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 2023
Overview of Myrtle Beach, SC Housing Market
According to Realtor.com, in July 2023, the Myrtle Beach, SC housing market showed steady numbers. Let's dive into the key statistics:
- Median Listing Home Price: $325K
- Median Listing Home Price per Square Foot: $236
- Median Home Sold Price: $337.5K
The sale-to-list price ratio for homes in Myrtle Beach stood at 97.77%, indicating that homes, on average, sold for 2.23% below the asking price in July 2023.
Market Dynamics: Buyer's Market
As of July 2023, Myrtle Beach, SC is characterized as a buyer's market. This means that there is an ample supply of homes available, surpassing the current demand. Here are the details:
- Median Days on Market: 49 Days
On average, homes in Myrtle Beach, SC are taking 49 days to sell. It's important to note that the trend for median days on the market has increased slightly compared to the previous month and the same period last year.
Neighborhood Insights
Myrtle Beach comprises several distinct neighborhoods, each with its own unique characteristics. Let's take a closer look at a couple of them:
The Dunes: Luxury Living
The Dunes stands out as the most upscale neighborhood in Myrtle Beach, with a median listing home price of $1.8 million. It offers luxurious living options and caters to those seeking the finest in real estate.
South Myrtle Beach: Affordable Options
On the other end of the spectrum, South Myrtle Beach is the most budget-friendly neighborhood, with a median listing home price of $159K. It provides affordable housing choices for those looking to enter the Myrtle Beach housing market without breaking the bank.
Key Takeaways for Buyers
- Ample Choices: Myrtle Beach is currently a buyer's market, offering a wide range of housing options to explore.
- Patience Pays: With a median of 49 days on the market, buyers have time to consider their options and negotiate favorable terms.
- Diverse Neighborhoods: Explore neighborhoods like The Dunes for luxury living or South Myrtle Beach for more budget-friendly options.
- Budget Planning: Consider your budget carefully and factor in potential negotiation room due to the sale-to-list price ratio of 97.77%.
Key Takeaways for Sellers
- Competitive Pricing: Given the buyer's market, sellers should price their homes competitively to attract potential buyers.
- Marketing Strategy: Invest in a robust marketing strategy to ensure your property stands out in a market with ample choices.
- Neighborhood Matters: Highlight the unique features of your neighborhood, whether it's luxury living in The Dunes or affordability in South Myrtle Beach.
- Negotiation Room: Be prepared for negotiations as the sale-to-list price ratio indicates some price flexibility.
Both buyers and sellers should approach the Myrtle Beach housing market with a clear understanding of its dynamics and be ready to make informed decisions based on their specific goals and preferences.
Myrtle Beach Housing Market Forecast 2023-2024
Myrtle Beach Housing Market Forecast
The Myrtle Beach housing market has been a topic of interest for both buyers and sellers, with its unique dynamics and evolving trends. To gain a better understanding of what lies ahead, let's delve into the forecast based on available data:
Current Market Snapshot
As of July 31, 2023, data from Zillow indicates that the average home value in Myrtle Beach stands at $302,303. This represents a modest but steady increase of 1.3% over the past year. Homes are also moving swiftly, going pending in approximately 22 days, highlighting the overall activity in the market.
Additionally, key metrics such as the median sale-to-list ratio of 0.977 and the percent of sales over list price at 9.5% indicate a competitive environment where some homes are selling above their asking prices, while 75.8% of sales are occurring under the list price.
Myrtle Beach MSA Housing Market Forecast
Looking ahead, the Myrtle Beach Metropolitan Statistical Area (MSA) is expected to experience changes in its housing market. Based on the provided forecast data, here's what we can anticipate:
- On August 31, 2023, the forecast suggests a moderate increase in housing market activity, with a projected growth rate of 0.5%.
- By October 31, 2023, the momentum is expected to pick up further, with a forecasted growth rate of 1.7%, indicating a potentially more dynamic market.
- For July 31, 2024, the forecast shows a substantial growth rate of 8.5%, suggesting that the Myrtle Beach MSA housing market may experience significant expansion and increased demand.
It's important to note that these forecasts are subject to various factors, including economic conditions, interest rates, and local developments. Buyers and sellers should keep a close eye on the evolving market trends and consider consulting with real estate professionals for the most up-to-date insights and strategies.
In conclusion, the Myrtle Beach housing market continues to evolve, and while recent data indicates stability, the forecast suggests potential growth in the coming months. Stay informed, be prepared, and make informed decisions in this dynamic real estate landscape.
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.
Sources:
- https://www.zillow.com/home-values/46666/myrtle-beach-sc/
- https://www.redfin.com/city/12572/SC/Myrtle-Beach/housing-market
- https://www.realtor.com/realestateandhomes-search/Myrtle-Beach_SC/overview
