–Drew Grossklaus, Sales Director/BIC East Cooper
What a year it has been for real estate and William Means. At the start of 2024, there were many questions surrounding where the real estate market would go. Interest rates remained higher in comparison to previous years, inventory continued to lag behind previous years, the economy was still trying to rebound from high inflation, and we were in a contentious presidential election year. Many of these questions were answered as the year unfolded. Inventory numbers crept up throughout the year. The largest inventory increase was in the spring, and we are currently seeing a decline in the last few months of 2024. The amount of inventory will likely end up about 11% higher than 2023. The number of sold homes was nearly equal to 2023, currently sitting at a difference of only .3%. The sales price of sold homes was up nearly 5%. Listing prices increased by nearly the same amount at 5%. The interesting thing about these figures was that they remained strong despite interest rates averaging in the mid six percent to low seven percent. Inflation did cool throughout the year and the Fed cut rates two times, with a third expected in a few days. We did see a cool down of activity in the month leading up to the election. As we have seen in past presidential election years, the election outcome changed little in the real estate world.
William Means had a banner year in 2024, achieving a record-breaking 30% increase in sales. This remarkable growth is a direct reflection of the dedication and expertise of our agents. Despite modest inventory increases, buyers faced challenges in finding the right home, but our agents leveraged every strategy available to ensure our clients found the perfect property. While overall sales remained steady, the average days on market increased, as buyers became more selective in their choices. Our seller clients saw the benefits of our innovative marketing and strategic merchandising, which allowed their homes to stand out and shine in a competitive market. In a year where the real estate landscape was more demanding than ever, William Means’ deep industry knowledge, proven history, exceptional marketing and commitment to integrity set us apart, and demonstrates why we are the best representation for buyers and sellers.
As always, we are grateful to all those who trust us to guide them through their real estate journeys. As we look ahead, we are excited to continue serving our loyal clients and welcoming new ones to experience the William Means difference in 2025.
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