The Real Estate Scene in Myrtle Beach: A Blend of Challenges and Growth

The Real Estate Scene in Myrtle Beach: A Blend of Challenges and Growth

Myrtle Beach, a sun-soaked haven known for its stunning coastline and vibrant lifestyle, has found itself in a fascinating yet challenging real estate situation in 2023. Despite the impacts of inflation and rising interest rates that have shaken up the market, this charming city continues to attract new residents, keeping the dream of coastal living alive for many.

Fewer Homes, More People

So what’s happening in the Myrtle Beach area? Well, it seems that fewer homes were sold this year compared to previous years, and homeowners have been a bit hesitant to place their properties on the market. This has led to a shortfall in supply, making it a bit tougher for potential buyers to find their dream homes. But don’t let that fool you—Myrtle Beach is still one of the most moved-to cities in the United States. It appears the allure of sandy beaches and warm weather continues to pull people in, especially retirees and middle-aged couples looking for a welcoming community.

Building Boom amidst Challenges

Now, let’s talk about construction in Horry County. While the overall pace of growth might be leveling off, there has been a significant surge in homebuilding over the years. In fact, the county issued a whopping 17,552 building permits during the 2023-2024 fiscal year, which is slightly higher than last year’s 17,326. However, it’s important to note that this is the lowest increase in consecutive years since 2019-2020, which had a much more substantial bump.

The construction value of these permits has also seen a decline, dropping to about $1.54 billion from $1.63 billion the previous year. This reflects the multifaceted challenges that builders are facing, from inflation to rising material costs. Even with these hurdles, there’s still a buzz in the Myrtle Beach real estate scene as building to meet demand continues.

Staying Steady Through Ups and Downs

Local builders have mixed views on the future. Autry Benton, a Conway City Councilman and concrete contractor, shared that his company is maintaining its business without needing any layoffs but isn’t expanding either. He pointed out that costs have increased, making a substantial impact as up to 20% of higher building costs are passed on to consumers.

Similarly, Jason Repak of Hudson Custom Homebuilders expressed a cautiously optimistic stance for 2024. He indicated that while his team is still fielding as many customers as last year, some projects have faced delays due to high-interest rates and funding challenges. Nonetheless, it seems they remain unaffected by any drastic changes in trends.

Exciting Development Projects on the Horizon

Looking beyond the immediate numbers, there’s a pulse of development with some exciting projects on the horizon. Plans for redeveloping the long-closed Myrtle Beach Speedway and Inlet Square Mall promise to add new life to the community and draw in even more visitors. Such developments signal that optimism remains high, even amidst the current economic landscape.

A Bright Future Ahead?

According to the Coastal Carolinas Association of Realtors, the overall outlook for 2024 appears bright. They foresee that a continued influx of residents will help keep the real estate market afloat despite the challenges. With Myrtle Beach being one of the highest regions for migration in the country, people are eager to call this piece of paradise home.

In summary, while 2023 might have brought challenges for the Myrtle Beach real estate market, it has also paved the way for continued development, resilience, and growth. As more people flock to this coastal gem, the spirit of Myrtle Beach remains unyielding, promising a vibrant community for years to come.