Myrtle Beach Real Estate Market Update For April 2024

What buyers and sellers need to know about our housing market.

What’s going on in our housing market? Things are changing constantly in Myrtle Beach, but there’s good news: Prices are still climbing, and our market is more stable than ever. Today, I’m diving into the latest numbers from our housing market you need to know, including prices, inventory, average days on market, and more. 

First, median prices have been climbing 5.3% higher than last year to $395,000. This is nearly as high as they have ever been in our area. Despite this new record, home sales are down 18.2% year over year. In March 2024, 405 sales were closed in the Grand Strand as opposed to 495 last year. If home sales are down, why are prices so high? It all comes down to our low inventory. Currently, there aren't enough homes for sale to meet demand. As long as this trend continues, we’ll be in a super seller’s market, and prices will continue to increase. 

In other words, now is a great time to list your home. According to research, the second and third weeks of April is the best time of year to put your house on the market. However, know that you need a good strategy to get the best deal possible. The average home receives 4.8 showings; however, most houses need 13.5 showings before going under contract. This means you need nearly three times as many showings as normal before you sell your home. In a market like this, marketing matters more than ever. 

"Despite fewer sales, prices are still climbing in our area."

While the single-family home market has remained strong despite lower activity, condos have taken a step back. This is due to a few key issues, like HOA fees, insurance issues, and more. Condo sales are down 24% compared to this time last year, but prices are still up 4.3% year over year. One of the main reasons why the condo market is softer is due to higher inventory. Condo supply is up 150% from this time last year, which is the No. 1 factor keeping prices in check. There are currently 5.5 months of inventory for the condo market, which is practically a perfectly balanced market. If you want to sell, I suggest you put your condo on the market sooner rather than later to get ahead of current trends. 

So, how should you navigate this market if you want to sell? The first thing you should do is find a marketing team to help you drive traffic to your house. We outspend the average agent 100 to one with our marketing budget, and we’re proud of that fact. You need to drive up extra traffic in this market to get the best deal possible, and we want to help. 

Call or email us with any questions, or visit our website to check out our free home valuation tool. We look forward to hearing from you.

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