Myrtle Beach Real Estate Market Update For March 2024

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

The Myrtle Beach housing market is rocking back and forth right now. Depending on which set of stats you look at, you could get a totally different picture of where our market is at. 

For example, consider closed sales. If a home closes in February 2024, that means it probably went under contract around November or December of last year. In other words, closed sales are a lagging indicator—they tell us where our market was but don’t necessarily reflect where our market is heading.

However, statistics for pending deals are more of a real-time indicator since they show us how many homes went under contract within the last seven days. Right now, this statistic is on fire. More homes have gone under contract within the last week in our area than during any week of 2023. 628 properties have gone under contract for over $255 million total, which is huge. 

Why is this happening? While interest rates haven’t decreased like some people predicted (they’re currently at 7.03%), the spring market has offset this trend. Many people who were waiting until the spring to buy or sell have finally hit the market, and the data proves this. Closed sales were up 2.6% from this time last year, and prices have been very resilient. The median home price is $382,000, while the average price is $487,000. 

"Good marketing makes all the difference in this market."

The story is pretty similar for condos, where the median price is up 8.8% year over year to $230,000. Supply is up to 4.9 months of inventory, which is much higher than typical for our area. This is likely due to new insurance and regulatory issues, so inventory will probably fall again soon. 

The main reason prices have remained high despite higher interest rates is the lack of supply. The last time this low number of houses were for sale in the Grand Strand area was in the 1990s. Despite this, inventory is increasing, so you may want to act fast if you’re looking to sell. 

One area where home sellers are feeling the inventory increase is days on market. Some homes are taking longer to sell; in fact, the average house needs about 14.1 showings before it sells in Myrtle Beach. However, most listings only get about 4.9 showings. How can you make up the disparity and sell your home successfully? 

It all comes down to marketing. You need an agent who has the experience and marketing budget to help you navigate this market. Recently, we took over a client from another agent, and we found out that they didn’t even have a for-sale sign in their yard. In a market like this, you just can’t afford to leave your largest asset in the hands of an amateur. 

If you have specific questions about your buying or selling plans, please call or email us. We’d love to hear from you!

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