May 2023 Aiken Market Report

The Aiken region’s real estate market remained steady in May, with 265 homes sold at a median price of $285,000. While the number of homes sold during this period is lower compared to last year, the median price saw a slight increase, reflecting a stable market for sellers and buyers.

According to year-to-date data, the sales volume in 2023 has experienced a 5.9% decrease, with 1,590 homes sold so far compared to 1,689 at the same point last year. Despite the decline in sales, the median price has shown resilience, standing at $270,000—a 0.7% increase from the median price of $268,000 recorded in 2022 at this time.

One notable trend in the Aiken real estate market is the increase in available inventory. The data reveals a 22.2% rise in the number of homes listed for sale compared to the same period last year. As of the end of May, there were 711 homes listed as “active” for sale in Aiken. This significant increase in inventory suggests more options for prospective buyers in the area.

Analyzing the available inventory and recent sales data, it can be concluded that the market currently has 2.8 months of available inventory. This figure represents the amount of time it would take to sell all the homes on the market if no new properties were listed. A 2.8-month supply indicates a balanced market, where neither buyers nor sellers have a significant advantage.

It is important to note that the data provided reflects residential sales reported by the Aiken MLS from May 1 to May 31, 2023. These figures give us a snapshot of the local real estate market’s performance during this specific period.

The stable median price amidst a decrease in sales volume indicates that Aiken’s real estate market remains attractive to potential buyers. While the overall sales volume has declined, the slight increase in median price demonstrates resilience and stability in the market. Additionally, the increase in available inventory offers buyers a wider range of choices, providing them with more opportunities to find a home that suits their preferences and budget.

As we move forward, it will be interesting to observe how the Aiken real estate market evolves throughout the year. Factors such as interest rates, local economic conditions, and housing demand will continue to shape the dynamics of the market. Prospective buyers and sellers should closely monitor these trends and work with experienced real estate professionals to make informed decisions in this evolving landscape.