfield

$1 million; up 34.4% from $749,877

The cheapest houses

In all but one community, median prices were higher than $315,000, the median price of a home in South Carolina. Communities with the lowest average home prices and their percentage increase since 2018:

1. HH General (Condominiums/Villas)

$280,000; up 56.8% from $178,571

2. Hilton Head Lakes

$330,101; up 11.9% from $294,996

3. Field of Madness

$350,000; up to 70.8% from $204,918

4. Bluffton General

$415,000; up 44.6% from $286,999

5. Sunny city

$465,000; up to 50.3% from $309,381

6. Forest beach

$457,000; up to 49.8% from $305,073

7. Daufuski Island

$580,000; up 46.8% from $395,095

8. Hilton Head General (Separate)

$587,000; up to 52.1% from $385,930

9. Shipyard

$605,000; up to 68.1% from $359,904

10. Hampton Pointe

$615,000; 93.4% of $317,993

Biggest price increase since 2018

The five locations with the most expensive homes — Fripp Island, Wexford, Belfair, Berkeley Hall and Long Cove — also had the highest percentage of price increases since 2018. The three locations with the lowest housing prices are Folly Field, Wharf and Hampton Point. — were also among the highest percentages of price increases since 2018.

Their average price and growth since 2018:

1 Fripp Island

$1.22 million; up 124.9% from $542,463

2. Wexford

$2.2 million; up 105.1% from $1.1 million

3. Callawassee Island

$790,500; up to 97.6% from $400,051

4. Hampton Pointe

$616,000; up to 93.4% from $317,933

5. Belfair

$1.28 million; up to 93.2% from $659,937

6. Beaufort County – South of Broad River

$810,000; up to 78.5% from $453,781

7. Long Cove

$1.18 million; up 75.4% from $669,897

8. Berkeley Hall

$1.21 million; up 71.6% from $704,837

9. Field of Madness

$350,000; up to 70.8% from $204,918

10. Shipyard

$605,000; up to 68.1% from $386,674

Smallest price increase since 2018

The two areas with the most expensive homes – Spring Island and Oldfield – were among those with the lowest percentage of price increases since 2018. Two areas with the lowest house prices, Hilton Head Lakes and Daufuski, were also included.

Their average price and growth since 2018:

1. Harbor of windmills

$735,000; up to 8.1% from $679,925

2. Spanish Wells

$1.55 million; to 8.8% from $1.42 million.

3. Hilton Head Lakes

$330,101; up 11.9% from $294,996

4. Spring Island

$1.56 million; up to 20.5% from $1.38 million.

5. Indigo Run

$925,000; up to 29% from $717,054

6. Oldfield

$1 million; up 34.4% from $749,878

7. Hampton Hall

$760,000; up to 35% from $562,963

8. Sea pines

$930,193; up 36.8% from $679,965

9. Bluffton General

$415,000; up 44.6% from $286,999

10. Daufuski Island

$580,000; up 46.8% from $395,095

Biggest price increase since 2021

Prices in some communities have only recently begun to rise significantly, such as Port Royal Plantation, Colleton River, Hilton Head General and Moss Creek.

“An area like Port Royal [Plantation] has become arguably the most popular community because of privacy,” said realtor Tristian O’Grady. “It has a big beach and only the owners and their guests are allowed in the gate…unlike the Sea Pines.”

Their average price and growth since 2021:

1 Fripp Island

$1.22 million; up to 162% from $465,650

2. Callawassee Island

$790,500; up 68.6% from $469,000

3. Wexford

$2.2 million; to 58.2% from 1.39 mln.

4 Colleton River

$1.54 million; up 57.1% from $980,000

5. Beaufort County – South of the River Broad

$810,000; up 54.3% from $525,000

6. Belfair

$1.26 million; up 45.1% from $879,000

7. Berkeley Hall

$1.21 million; up 37.6% from $879,000

8. Moss Creek

$615,000; up 31.6% from $467,500

9 Port Royal Plantation

$1.1 million; up 32.9% from $827,700

10. Shipyard

$605,000; up to 30% from $465,000

Smallest price increase since 2021

According to real estate agent Saba, not enough homes have been sold in some communities this year to accurately reflect the average home price in the community.

“In many of these communities, there was simply no offer,” he said. “Spanish Wells is a great example of this. They don’t have the data to show it.”

There were seven sales in Spanish Wells last year, the lowest for any community, according to reports. All other communities on the list also had lower sales than previous years, with the exception of Hilton Head Lakes.

“When you look at something like Spanish Wells, it’s pretty exhausting because you could sell a house with interior finishes for, say, $1.5 million. If there wasn’t a big embankment [sales] which could be sold for $3 [million] to $6 million, which brings down the average sales volume,” O’Grady said. “This does not mean that the better the value of real estate was less. It just means there were no statistics.”

Their median price and percentage change since 2021 is:

1. Spanish Wells

$1.9 million; decreased by 18.4% from $1.55 million.

2. Harbor of windmills

$735,000; down 18.2% from $899,000

3. Hilton Head Lakes

$330,101; down 7% from $354,775

4. Hampton Hall

$760,000; up to 4% from $725,000

5. Daufuski Island

$580,000; up 5.6% from $549,000

6. Spring Island

$1.58 million; up 6.1% from $1.49 million

7. Sea pines

$930,193; up 8.3% from $859,000

8. Palmetto Bluff

$2.14 million; up 18.5% from $1.81 million

9. Forest beach

$457,000; up 18.7% from $385,000

10. Indigo Run

$925,000; up 20.4% from $768,000

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