Your August 2023 Myrtle Beach Housing Market Update
Here are the latest numbers you need to know from our housing market.
Today, I’m breaking down the latest numbers from Myrtle Beach in our August housing market update. Our market is constantly changing, so you need to stay informed if you want to make the best buying or selling decision possible.
Last month, single-family home sales were down 20.4% year over year to just 406 total home sales. This may sound like our market is declining, but the median sales price is up 1.4% to $375,000. Interestingly enough, the average price is actually down 1.5% to $446,879. Meanwhile, the average month has dropped by over $40,000 month over month, which is likely due to higher interest rates. Recently, interest rates hit a 23-year high.
So if sales are down and buyers are feeling the pain of higher rates, why do prices remain stable? At the end of the day, it all comes down to low supply. Right now, we only have 2.7 months of inventory in Myrtle Beach. For reference, any market with less than six months of inventory is considered favorable for sellers. This means that despite other factors, we’re still in a great seller’s market.
While the numbers from last month suggest that our market is moving slowly, our internal numbers suggest things have picked back up recently. As of this blog post, 590 properties went under contract in the last seven days. In particular, high-end properties are seeing a ton of action. This is likely due to the season, as northern buyers are looking for winter properties.
"Despite decreasing sales, our market remains strong."
Condo sales are following a similar trajectory as home sales. Total condo sales are down 30.6% year over year, but the median price is up 4.3% to $249,200. Meanwhile, the average sales price has hit a new record in Myrtle Beach of $300,831.
What do these numbers mean for you? Our market needs more sellers and buyers. Although interest rates are high, the market remains stable due to a lack of inventory. However, many buyers have left the market because it’s so hard to find a good home. If you list your home or want to buy, you can get an amazing deal right now since you’ll have less competition.
If you want to skip the hassle of the open market, check out our instant cash-offer program. Click here to check out our estimate of what you can get instantly for your house. Don’t leave the sale of your biggest asset to chance; work with us to get the best marketing team in real estate on your side. Just call my team at (843) 808-SOLD or visit our website if you have any questions.