Your January 2024 Myrtle Beach Housing Market Update

Here’s what you need to know about Myrtle Beach’s housing market. 

What’s going on in Myrtle Beach’s housing market? The market slowed down in December, but that isn’t anything unusual. What does this mean for buyers and sellers in our market, and where are things heading in 2024? We’ll answer those questions and more in our latest market update. 

First, single-family home sales are down 14.9% year over year. There were actually only 286 home sales in December 2023. To get anything even close to that low of a number, we have to go all the way back to January 2016, when there were only 270 sales. However, this isn’t anything surprising. Interest rates climbed even further in November and December 2023, and the winter months are typically slower in our area. The good news is that rates have recently decreased slightly, and it looks like they may decrease further soon, which will set us up for a potentially red-hot spring market. 

Meanwhile, prices in our market were very flat. The median price in our area was only up 7.7% year over year to $484,276. If you’ve been following our market updates, we may be beginning to sound like a broken record, but the main story of our market right now is that prices are remaining steady due to low supply, even with higher interest rates. We currently only have 3.2 months of inventory. Since a balanced market is considered to have six months of inventory, we are still in a strong seller’s market. 

"Buyers should act now to beat the rush."

The story with condos is very similar to that of single-family homes. Sales were down 2% in December, but median prices are still up 4.4% at $235,000. Just like with homes, this is due to low supply. In fact, we only have 4.4 months of inventory for condos.

The truth is that, despite lower activity in our market, now is still a great time to list your home. That being said, you need to be smart about your strategy since demand is down. The average single-family home gets 3.1 listings over a six-month period, but the average home needs around 13.3 showings on average before it sells. This means you need a team that can help you get around four times the average amount of attention for your property. 

The good news in our market is that interest rates are down. At the time of writing this blog post, they were around 6.76%, but they may be even lower by the time you read this. This means that if you’re thinking about buying in the near future, you need to jump into the market now. There is still low competition for new homes, but you don’t have to pay an arm and a leg for a mortgage due to higher rates. Competition will only increase as rates fall further and we get closer to spring, so make a move now and beat the rush. 

If you’re looking for a team to help you achieve your real estate goals in 2024, give us a call or shoot us an email. We spend more money on marketing for our clients because, in this market, you have to be the best to get an amazing deal. We look forward to hearing from you.

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