Cover - Luxury Collection - 1

Luxury Market Overview

by Jennifer Hamilton

Exceptionally strong buyer demand continues to cause a low-inventory market, driving prices up nearly worldwide. 

As the world around us has changed, so too has the luxury market along the Grand Strand. The ubiquity of work-from home arrangements is inspiring people to reevaluate where they want to live and enabling them to move there. 

And many from the Northeast and West Coast are selling their modest homes and reinvesting in luxury homes in this area. People are increasingly drawn to the relaxed beach lifestyle, mild climate, and lower cost of living compared to other areas of the country. Many too are now spending the majority of the year in their additional home here. 

In 2021, the average sales price for single-family resale homes in the top 10% of our market was $1,004,549, and the average days on the market across the board was 138. The highest-price home sold for $4,100,000. The top 10% in our market for new construction homes was $591,523, selling in 187 days. 

In December, there was a mere 3.3 month-supply of luxury homes for sale, leading to a still-strong seller’s market. Looking ahead, experts anticipate many of the housing market trends of 2021 will continue in 2022, albeit at a more moderate level. 

Strong buyer demand and inventory shortages are likely to persist over the next year. However higher mortgage rates, which began the year at historic lows, still remain attractive, and homeowners who choose to sell in the coming months can expect to see plenty of buyer activity due to pandemic demand.

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