Beaufort County communities where home prices are skyrocketing, where they are lagging
In some areas of Beaufort County, home prices doubled in the past five years. In others, they’ve increased by less than 10%.
With already expensive communities generally increasing their prices more significantly than less expensive ones, the gap between who can afford to live in Beaufort County’s high-end communities and who cannot is widening.
The exceptional price increases in higher-end communities show demand for luxury property in Beaufort County remains strong, though supply is low, and homebuyers are willing to pay rising prices for high-end real estate.
The 2022 market report, released last week by the Hilton Head Area Association of Realtors, showed which community home prices lagged behind, stayed on par with, or skyrocketed past the area’s 54.4% median price increase since 2018.
“[The Hilton Head area data] includes anything sold through the Hilton Head MLS north and south of the Broad River,” Hilton Head Area Realtors CEO Jean Beck told The Island Packet and Beaufort Gazette previously. “The largest part is Hilton Head, Bluffton, Daufuskie and Hardeeville.”
On average, the 10 most expensive communities’ home prices increased 66.4% since 2018. The 10 least expensive communities’ home prices increased 54.5%, according to a survey by The Island Packet and Beaufort Gazette. That’s over a 10 percentage point difference in growth over time, relating to home prices in the hundreds of thousands if not millions. And that’s without mentioning transfer and POA fees.
In Wexford, one of Beaufort County’s premier communities, median prices more than doubled from $1.07 million five years ago to $2.2 million today. On Fripp Island, median prices 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 median price; however, its prices increased only eight percent from $1.42 million five years ago to $1.55 million today. Excluding Spanish Wells as a data point, the other nine most expensive communities’ home prices increased by 72.84%.
Comparatively, South Carolina’s overall median sales price jumped from 57.5% in 2018 to $315,000. Market reports also provided data for the past year’s growth, which was 15.4% for South Carolina and 18.3% for the Hilton Head area.
And homebuyers are paying asking prices.
According to the report, more than 99% of sellers received what they asked for or higher in 2021, and inventory averaged a 1.5-month supply, despite a healthy housing market typically having a four- to six-month supply.
“There’s just no inventory both on and off island,” Realtor Rick Saba said. “We’re also seeing a lot of multiple offers. We just had a home on [Hilton Head Plantation] that we listed, and we had three offers in one day. It again goes back to that lack of inventory out here.”
Highest priced homes
Eleven communities had median home prices over $1 million, with two over $2 million. Including their percentage increase since 2018, they are:
1. Wexford
$2.2 million; up 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 20.5% from $1.38 million
4. Spanish Wells
$1.55 million; up 8.8% from $1.42 million
5. Colleton River
$1.54 million; up 51% from $1.02 million
6. Belfair
$1.28 million; up 93.2% from $659,937
7. Fripp Island
$1.22 million; up 124.9% from $542,463
8. Berkeley Hall
$1.21 million; up 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 58.6% from $693,568
11. Oldfield
$1 million; up 34.4% from $749,877
Lowest priced homes
All but one community had higher median prices than $315,000, South Carolina’s median home price. The communities with the lowest median home prices and their percentage increase since 2018 are:
1. HH General (Condos / Villas)
$280,000; up 56.8% from $178,571
2. Hilton Head Lakes
$330,101; up 11.9% from $294,996
3. Folly Field
$350,000; up 70.8% from $204,918
4. Bluffton General
$415,000; up 44.6% from $286,999
5. Sun City
$465,000; up 50.3% from $309,381
6. Forest Beach
$457,000; up 49.8% from $305,073
7. Daufuskie Island
$580,000; up 46.8% from $395,095
8. Hilton Head General (Detached)
$587,000; up 52.1% from $385,930
9. Shipyard
$605,000; up 68.1% from $359,904
10. Hampton Pointe
$615,000; 93.4% from $317,993
Largest percent price increases since 2018
Five of the communities with the highest priced homes — Fripp Island, Wexford, Belfair, Berkeley Hall and Long Cove — also had the greatest percentage price increases since 2018. Three of the communities with the lowest priced homes — Folly Field, Shipyard and Hampton Pointe — also were among the greatest percentage price increases since 2018.
Their median price and increase since 2018 is:
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. Callawassie Island
$790,500; up 97.6% from $400,051
4. Hampton Pointe
$616,000; up 93.4% from $317,933
5. Belfair
$1.28 million; up 93.2% from $659,937
6. Beaufort County - South of the Broad River
$810,000; up 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. Folly Field
$350,000; up 70.8% from $204,918
10. Shipyard
$605,000; up 68.1% from $386,674
Smallest percent price increases since 2018
Two of the communities with the highest priced homes — Spring Island and Oldfield — were among those with the smallest percentage price increases since 2018. Two of the communities with the lowest priced homes — Hilton Head Lakes and Daufuskie — also were included.
Their median price and increase since 2018 is:
1. Windmill Harbour
$735,000; up 8.1% from $679,925
2. Spanish Wells
$1.55 million; up 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 20.5% from $1.38 million
5. Indigo Run
$925,000; up 29% from $717,054
6. Oldfield
$1 million; up 34.4% from $749,878
7. Hampton Hall
$760,000; up 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. Daufuskie Island
$580,000; up 46.8% from $395,095
Largest percent price increases since 2021
Some communities’ prices have only started to increase significantly recently, such as Port Royal Plantation, Colleton River, Hilton Head General and Moss Creek.
“An area like Port Royal [Plantation] became arguably the hottest community because of the privacy,” said Realtor Tristian O’Grady. “It has a big beachfront, and only owners and their guests are allowed in the gates ... unlike Sea Pines.”
Their median price and increase since 2021 is:
1. Fripp Island
$1.22 million; up 162% from $465,650
2. Callawassie Island
$790,500; up 68.6% from $469,000
3. Wexford
$2.2 million; up 58.2% from 1.39 million
4. Colleton River
$1.54 million; up 57.1% from $980,000
5. Beaufort County - South of the Broad River
$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 30% from $465,000
Smallest percent price increases since 2021
Some communities may not have sold enough homes this year to accurately reflect the community’s median home price, according to Saba, the Realtor.
“Within a lot of these communities, there just wasn’t any supply at all,” he said. “Spanish Wells is a great example of that. They don’t have the data in there to show that.”
Spanish Wells had seven sales last year, the lowest number of sales for any community, according to the reports. All other communities on the list also had fewer sales than in previous years, except for Hilton Head Lakes.
“When you look at something like Spanish Wells, it’s pretty jaded because you might have sold an interior home for say $1.5 million. If there weren’t any big waterfront [sales] that might have sold for $3 [million] to $6 million in there, that brings down the average sale,” O’Grady said. “It doesn’t mean the best the property values were less. It just means the stats weren’t there.”
Their median price and percent change since 2021 is:
1. Spanish Wells
$1.9 million; down 18.4% from $1.55 million
2. Windmill Harbour
$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 4% from $725,000
5. Daufuskie 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
