Your December Myrtle Beach Housing Market Update
Here’s what homebuyers and sellers need to know about our market.
What’s happening in Myrtle Beach’s housing market? As we head into 2024, the news from our area is pretty shocking. While many expected our market to contract as we headed into the colder months, prices remain strong.
Here’s the main contradiction in our market: Sales are down 11% year over year, yet the median price for single-family homes is still up 6.5% to $385,000. While the median and average prices might be a little skewed due to a few high-end properties selling recently, these numbers still prove that our market remains robust. So what’s happening? Why are prices high despite lower demand?
Many people thought home prices would fall by now, but they’ve remained high due to our historically low inventory. Even though more homes have entered the market recently, we still only have 3.3 months of inventory in Myrtle Beach. This means that if no new homes hit the market, it would take about 3.3 months for everything to sell at our current pace. For context, a balanced market is supposed to have around six months of inventory, so our market still definitely favors sellers.
That being said, we predict that a flood of sellers will enter the market after the holidays. That means that if you don’t want to deal with a ton of competition, it might be better to list your home now instead of waiting.
"The holidays can be a great time to sell."
Meanwhile, condo sales are down 18.8% year over year, while the median price is down 1.3% to $231,950. The condo market is typically more elastic than the single-family home market, so this slight decrease makes sense, considering the sharp drop in activity. We currently have 4.1 months of inventory for condos, so while the market isn’t as good for sellers as the single-family home market, it is still a great time to sell.
Currently, the average listed home gets around 3.7 showings, and the average condo gets 2.5. That doesn’t sound bad, but the average property needs around 10 showings before they get an offer. This means marketing and who you work with matters now more than ever.
Should you sell now during the holidays or wait until the new year to sell? In our opinion, there are a lot of advantages to selling during the holidays. Buying a home is an emotional experience, and people are often more emotional during the holidays. The Christmas spirit might just be what your buyer needs to connect personally with your property.
If you want to see what your real-time home equity is, just click here. Our comprehensive tool is designed to make your home-selling decision as easy as possible. In the meantime, please call or email my team. We outspend the average agent 100 to one, and the results prove it. We look forward to hearing from you.