July Myrtle Beach Housing Update: The Latest Numbers You Need To Know
Here’s what buyers and sellers should know about our housing market.
The Myrtle Beach market is changing once again. If you’re looking to buy or sell a home, you need to know the latest numbers from our area. That’s why today, I’m sharing the latest numbers from June and explaining what they mean to you.
Last year in June, there were 662 homes sold, while this year, there were only 516. This is consistent with recent trends; ever since interest rates increased, home sales have been down. However, this has yet to dramatically affect prices in our area. Prices actually increased 3.6% in June year over year, and the median sales price in Myrtle Beach is up to $383,500. Meanwhile, the average sales price is up 8.8% year over year to $491,500.
So if home sales are down, what’s keeping prices high? It all comes back to the story of our market so far this year: low inventory. Simply put, there just isn’t enough supply to meet demand. Many home sellers are staying put because they have an interest rate locked in around 3% and don’t want to give it up. In June 2023, there were only 2.8 months of inventory in our market. For reference, a balanced market is considered to have six months of inventory, so we are still in a very favorable environment for sellers.
This means that if you’re ready to make a move, now is the time to act. You will have virtually no competition and tons of eager buyers ready to make good offers. That being said, you’ll want to make sure you work with a great agent since homes are taking 22.2% longer to sell than they were this time last year. You can still sell quickly and for top dollar; however, you need to make sure your home is in good condition and work with someone who can market your property effectively.
"Supply in our market has been critically low for a long time."
Meanwhile, condo sales were also down last month by 18.9% year over year, but prices remain resilient. The median condo price was up 2.1% in June 2023 year over year to $239,950, and the average sales price was up 3.9% at $283,545. Supply is only at 3.1 months, which is up slightly but still much lower than overall demand.
The wildcard in this market is interest rates. The average mortgage rate was 7.22% as of the writing of this article, but last week, it was 7.04%. In a market where rates are trending up, you need to make sure you take care of things like professional photography and other marketing strategies.
If you are looking to make a move in this market, don’t settle for an average real estate team. The average agent in our area only sells four homes a year—last year, our team sold over 800 homes. We have 72,819 active buyers in our market, so work with someone who can reach every single one of them with their marketing strategy.
Some agents are looking to pull back in this market since sales are down. Instead, we’re doubling down. Check out our online home valuation, and feel free to reach out via phone or email with any questions. We look forward to serving you!