Are you considering buying a home in Myrtle Beach, SC? The housing market in this coastal city has experienced significant changes in recent times. In this blog post, we will delve into the current state of the Myrtle Beach housing market, analyzing key statistics and trends.
Myrtle Beach has a diverse real estate market, with a range of properties available, including beachfront condos, townhouses, and single-family homes. Whether you're a potential buyer, seller, or investor, understanding the market dynamics can help you make informed decisions. Let's explore the numbers and factors shaping the real estate landscape in Myrtle Beach.
Myrtle Beach Housing Market Update
When it comes to analyzing housing market trends, it's important to consider specific property types such as single-family homes, condos, and townhomes. These properties listed for sale on Realtor.com provide valuable insights into the market dynamics. However, it's worth noting that land, multi-unit properties, and other property types are excluded from this analysis.
Median Listing Home Price and Sold Price:
In April 2023, the median listing home price in Myrtle Beach, SC was $328,000, representing a substantial 17.6% year-over-year increase. The median price per square foot stood at $219. However, it's crucial to note that the median home sold price was $245,000, indicating a difference between the listed and sold prices.
The sale-to-list price ratio provides insight into the negotiation dynamics in the market. In Myrtle Beach, SC, homes sold for an average of 2.22% below the asking price in April 2023. This suggests that buyers have some room for negotiation, making it a buyer's market in the city.
Median Days on Market:
The median days on market metrics indicate the average time it takes for a property to sell. In Myrtle Beach, SC, homes typically sell after 59 days on the market. Compared to the previous month, the median days on the market have decreased, indicating a potentially faster pace of sales. However, when compared to the previous year, the market has seen a slight increase in the time it takes to sell a home.
Homes for Sale and Rentals:
Currently, there are 3,432 homes available for sale in Myrtle Beach, SC. Of these, 721 were listed within the last week, providing fresh options for prospective buyers. Additionally, there are 163 rental properties available, ranging from $850 to $3,900 per month. This variety in housing options caters to both buyers and renters, ensuring a diverse market for those seeking accommodation in Myrtle Beach.
The Myrtle Beach, SC housing market presents opportunities for both buyers and sellers. While the median listing home price has increased significantly, homes are still selling slightly below the asking price. The median days on the market have decreased compared to the previous month but have shown a slight increase since last year. With a considerable number of homes for sale and a range of rental options, the market offers variety and flexibility.
By keeping these trends in mind, buyers, sellers, real estate agents, and brokers can make informed decisions in the Myrtle Beach housing market in 2023.
Here are some key takeaways for each group:
- Expect to pay a premium for homes in Myrtle Beach due to the surge in prices.
- Be patient as homes are not selling as quickly as they did last year, and multiple offers are rare.
- If you are coming from outside the area, be prepared for increased heat and storm risks due to climate change.
- Consider areas outside of Myrtle Beach, such as Asheville or Hilton Head Island, as popular relocation destinations among Myrtle Beach homebuyers.
- Expect to receive offers close to the list price, with hot homes selling for around the list price.
- Be prepared for your home to stay on the market for a longer period of time than last year.
- Work with a real estate agent who can help you price your home accurately in this market.
- For Real Estate Agents and Brokers:
- Advise your clients to be patient and not to expect multiple offers in this market.
- Price homes accurately to reflect the current market conditions.
- Keep an eye on the environmental risks that might impact the area and be prepared to advise your clients accordingly.
- Myrtle Beach is a popular destination for homebuyers, but the surge in prices might make it difficult to find good investment opportunities.
- Consider areas outside of Myrtle Beach that are popular relocation destinations among Myrtle Beach homebuyers, such as Asheville or Hilton Head Island.
- Keep an eye on the environmental risks that might impact the area and be prepared to adapt your investment strategy accordingly.
The Myrtle Beach housing market in 2023 is experiencing a surge in prices, with a not-very-competitive market and a slight decrease in the number of homes sold. While this might make it challenging for buyers and investors, sellers and real estate agents can still make informed decisions in this market by keeping up with the latest trends and working with knowledgeable professionals. Additionally, buyers and sellers should consider the environmental risks that might impact the area in the coming years.
Myrtle Beach Housing Market Forecast 2023-2024
According to Zillow's market overview, the Myrtle Beach housing market has been experiencing positive growth in recent years, and the forecast for 2023-2024 suggests a continuation of this trend. Let's take a closer look at the projected changes and key indicators.
Average Home Values:
As of April 30, 2023, the average home value in Myrtle Beach stands at $301,429. This represents a 7.2% increase over the past year, indicating a healthy appreciation in property values. It's important to note that these figures are based on available data through April 2023.
Homes in Myrtle Beach are in high demand, with properties going pending in approximately 26 days. This suggests a relatively fast-paced market, indicating strong buyer interest and a healthy level of sales activity.
The median sale-to-list ratio, as of March 31, 2023, stands at 0.972. This indicates that, on average, homes in Myrtle Beach are selling slightly below the list price. However, it's worth noting that a considerable percentage of sales are still occurring over the list price.
In terms of sales activity, approximately 8.6% of transactions in Myrtle Beach were above the list price, indicating competitive bidding and potential seller's market conditions. On the other hand, 78.8% of sales were under the list price, suggesting room for negotiation for buyers.
Forecast for Myrtle Beach MSA (Metropolitan Statistical Area) in 2024:
Looking ahead to 2024, the Myrtle Beach MSA is projected to experience continued growth. Based on forecasted data for March 31, 2024, the region is expected to see a significant increase in housing prices. The forecast suggests a 3.8% growth rate, indicating a positive outlook for property values in the Myrtle Beach MSA.
Therefore, the Myrtle Beach housing market is showing positive signs of growth and stability. With average home values increasing and properties selling relatively quickly, it presents opportunities for both buyers and sellers. As we move into 2024, the Myrtle Beach MSA is expected to continue its upward trajectory, making it an attractive market for real estate investment.
How is Real Estate Investing in Myrtle Beach?
Investing in real estate can be a smart decision, especially when you consider the long-term potential for appreciation and the potential for passive income through rental properties. Here are some top reasons to consider investing in the Myrtle Beach real estate market:
- Strong Economy: Myrtle Beach is a popular tourist destination, which means there is a strong economy supported by the tourism industry. This translates into a steady stream of visitors and a demand for rental properties.
- Rental Population: Myrtle Beach has a significant population of renters, with nearly 50% of the population renting rather than owning their homes. This creates a strong demand for rental properties and potential for steady rental income.
- Tax Environment: South Carolina is known for its favorable tax environment, with no estate tax, low property taxes, and no state inheritance tax. This can make it an attractive place to invest in real estate and potentially generate higher returns.
- Affordable Market: Compared to other popular vacation destinations, the Myrtle Beach real estate market is relatively affordable, which means investors can potentially acquire properties at lower prices and generate higher returns on their investment.
- Potential for Appreciation: Myrtle Beach has been experiencing steady growth in the real estate market over the past several years, with home values increasing steadily since 2015. This trend is likely to continue as the area continues to attract new residents and tourists.
However, there are also some potential drawbacks to investing in the Myrtle Beach real estate market:
- Seasonal Market: While Myrtle Beach is a popular tourist destination, the real estate market can be seasonal. Demand for rental properties and home sales may slow down during the off-season, which could impact cash flow for investors.
- Property Management: If you plan to invest in rental properties, you will need to manage them or hire a property manager to do so. This can be time-consuming and costly, and there is always a risk of tenant turnover and other issues that could impact cash flow.
- Competition: While the Myrtle Beach real estate market may be affordable compared to other vacation destinations, it is still a competitive market. Investors may need to act quickly to acquire properties and may face stiff competition from other buyers and investors.
- Hurricane Risk: As a coastal city, Myrtle Beach is at risk for hurricanes and other natural disasters. This risk could impact property values and create additional costs for investors in terms of insurance and maintenance.
In conclusion, the Myrtle Beach real estate market offers a number of potential benefits for investors, including a strong economy, rental population, favorable tax environment, affordability, and potential for appreciation. However, investors should also be aware of the potential drawbacks, including a seasonal market, property management challenges, competition, and hurricane risk. By carefully weighing these factors, investors can make an informed decision about whether the Myrtle Beach real estate market is right for them.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.
NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.