Sullivan's Island is easily one of the most desirable places to live in South Carolina — and one of the most expensive. The island is part of the Charleston metropolitan area, but you would never know it while looking at its pristine, tranquil coastline. With its secluded beaches and breathtaking sunsets, it’s no surprise that Sullivan's Island is also a popular vacation destination for Charleston residents and out-of-towners alike.
Homes on this island make relaxing primary residences and lucrative rental properties. The Sullivan’s Island real estate market reflects the area's desirability; homes for sale in Sullivan’s Island can be tough to come by.
It is important to stay informed of local trends and be familiar with real estate prices in exclusive markets like Sullivan's Island. As a homeowner or potential buyer, understanding the market can help you make the right moves for buying or selling. Here are some of the ins and outs of Sullivan’s Island real estate in terms of the homes, the prices, the market, and the potential for rental income.
What to know about Sullivan's Island homes
Sullivan's Island is a bit different from other beach towns. Homes often have fantastic views of the Atlantic Ocean, but they are situated a bit further back, not directly on the beach. Beautiful oceanfront homes are located on the island’s northern end. Many of these homes are just a quick walk through the dunes from the sandy shore, keeping the beach looking spacious and peaceful.
As far as types of homes for sale in Sullivan’s Island, you’ll find an array of single-family homes, resort homes, and condos. There are no high-rise buildings on the island, so condominium buildings tend to be two stories high. This gives the island a charming, small-town feel and doesn’t overcrowd residents.
Sullivan’s Island home prices
Sullivan’s Island has just over 1,000 homes, with a residential population of about 2,000 people. Since the number of homes for sale is low, prices tend to be high. On average, homes for sale in Sullivan’s Island sell for over $2,500,000. Real estate in this area will continue to appreciate and will likely always carry a hefty price tag.
To score the best price possible on homes for sale in Sullivan’s Island, purchasing earlier in the year before mortgage interest rates increase and home values continue to climb will help. A realtor can also guide you through the process and help you make an offer.
To score the best price possible on homes for sale in Sullivan’s Island, purchasing earlier in the year before mortgage interest rates increase and home values continue to climb will help. A realtor can also guide you through the process and help you make an offer.
Sullivan’s Island seller’s market
Since Sullivan’s island is a small island with few homes to start with, the real estate market was destined to favor sellers. The low supply of homes for sale results in fierce competition amongst interested buyers. As of January 2022, there are only 11 homes listed on the market, which is a 35% decrease from this time last year.
Sullivan’s Island homes for sale are more in demand than ever. If you’re looking to sell your island home, this is excellent news. If you’re looking to buy, you’ll have to be more strategic to get your offer accepted. Working with a reputable real estate agent familiar with the area can help you navigate the competitive Sullivan’s Island real estate market.
Sullivan’s Island homes for sale are more in demand than ever. If you’re looking to sell your island home, this is excellent news. If you’re looking to buy, you’ll have to be more strategic to get your offer accepted. Working with a reputable real estate agent familiar with the area can help you navigate the competitive Sullivan’s Island real estate market.
Sullivan’s Island homes as vacation rental properties
Since the island draws in thousands of visitors during the summer travel season, owning Sullivan's Island real estate as a vacation rental tends to be a profitable enterprise; however, it is important to note that the island bans short-term rentals. Rental properties here are few and far between, due to the rule that any rented property must be rented for at least one month. If you’re able to rent your property out to a vacationer on a long-term basis, this can be a great way to draw in extra income. It can be highly lucrative to purchase Sullivan’s Island real estate to outfit it as a vacation rental. You’ll be entitled to certain tax deductions, as well as profit from the rental itself.
When you buy one of the homes for sale in Sullivan’s Island as a vacation rental, you’ll also be able to visit yourself! You can block out some time during summer to enjoy your property or stay on the island throughout the off-season.
Sullivan’s Island is a popular vacation spot for families and couples. The island is within driving distance of Charleston. It's the perfect spot for boating, fishing, and sailing and offers some of the best crabbing in the United States. The island is also walkable and bikeable, allowing visitors to explore its dunes and wetlands. Families with younger children can spend all day at the beach. Due to the island’s accessibility, beauty, and roster of outdoor activities, homes in Sullivan’s Island are always in demand.
It's easy to see the appeal of owning Sullivan's Island real estate. However, the competitive market leaves many potential buyers high and dry.
It's easy to see the appeal of owning Sullivan's Island real estate. However, the competitive market leaves many potential buyers high and dry.
If you're interested in Sullivan's Island real estate but can't seem to break into the market, a real estate agent with experience in the area can help. The agents at IOP Residential can show you homes for sale that suit your tastes and help you get your offer accepted. Life on Sullivan's Island is within reach, so when you’re ready to take the next step, contact the team for expert assistance.