February 2025 Market Report

February is the month where things typically kick off. The holidays are over, more people list their properties and people who are motivated to purchase a property this year are out viewing property and making offers. For the recap of February 2025, I’d like to split it into two major categories: Single Family homes and Condos/Townhomes.

For condos and townhomes:
Prices dropped from a median sold price of $248,000 in January to $234,000 in February. However, please note, that is only a 1.5% price drop compared to February 2024 with a median sold pice of $237,500. Prices have mostly plateaued for condos and townhomes since May of 2022.

In the Coastal Carolinas Association of Realtors market, we have had more than 6 months of inventory of condos and townhouses since April of 2024. Last month, we hit 7 months of supply. You might know this calculation but the reason I like it this metric is that it takes into account existing inventory (supply) and then divides that total inventory by how many condos/townhouse sold last month (demand) to determine how many months of inventory we have. Anything over 6 months is considered a buyer’s market and I’d argue that it should be around 5 months that things shift to favor buyers. This supply and demand relationship is the biggest indicator of macro-market activity and determines pricing and timing more than anything. As the supply increased, prices plateaued and days on market increased. As a buyers agent for a condo, I’ve been negotiating pretty heavily. As a listing agent for a condo, I’ve been encouraging my clients to make concessions and negotiate when they get an interested buyer.

Closed sales are down. This is unique. Every February in the last 10 years saw a big increase in closed sales compared to the prior month (January). But not February 2025. Closed sales are lower than January 2025 and a whopping 23% lower than February 2024. Lord willing, the market kicks off in March for owners of condos.

Single Family Homes:
Prices went down for single family homes in February 2025 with a drop from January’s $378,900 to $365,000. Please note, this is only a 1.4% difference from February 2024. In the last 12 months, prices have hit a low of $354,000 and a high of $378,900 but mostly stayed pretty flat.

Supply for single family homes is holding steady at 3.8 months of supply. We’ve been between 3 months and 4.1 months of supply for this property category since October 2022.

Closed sales are down for single family homes too. With 560 closed sales in February 2025, you have to go back to September 2018 to find another month with fewer closed sales.

What does this mean?
For buyers and sellers, it means having an agent that is paying attention to market trends is incredibly important. Sellers are probably going to give a little more than they’d like to give. It’s going to take a little more time to sell. And buyers are going to have more options and more negotiating power. However, all of those things are relative to what you’re selling and what you’re buying. We can help you with market data to make the best plan possible to help you achieve your goals. If you have questions or we can help talk through your specific scenario, please don’t hesitate to ask! We’d love to help.

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