The new normal: $1M price tags in Hilton Head

Working from home in Hilton Head may cost you $1 million.

Two years into the pandemic, listings at that threshold are no longer rare, and nor are homes that ask for almost $8 million, the Wall Street Journal reported. Median prices jumped to $650,000 through June from $360,000 in January 2020.

The South Carolina island, a hub of private and semi-private golf communities, has long drawn buyers interested in warmer weather and cheaper taxes. Now it’s another once-quaint vacation destination feeling the impact of a Zoom lifestyle.

Its numbers pale in comparison with towns like Vail or Lake Tahoe, where average home prices hover around the $1 million mark, according to Redfin. Still, surging prices are a shock for the once-sleepy island.

While less expensive than other destinations, Hilton Head’s gated golf developments have thrived in the past two years. Homes sold for record prices in Palm Beach County this summer, a low-density area with many golf courses.

Some markets that flourished in the pandemic are feeling the comedown from a sugar high. Around Boise, Idaho, prices spiked 79 percent in the pandemic and deflated after the Fed began pushing interest rates higher.

Overseas markets are also attracting U.S. buyers. As the Euro dips to its lowest in 20 years, some Americans are eyeing property in places like France, Spain and Italy.

– Kate Hinsche

https://www.wsj.com/articles/as-out-of-state-buyers-flock-to-hilton-head-million-dollar-home-sales-become-the-norm-11659538358

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