Myrtle Beach Real Estate Market Update For February 2024

Here’s what you need to know about the state of our housing market.

Exciting news in our housing market: Interest rates dropped by 1%, and activity has picked right back up. After a period of slow market activity and stagnating prices, our area has been rejuvenated by lower interest rates. Considering that the winter market is usually a little slower than spring and summer, this is fantastic news for the future of our housing market. In our latest market update, we’ll break down the latest numbers, how you should interpret them, and what it all means for you. 

First, we need to address something. Since most housing numbers are lagging indicators, January’s housing numbers look very poor. However, this is because the closings from last month were all from homes that hit the market in November or December. From our personal experience, we can confirm that January has been much more active than the past months; in fact, our team put 70 houses under contract in the last week of that month just by ourselves. However, the data will likely only show this faster market in March. 

One indicator that things are picking up right now is the number of homes under contract. In the last seven days of January 2024, 565 properties went under contract, which is up 130% from the first week of January. We only expect this number to increase as more people catch on that interest rates are falling. 

"Home sales should pick back up as interest rates continue to fall."

That being said, single-family home sales were down 10.2% year over year. This was the fewest number of home sales our area has seen since 2016. However, median prices remained high, increasing 10% year over year to $385,000. The main thing keeping our prices strong is our low inventory. We only have 3.1 months of inventory, which is well below average. Many would-be sellers are staying put because they have interest rates that are much lower than our current average. Many of these sellers may hit our market as interest rates continue to decrease. 

One interesting statistic we’ve found is that the average listing receives 4.6 showings. That doesn’t sound bad, but in reality, an average listing needs 14.1 showings before it usually sells. This just goes to show that who you work with in this market really matters. When the market is a little slower like this, a good agent can find unique opportunities and help you find a great deal. 

Like slowing single-family homes, condo sales were also down 21.4% in January compared to that time last year. The great news is that the median price is still up 6.6% to $243,000, and inventory remains low at 4.5 months. This means it can still be a great time to sell—you just need to work with the right agent.

This market is heating up, but it hasn’t hit its peak yet. That means if you’re thinking of buying or selling, you need to act fast. If you wait too long, the market may have already cooled off by the time you’re ready to make a move. 

Don’t gamble with your largest asset. If you’re thinking about selling your home, please use our home value calculator or give us a call. We’d love to hear from you.

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