Myrtle Beach Real Estate Market Trends for 2024

News Summary

As Myrtle Beach enters 2024, its real estate market showcases high-end listings and potential growth. While the market faced challenges in 2023 due to rising interest rates and economic uncertainty, analysts are optimistic about an influx of new listings and construction projects this year. The most notable property belongs to the mayor, priced at $6.75 million, and there are many other impressive homes available. With continued demand and over 90,000 new residents, Myrtle Beach remains an attractive destination for real estate investment.

Welcome to the Myrtle Beach Real Estate Scene in 2024!

Myrtle Beach, a popular destination for beach lovers and home buyers alike, is making headlines with its real estate market trends and some jaw-dropping properties that are currently up for sale. Whether you are dreaming of owning a slice of this coastal paradise or just curious about the luxurious homes available, there’s plenty to dissect!

The Pricey Properties Taking Center Stage

The real estate market here has some truly expensive offerings, with a range starting from $1.9 million and stretching up to a staggering $6.75 million. What’s particularly interesting this year is that the most expensive listing belongs to none other than the mayor of Myrtle Beach, Brenda Bethune. Her stunning home is commanding attention at its price tag.

This majestic property not only showcases its extravagant price but also boasts an impressive 9,515 square feet of living space. This beautiful beachside estate includes:

8 bedrooms and 8 bathrooms
Located on Ocean Boulevard North in the well-known Golden Mile area
Originally built in 1932 but underwent a complete renovation in 2015
Spreading across a large 1.32 acres with features including a pool house, guest house, and a garage equipped with an exercise room and sauna

Other Notable Listings

A beautiful 5-bedroom, 5-bathroom home priced at $1,900,000 with 4,065 square feet and a price per square foot of $467
A charming 4-bedroom, 3-bathroom home listed for $1,988,000 featuring 3,000 total square feet
A luxurious 2-bedroom, 2-bathroom condo for $1,999,000 at a premium price per square foot of $1,780

Plus, there are numerous splendid homes that fall in the $2 million to $4 million range, each featuring expansive square footage and multiple bedrooms and bathrooms.

A Reflection on the 2023 Market

Despite these extravagant listings, the past year has not been without challenges for Myrtle Beach’s real estate market. 2023 saw a downturn largely attributed to increased interest rates and a sense of uncertainty that kept many buyers at bay. Homes in Myrtle Beach averaged 123 days on the market, while condos took an average of 95 days.

The real estate report indicated a notable 36% decrease in the total value of homes sold compared to 2022, with sales amounting to $4.6 billion. A silver lining, however, was the continued demand for new homes. Over 5,200 new homes were sold in Horry and Georgetown Counties, a bump from 4,600 in 2022.

A Bright Future Ahead

As we step into 2024, prospects are looking brighter for Myrtle Beach real estate. Analysts believe that we might see an increase in listings as many sellers who hesitated in 2023 due to economic concerns begin to put their homes on the market. Additionally, more construction projects are on the horizon, further boosting the market.

The appeal of Myrtle Beach remains strong, and with over 90,000 new residents flocking to South Carolina from places like Florida last year, there’s exciting growth potential ahead. Buyers looking for second homes or vacation properties may finally feel ready to dive in!

In a nutshell, while the market faced some bumps last year, the outlook for Myrtle Beach real estate in 2024 is promising, and for those seeking a home by the sea, now may be the perfect time to explore all that’s available.