I wish I could tell you yes… but it's not really reflected in the data. Yes, we see prices dropping on over-priced homes that are listed for sale. For example, if homes in a neighborhood are selling for $350,000 and someone lists their home for $400,000, but then they drop it to $375,000 and get it under contract, does that mean prices are necessarily dropping? No. I think that the level of crazy is going from high to slightly less high.
According to the data from the month ending May 2022 provided by the Coastal Carolina Association of Realtors, the average price of all properties listed in the MLS increased from $371,804 in April to $400,656 in May... almost $30,000!
We’re still facing low supply of homes. Without inventory, prices will not go down.
It's Economics 101: Low Supply + High Demand = High Prices.
We experienced a slight uptick in supply in April and May. As interest rates rise, that should lower demand, and we SHOULD see those two factors impact price. But according to the latest numbers from the MLS, it has not happened yet.