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
The housing market in Myrtle Beach, SC is a dynamic space that constantly fluctuates based on various factors. In this report, we analyze the market trends and statistics to provide valuable insights for potential buyers and sellers.
Market Overview
According to Realtor.com, the median listing home price in Myrtle Beach, SC stood at $319.9K in August 2023, indicating a -4.2% decrease in comparison to the previous year. The median listing home price per square foot was $235, and the median home sold price was $310K.
Sale-to-List Price Ratio
The sale-to-list price ratio for homes in Myrtle Beach, SC was 97.49%, implying that homes were typically sold for 2.51% below the asking price on average during August 2023.
Market Dynamics
Myrtle Beach, SC is currently characterized as a buyer’s market in August 2023, indicating that the supply of homes surpasses the demand. This offers opportunities for buyers to explore options and negotiate favorable terms.
Days on Market
The median days on market for homes in Myrtle Beach, SC is 51 days. This metric provides an understanding of how long, on average, a property stays on the market before being sold. The trend for median days on market has slightly increased since last month and year.
Neighborhood Insights
Myrtle Beach comprises 4 neighborhoods, each with its own unique housing market dynamics. Grande Dunes stands out as the most expensive neighborhood, boasting a median listing home price of $1.2M. On the other hand, South Myrtle Beach is the most affordable neighborhood, with a median listing home price of $160K.
Is the Market Slowing Down?
Considering the decreasing median listing home price year-over-year and the increase in median days on market, there are indications that the housing market in Myrtle Beach, SC is experiencing a slowdown. However, further analysis and monitoring of market trends are necessary to draw concrete conclusions.
Overall, the Myrtle Beach, SC housing market exhibits a mix of dynamics, making it an interesting landscape for both buyers and sellers. Understanding the market trends, sale-to-list price ratio, and neighborhood variations is crucial for making informed decisions in this evolving real estate market.
Key Takeaways for Buyers
For potential buyers considering the Myrtle Beach, SC housing market, here are some essential takeaways to guide your decisions:
- Market Advantage: The current market conditions favor buyers, presenting an opportunity to explore a variety of homes and negotiate favorable terms.
- Price Trends: The median listing home price has decreased by 4.2% year-over-year, providing potential for cost-effective purchases.
- Negotiation Leverage: The sale-to-list price ratio of 97.49% suggests that buyers may have room for negotiation and potentially acquire homes below the asking price.
- Neighborhood Variation: Explore the distinct neighborhoods in Myrtle Beach to find options that align with your preferences and budget, ranging from the luxurious Grande Dunes to the more affordable South Myrtle Beach.
- Patience in Decision-making: With a median of 51 days on the market, buyers have time to carefully evaluate properties before making an offer.
Key Takeaways for Sellers
For individuals looking to sell their homes in Myrtle Beach, SC, consider the following key takeaways to optimize your selling experience:
- Competitive Pricing: Given the -4.2% decrease in the median listing home price, sellers should competitively price their homes to attract potential buyers.
- Understanding Buyer’s Market: Recognize that the market currently favors buyers, necessitating strategic marketing and negotiation to make your property stand out.
- Accurate Valuation: Work with real estate professionals to accurately value your property based on current market trends and comparable sales.
- Presentation and Marketing: Enhance your home’s appeal through effective staging, quality photographs, and engaging marketing strategies to attract potential buyers.
- Timing and Patience: Given the median of 51 days on the market, be patient and maintain realistic expectations regarding the time it might take to sell your property.
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