Myrtle Beach June 2024 Housing Market Update

A spring market overview of Myrtle Beach and our instant cash offer.

What’s happening in Myrtle Beach’s housing market? There have been a lot of changes in our area recently that could impact your next buying or selling decision. That’s why I’m breaking down the latest numbers and explaining what they mean for you. 

First, good news for sellers: The average single-family home price rose 10.1% month over month to a record-setting $524,409, and total sales increased by 6.7%. While inventory did rise slightly to 3.9 months, this is still fantastic news for sellers. We are still in a seller’s market, and it seems like demand is increasing. However, more sellers are entering the market, so you may want to act fast if you don’t want to deal with more competition. 

That being said, this still isn’t the crazy-hot market we saw when rates were in the 2% or 3% range. The average days on market for a home is 99, and the average listing only receives 4.3 showings, which is down 15% from last year. You can sell much faster than that and receive way more showings, but you need to choose a team like ours that can make your home stand out on the market. 

"You need an expert to help you sell quickly in this market."

Meanwhile, condo sales decreased slightly last month, but the average price still increased by 1.3%. The median price actually decreased by 4.3%, which is being driven by a surge in inventory. Myrtle Beach currently has 6.2 months of condo inventory, which means we’re officially in a buyer’s market for this property type. The last time we had this much condo inventory was July 2017, which just goes to show how unusual this market is. 

Why is the condo market slowing down, and does it reflect a broader trend in the overall housing market? In my opinion, single-family home owners shouldn’t be worried. Condo inventory is increasing for very specific reasons, like HOA prices increasing, insurance assessments changing, and financing problems. Right now, you need to work with a marketing expert if you want to sell your condo, so please reach out if you have questions about your situation. 

No matter what your situation is, we can help. We have instant-cash offer programs and exclusive VIP buyer lists. If you need to sell, we have the resources to help. Just call or email us if you have any questions. My team and I look forward to hearing from you.

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