The Latest Myrtle Beach Housing Market Update Reveals Important Information
Sharing what you need to know about the latest numbers for our market.
What’s going on in our housing market? The latest summer market numbers are in, and they could have big implications for your buying or selling plans. In today’s market update, I’m taking you through the latest numbers from the Grand Strand area and explaining what they mean for you.
In May 2023, home sales were down 19% year over year in our area. This may sound like home sales are declining, but they are up month over month. In May 2023, sales were up 13% from the previous month. This increase in home sales is largely due to decreased interest rates, which is great news for buyers and sellers. That being said, the average days on market is 70 days, which is a 34% increase year over year.
Despite increasing home sales, prices have remained relatively flat. Home prices in May 2023 were the same as they were in 2022, as the median house is valued at $379,500. However, real estate is hyper-local and different areas are experiencing different prices. For example, Myrtle Beach home prices are up 16% year over year. This means that depending on where you live, you could have tons of equity.
"The summer market remains hot in the Grand Strand area."
Meanwhile, we only have 2.7 months of inventory for sale. A balanced market is supposed to have around six months of inventory, so we are very much in a seller’s market right now. This means that if you’re thinking about selling, now is a great time. Plus, the spring and summer months are the best times to sell in our area. Buyers from all over the country still want to purchase a home in Myrtle Beach, so you could easily find yourself in a multiple-offer situation if you work with the right team.
Condo sales in Myrtle Beach are down 18.1% year over year. However, more condos were sold in May 2023 than in April 2023. The good news is that prices are up 4.1% year over year. The median sales price for condos was $249,000 in May, while the average condo sold for $285,631. Condo supply is also down to 2.8 months, so just like in the resale home market, inventory is very scarce.
The story of our market right now is that we need inventory. Sellers have a huge advantage in this market, especially if they work with a creative team like ours. My team has a curated list of buyers looking to purchase in our area who are willing to offer you a great deal. When you’re dealing with your largest asset, don’t gamble with someone who isn’t proven to get results. Call or email me anytime, as I have many buyers waiting for you.