Your November 2023 Myrtle Beach Housing Market Update
Here’s what buyers and sellers need to know about our November market.
What’s been happening in Myrtle Beach’s housing market? The short answer is that things are slowing down a little bit, just like we predicted. However, that doesn’t tell the full story. In today’s market update, we’re breaking down the latest numbers from our local housing market and sharing what it means for buyers and sellers.
First, pending sales are down 20%, and volume is down 32% over the last six weeks. Meanwhile, sales are down 20.5% month over month. This may sound bad for our market, but prices have not declined—at least, not yet. The median price is up 5.6% month over month at $380,000, while the average price is up 3.5% to $468,107.
That being said, we believe prices will soften in the near future. Price tends to be a lagging indicator, which means that if our market is slowing down, and it appears that it is, it will be one of the last things to change. Because of this, sellers may want to consider listing their homes sooner rather than later. While the holidays can be a great time to list your house, the market may continue to slow down if you wait too long.
Meanwhile, condo sales are also down 9.5% from last month. Similar to the single-family home market, prices remain strong; the average price is currently up 9.5% to $279,000. This is likely due to our low supply, which is only at 4.1 months of inventory.
"If you wait too long, it will become harder to get top dollar for your home."
The good news is that if you act now, you’ll be in a great position to sell your home. Despite higher inventory, we’re still definitely in a seller’s market. We just helped a client who put an offer on a house in Nebraska that was contingent on selling their Myrtle Beach home get the transaction done. This client was originally having a lot of trouble attracting interest in their property, but since our team knew how to take advantage of this super seller’s market, we were able to help them secure a great deal and have a seamless move.
How were we able to get this client top dollar even though they were having trouble listing their house before? Put simply, we have the marketing expertise to attract buyers. Consider this: The average listing in our market has 4.1 showings. That doesn’t sound bad, but you should know that the average house needs around 13 showings before going under contract. The difference between the 4.1 average and the 13 you need comes from your marketing strategy.
Interest rates hit a 20-year high recently at 8.1%—this will have a huge impact on our housing market. Wells Fargo recently predicted that the nation is heading for a 1980s-style housing recession. While Myrtle Beach is well insulated from negative shifts in the housing market, the fact remains that if you’re planning on moving, you should act sooner rather than later.
If you want to get an instant home valuation, click here. This tool costs us thousands of dollars a month, but we make it free for you. In the meantime, don’t hesitate to call or email us with any real estate questions. We look forward to hearing from you.