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Myrtle Beach is known for offering different types of properties to investors. Whether you're looking for townhouses or single-family homes, you'll likely find a beautiful option in this coastal city of South Carolina.
However, you should note that the Myrtle Beach real estate market has gone through a few changes that may affect your negotiation process. Buyers, for example, may have to look closely for better investment opportunities due to the current market conditions.
Let's look at what Myrtle Beach's housing market has in store for you, and by the end of this page, you'll know whether this is a city worth investing in.
Recent Trends in the Myrtle Beach Housing Market
Something to note about the Myrtle Beach market is that it's not too competitive compared to other cities. Despite the current conditions, some popular neighborhoods are still expected to get offers, although it's rare to get many.
Median Home Sold Price
The Myrtle Beach median sale price for April 2023 was $271.5K, which represents an 8.6% increase compared to last year.
On the other hand, the median listing home price was $339.9K, and the price per square foot was $231.
Number of Homes Sold
There were only 295 homes sold in Myrtle Beach in April 2023 compared to 378 the previous year. This implies a 22% decrease year-over-year.
Median Days on the Market
On average, homes in Myrtle Beach take 69 days to sell, which represents a 22-day increase compared to last year's data.
Sale-to-List Price
The sale-to-list price in Myrtle Beach is 97.2%. Furthermore, about 11.2% of homes were sold above their listing price, and approximately 2.22% below their listing price. Another essential thing to point out is that homes rarely get multiple offers.
Overall, the current ratio suggests that buyers have a bit of negotiation power, and by pairing that with the existing supply, we can argue that Myrtle Beach is a buyer's market.
What Factors Can Affect the Myrtle Beach, SC, Housing Market?
To help you make a more informed decision about your next investment, we gathered a few reasons why home sales in Myrtle Beach can get affected in 2023:
- Government Intervention
- Demographics
- Interest Rates
- Supply and Demand
Among all those factors, the most important one may be interest rates. Since rates keep rising, both buyers and sellers are having a harder time finding a good deal, which affects the current pace of the market.
In essence, sellers may back off from selling, as the interest rates they may have to pay on their next property may not be worth the transaction. Others may increase home prices in an effort to offset those future expenses.
Buyers, on the other hand, may back off from a market until interest rates and home values get lower. This also decreases the competition, which can open opportunities for other buyers who may be willing to spend that extra money.
If you want to know whether a property is worth the investment, you should talk to a real estate agent, as they can help you take all the data you read on this page and use it to evaluate your best options.
On the other hand, we have supply and demand. Properties in this city are in high demand. However, this strong demand could go lower during the off-season, which is something you should evaluate as an investor.
Now, keep in mind the supply of properties is slightly higher than the current demand, so you may consider the market a buyer's one.
Is the Market in Myrtle Beach Likely to Crash in 2023?
There isn't any information that would indicate the market in Myrtle Beach will crash this year (or anytime soon). The current demand for properties is still high, and due to the existing supply of homes, buyers may be able to find great properties at a reasonable price.
Other Important Statistics About the Myrtle Beach Housing Market
- Almost 50% of Myrtle Beach's population is renting, which suggests a high demand for rentals.
- "The Dunes" is Myrtle Beach's most expensive neighborhood with a median listing price of $1.9M. On the contrary, South Myrtle Beach is the most affordable one with a median price of $162.4K.
- About 65% of homebuyers in Myrtle Beach aim to stay within the metropolitan area (as of April 2023).
- Due to Myrtle Beach's location, you should be aware of potential storm and heat risks that may come due to climate change.
- As of March 2023, the unemployment rate in Myrtle Beach is 4.3%.
Predictions for the Housing Market in Myrtle Beach
You can expect the market in Myrtle Beach to have continued growth throughout 2023 and into 2024. Considering the recent increase in home prices, we can argue there has been a "healthy appreciation" for these values.
Moreover, there's still a reasonable level of activity regarding sales, which indicates many buyers are interested in properties in this city. Also, the sale-to-list ratio suggests that both buyers and sellers have the potential to negotiate better deals.
Myrtle Beach, overall, is expected to keep being an attractive market for both parties, although buyers may have slightly more advantage when negotiating certain properties.
If you want to invest in this market, make sure to do proper research or seek help from a professional so that you can negotiate better deals and find the perfect home for your goals.
Bottom Line
Myrtle Beach can offer many opportunities if you're looking to buy a home. However, keep in mind that the recent increase in prices suggests you could have to go through some competition before you close a deal.
As long as you prepare accordingly to negotiate, you will be likely to find something perfect for you.
FAQs
Is It a Good Time to Buy a House in Myrtle Beach?
It depends on your current investment goals, but on average, yes. Myrtle Beach has a strong economy, a favorable tax environment, and a thriving rental market, which can benefit investors/buyers.
Is Myrtle Beach a Buyer's Market?
Yes, Myrtle Beach is considered a buyer's market, as of April 2023. Still, the market is considered to be fast-paced, and due to the high demand for properties, sellers may still get opportunities to get more for their homes.
What's the Outlook for Myrtle Beach's Real Estate?
You can expect the real estate market in Myrtle Beach to be strong throughout 2023. Moreover, since the market is expected to grow even more in 2024, it may prove to be an attractive option for both buyers and sellers.
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