The real estate market in Aiken has experienced significant changes in recent months. While the number of homes sold has seen a decline, inventory levels have surged, providing buyers with more options. In this market report, we will delve into the key statistics and trends shaping the Aiken real estate market in April 2023.
Decreased Sales Volume:
- 26.5% decline in year-to-date sales volume compared to last year.
- 933 homes sold in 2023 compared to 1,270 during the same period last year.
- Median price increased by 0.7% to $266,950.
Increased Inventory:
- Inventory surge with a 75% increase in active listings compared to the previous year.
- 709 homes listed as “active” for sale in Aiken at the end of April.
- Approximately 2.8 months of housing supply available.
National Real Estate Trends:
- US existing-home sales decreased by 2.4% month-over-month.
- Median existing-home sales price in the US fell by 0.9% compared to last year.
- National Association of REALTORS® (NAR) attributes the decline to mortgage interest rate fluctuations.
New Construction Demand:
- Surge in demand for new single-family homes.
- Monthly new-home sales increased by 9.6%, the highest rate in a year.
- Single-family housing starts rose by 2.7% to 861,000 units.
Aiken Pending Sales:
- Pending sales in the Aiken region decreased by 24.3% in the 12-month period.
- $500,001 to $750,000 price range showed a 1.8% gain in pending sales.
Price Trends:
- Median sales price in Aiken improved by 6.7% to $270,000.
- Condo segment experienced a substantial price increase of 27.1% to $217,250.
- $150,001 to $250,000 price range was the most popular.
Inventory Levels:
- Market-wide inventory levels improved by 28.9%.
- Single-family homes segment saw the largest gain with a 29.1% increase.
- 2.7 months of inventory available for single-family homes and 3.7 months for condos.
The Aiken real estate market has experienced a decline in sales volume but has seen an impressive surge in inventory levels. The median sales price has remained relatively stable, reflecting a resilient market. These trends present opportunities for buyers to explore the expanded inventory and potentially find favorable pricing. For sellers, it may be crucial to position their properties competitively to attract motivated buyers in this evolving market.
