Myrtle Beach Real Estate Market Update For September
Here’s what buyers and sellers need to know about our housing market.
What is happening in our real estate market in September 2023? The short answer is that sales are down, but prices remain high. In our latest market update, we’ll break down why that is and what it all means for buyers and sellers in the Myrtle Beach area.
First, the bad news: Single-family home sales were down 26.9% in August 2023 compared to this time last year. Conventional wisdom would tell you this means our market is in a bad spot, but that isn’t the case. In fact, the median sales price is up 4.9% year over year to $367,000, while the average price is up 11.7% to $483,00. This shows a great recovery from last month when prices slightly declined.
The main reason for this strange market is our low inventory. If you’re wondering why sales can be down while prices remain high, this is your answer. Many homeowners have amazing rates on their mortgages, so they don’t want to move and take on a new mortgage with a much higher rate. As a result, buyers are needing to compete for the few available homes, which drives up the price.
"Despite a slower market, prices remain high."
Condos are in a similar position to single-family homes in our market. Sales are down 22.6% year over year, but the median price is still $253,000. Like the housing market, this is due to low inventory. The condo market only has 3.5 months’ worth of inventory, which is well below the average of six months.
Despite the competitive market, this isn’t the crazy housing market from years past. The average home in our market gets around five showings; however, a property typically needs around 13 showings before receiving an offer. The condo market is in a very similar spot. You can’t just work with anyone in this market; my team has had to take over a few listings from newer agents who had never seen a market that wasn’t red hot. A good pricing strategy and marketing are crucial in this market if you want to receive top dollar.
Next, let’s discuss market volume: As of writing this blog post, 557 properties have sold in our area over the last seven days for a total dollar value of $214 million. The bottom line is that things are still selling, but you might want to think about making a move sooner rather than later. We have no idea what’s going to happen with interest rates; they could come down soon, or they could increase once again. Plus, things tend to slow down in our market during the colder months.
The good news is that we have a vast list of active homebuyers in Myrtle Beach looking for properties. Right now, we have 73,523 active homebuyers on our internal list. Working with an experienced team with a proven market strategy is more important than ever in this market, so don’t hesitate to call or email us if you’re looking to make a move. We also have a new cash-offer tool you can check out for free. We look forward to hearing from you.