Myrtle Beach, South Carolina, is a coastal gem known for its stunning beaches, vibrant community, and thriving Myrtle Beach real estate market.
Whether you’re a potential buyer, seller, or investor, understanding the latest trends in the Myrtle Beach housing market is essential for making informed decisions.
This article provides an in-depth analysis of the current market, price trends, demographic shifts, investment opportunities, and challenges, along with actionable tips to help you rank for the keyword “Real Estate Market Trends in Myrtle Beach.”
Introduction
Myrtle Beach has long been a sought-after destination for retirees, vacationers, and investors. Its picturesque coastline, affordable housing, and growing amenities have made it a hotspot for Myrtle Beach property prices and activity.
However, like any market, Myrtle Beach has experienced shifts in recent years. This guide will explore the latest trends, backed by data from reputable sources like Redfin, Realtor.com, and Zillow, to help you navigate this dynamic market.
Current Market Overview (December 2024)
As of December 2024, the Myrtle Beach real estate market is characterized by the following key metrics:
- Median Home Prices:
- Redfin: $267,500 (1.4% year-over-year increase).
- Realtor.com: $299,900 (1.7% year-over-year decrease).
- Zillow: $298,241 (1.9% year-over-year decline).
These discrepancies highlight the importance of consulting multiple sources and local real estate professionals for accurate Myrtle Beach property prices.
- Days on Market (DOM):
Homes are staying on the market longer, averaging 121 days in December 2024, up from 86 days in December 2023. This indicates a more deliberate buying process and a balanced Myrtle Beach housing market. - Sales Volume:
A slight decrease in sales was observed, with 140 homes sold in December 2024, down from 143 homes in December 2023.
Price Trends
The Myrtle Beach real estate market has shown mixed trends in median home prices. While Redfin reports a modest increase, Realtor.com and Zillow indicate slight declines. These variations can be attributed to differences in data collection methods and the types of properties analyzed. For instance:
- Redfin: Focuses on a broader range of properties, including condos and single-family homes.
- Realtor.com: May emphasize newer listings and higher-end properties.
- Zillow: Often includes off-market and pre-market data, which can skew results.
To get a comprehensive understanding, it’s advisable to consult local real estate agents who have firsthand knowledge of the Myrtle Beach property prices.
Market Dynamics
The Myrtle Beach housing market is currently balanced, with supply and demand in relative equilibrium. Key dynamics include:
- Negotiation Power: Homes typically sell for approximately 2.58% below the asking price, giving buyers some room for negotiation.
- Increased Time on Market: The average DOM has risen to 121 days, reflecting a more cautious approach from buyers.
- Cash Purchases: A significant 55.8% of homes were purchased with cash, well above the national average of 34.6%. This trend underscores the market’s appeal to Myrtle Beach investment properties buyers and the competitive advantage of cash offers.
Demographic Shifts
Myrtle Beach has experienced a significant influx of retirees, making it one of the fastest-growing regions for the 65+ demographic in the United States.
Between 2020 and 2023, the population aged 65 and older increased by 23%. This demographic shift is influencing housing demand, with preferences leaning towards:
- Single-story homes: Ideal for retirees seeking convenience and accessibility.
- Proximity to healthcare facilities: A key consideration for older buyers.
- Community amenities: Gated communities, golf courses, and recreational facilities are highly desirable for Myrtle Beach retirement homes.
Investment Trends
Myrtle Beach continues to attract a diverse range of buyers, including families, second-home owners, and Myrtle Beach vacation rental investors. Key investment trends include:
- Vacation Rentals:
The short-term rental market remains robust, driven by Myrtle Beach’s popularity as a tourist destination. Properties near the beach or with ocean views command higher rental incomes. - Upscale Redevelopment:
In desirable neighborhoods like The Dunes, Golden Mile, and Grande Dunes, older cottages are being replaced with larger, modern homes. This trend reflects a shift towards luxury living in Myrtle Beach real estate. - Cash Purchases:
The high percentage of cash purchases (55.8%) indicates strong investor interest and a competitive edge for those with liquid assets.
Neighborhood Highlights
Some of the most sought-after neighborhoods in Myrtle Beach SC real estate include:
- The Dunes: Known for its upscale homes and proximity to the beach.
- Golden Mile: A historic area with a mix of older cottages and modern homes.
- Grande Dunes: A resort community offering luxury living and world-class amenities.
- Kingston Resorts: Popular among Myrtle Beach vacation rental investors due to its prime location and high rental demand.
Challenges
While the Myrtle Beach real estate market offers numerous opportunities, there are challenges to consider:
- Rising Property Insurance Costs:
Increased extreme weather events and higher repair expenses have led to rising insurance premiums. Buyers should factor these costs into their budgets. - Market Volatility:
The mixed price trends and increased DOM indicate a degree of market uncertainty. Working with a knowledgeable real estate agent can help mitigate risks. - Competition:
The high percentage of cash purchases can make it challenging for buyers relying on financing to compete.
Conclusion
The Myrtle Beach real estate market presents a complex but promising landscape. While median home prices show mixed trends, the market remains balanced, with a notable increase in the time properties spend on the market.
Demographic shifts, particularly the influx of retirees, and a high percentage of cash purchases are significant factors shaping the current market dynamics.
Whether you’re buying, selling, or investing, consulting with local real estate professionals and considering multiple data sources is essential for making informed decisions about Myrtle Beach investment properties or Myrtle Beach retirement homes.