High Prices and Low Inventory Persist in the Myrtle Beach Real Estate Market
The important information you need to hear about Myrtle Beach's market.
The Myrtle Beach real estate market has experienced a lot of change recently, so I am here to keep you updated on what you need to know. To start, there was a decrease in single-family home sales by 37.2% year over year. This is a result of the rate jump in March of last year. In April of this year, only 410 properties were sold compared to 703 in the same period last year. Shockingly, sales also dropped 16% month over month.
Despite the decrease in sales, there are still two interesting numbers to discuss. The first is that there is now an all-time high in the average sales price for single-family properties, reaching $497,529, which is up 1.9% year over year. This high price is because inventory is still so low, not just in Myrtle Beach but also across the country. Additionally, the median sales price for a single-family property has decreased 5.5% year over year to $345,000.
Condo sales have also decreased, down 29.4% year over year. In April, only 488 condos were sold compared to 804 last April. Despite the decrease, the median sales price is up 6.9% year over year to $240,500, and the average sales price is up 4.1% year over year to $276,508.
"It’s a great time for both buyers and sellers to enter the market."
In the last week, 594 properties have gone under contract for $225,155,519. To break this down, there are 21 properties over $1 million and 91 properties over $500,000. This is a stark contrast to January when there were only 364 properties under contract for $125 million.
Overall, the Myrtle Beach real estate market is still a seller's market, with a shortage of inventory causing high prices. Interest rates are still low, making it a great time for both buyers and sellers to enter the market. Myrtle Beach is currently in the transition from spring to summer, which means it is an excellent time for buyers to look for properties, and sellers can expect to sell quickly.
If you have any questions about this, don’t hesitate to call or email me anytime. I would be happy to help you and look forward to talking with you.