PALMETTO BLUFF PROPERTY REPORT
total closed & pending
91 for $171.3M
2 0 2 3
F I R S T
Q U A R T E R
A T
A
G L A N C E
– 2 02 3 F I R ST Q UA RT E R U P DAT E –
total homes closed & pending
73 for $153M total homesites closed & pending
18 for $18.3M *Numbers reflect community wide closed and pending sales
For years, buyers have flocked to Charleston to experience the best of Lowcountry living, but the tides are turning, according to the Wall Street Journal, which recently named the Bluffton/ Hilton Head Island area the top US luxury home market. As a result, Palmetto Bluff Real Estate Company and our vibrant community are perfectly positioned to welcome those who want to live in this stunning coastal setting and embrace the exceptional lifestyle found here. Due to this ongoing desire to move to the Lowcountry, we continue to see strong interest in new construction, with 266 homes under construction at Palmetto Bluff and 154 in the Design Review Board process, representing over $800 million in residential construction. In addition, we’re seeing a steady increase in average home prices, with resale homes at an all-time high of over $3 million and a 21% increase in average purchase price since the end of 2022. In the first quarter of 2023, Palmetto Bluff had 91 closed and pending transactions communitywide for over $171 million. At Palmetto Bluff Real Estate Company, we brought the buyer for 64 transactions, compared to the next closest firm, which produced just 13 buyers. At Palmetto Bluff Real Estate Company, we take great pride in leading the local market, introducing the most buyers to available properties, and selling them twice as fast as outside firms while closing on average at a 13% higher price on resale homes. Please let us know how we might best serve your Palmetto Bluff real estate goals.
FIRST QUARTER COMPARISON
Palmetto Bluff Real Estate Company was involved in
73% of all Closed & Pending Transactions
2019
2020
2021
2022
2023
48
51
84
79
31
Dollar Volume
$44.7M
$42.4M
$74.2M
$100.7M
$70.6M
Average Home Purchase Price (Resale and Developer)
$1.46M
$1.29M
$1.82M
$2.14M
$2.55M
Average Homesite Purchase Price (Resale and Developer)
$360K
$601K
$557K
$883K
$1.14M
Properties Closed