What Experts Say About the Housing Market This Spring

If you’re gearing up for a move in the Lowcountry, you're likely curious about the current state of the housing market. Will there be more options available? Where are prices and mortgage rates headed? Let's dive into what the experts have to say about the upcoming season.

“...it seems our general expectation for the spring is that we will see a pickup in inventory. In fact, that already seems to be happening. But it won’t necessarily be enough to satiate demand.” - Odeta Kushi, Deputy Chief Economist, First American

“There is still strong demand, as the large millennial population remains in the prime first-time homebuying range.” - Lisa Sturtevant, Chief Economist, Bright MLS

“Where we are right now is the best of both worlds. Price increases are slowing, which is good for buyers, and prices are still relatively high, which is good for sellers.” - Danielle Hale, Chief Economist, Realtor.com

“There are slightly more homes for sale than this time last year, and there is still plenty of competition for well-priced houses. Buyers should prep their credit scores and sellers should prep their properties now, attractive listings are going pending in less than a month, and time on market will shrink in the weeks ahead.” - Skylar Olsen, Chief Economist, Zillow

“While mortgage rates remain elevated, home shoppers who are looking to buy this spring could find more affordable homes on the market than they saw at the same time last year. Specifically, there were 20.6% more homes available for sale ranging between $200,000 and $350,000 in February 2024 than a year ago, surpassing growth in other price ranges.” - Jiayi Xu, Economist, Realtor.com

For those looking to sell in the Lowcountry, this spring might be your golden opportunity. Inventory is on the rise, but it's still not enough to meet the high demand from buyers. Homes are selling quickly, making it an advantageous time to list your property.

On the flip side, if you're in the market to buy, the increase in homes for sale means you'll have more options to explore compared to last year. However, with heightened competition among buyers, it's essential to be prepared to act swiftly when you find the right home.

Bottom Line:

Whether you're planning to buy or sell, teaming up with a local real estate agent is crucial for navigating the bustling spring housing market in the Lowcountry. With their expertise and guidance, you can approach your real estate goals with confidence and success.