Myrtle Beach Real Estate Market Sees Revitalization in 2024

News Summary

The Myrtle Beach real estate market is witnessing a strong resurgence in 2024, with home sales rising to nearly $7 billion, a remarkable increase of $2.3 billion from the previous year. The median home price rose from $360,000 in 2023 to over $385,000, driven by rising demand and improved economic conditions. New buyer demographics are emerging as people relocate from the northeast. While sales are recovering, homes are taking longer to sell, allowing buyers to negotiate better deals. Myrtle Beach remains a highly desirable place to live, offering a vibrant lifestyle and beautiful surroundings.

Myrtle Beach Real Estate Market Sees a Revitalizing Surge in 2024

In the vibrant coastal city of Myrtle Beach, the real estate market is experiencing a remarkable comeback. With a staggering increase of $2.3 billion in home sales in 2024 compared to the previous year, real estate agents have totaled nearly $7 billion in sales this year, a significant jump from $4.6 billion in 2023. This revitalization marks a positive shift for both buyers and sellers in the area.

Price Increases Reflect Market Recovery

As the market gets back on its feet, homeowners are noticing a rise in the median home price, which has climbed from $360,000 in 2023 to over $385,000 in 2024. This increase, while partly tied to the skyrocketing demand, can also be attributed to factors such as improving economic conditions and a shift in buyer sentiment, especially as interest rates have started to drop.

Shifts in Buyer Demographics

Interestingly, many of the new clients looking to call Myrtle Beach home are relocating from the northeast United States. The trend of families seeking larger, sunnier spaces continues to thrive, coupled with an emerging pattern of grandparents selling their homes to downsize or move closer to children and grandchildren who live elsewhere.

A Roller Coaster for Home Sales

Reflecting on the home sales trend, it’s clear that Myrtle Beach has experienced fluctuations over the years. The peak sales year was in 2022 when realtors sold about $7.2 billion in homes. However, sales dipped significantly in 2023. This year, despite the splendid recovery, the numbers signal a persistence of challenges as well.

Homes in Horry County are now taking an average of 114 days to sell, an uptick from 92 days last year. This change illustrates a buyer market that is becoming more selective, with potential buyers taking more time to consider their options before making a purchase. Buyers are also more cautious, particularly due to concerns about natural disasters and potential future storm damage. They are increasingly seeking out properties in areas less prone to flooding, steering clear of coastal and Intracoastal Waterway locations.

Exclusive Listings Galore

The premium market is alive and bustling, with some of the most expensive properties being located right by the ocean or along the Intracoastal Waterway. For example, one stunning listing includes a spectacular 6,000-square-foot home on Ships Wheel Drive, listed at $5.8 million—a remarkable increase considering this home was sold for less than $1 million back in 2013. That’s an astonishing appreciation of over 485%!

Inventory and Buyer Opportunities

In recent months, new housing developments have emerged, with properties built in 2023 and 2024 making their debut on the market. Despite a 22.6% decline in the number of homes sold year-over-year, homeowners continue to see a healthy rise in median sale prices, which have increased by 14% compared to last year.

While inventory levels appear stable, it is noteworthy that homes are lingering longer on the market now. This shift provides buyers with greater opportunities to negotiate deals. With a less competitive environment, those looking for a slice of sunny paradise are finding the process a bit easier than in years past.

Myrtle Beach—An Alluring Lifestyle Choice

Amidst the changes, the real estate dynamics suggest that Myrtle Beach remains a hot spot, drawing in buyers not only for the stunning beaches but also for the overall lifestyle the area offers. For many, it holds an undeniable appeal, particularly when compared to national averages. The combination of beauty and a friendly atmosphere makes it an enticing option for prospective homeowners.

As 2024 progresses, all eyes will be on Myrtle Beach, monitoring how the market continues to evolve. With this comeback, maybe it’s time to take a closer look at what this sun-soaked haven has to offer!

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Additional Resources

• Myrtle Beach Online
• Charleston Business
• Nora Dare Real Estate
• Encyclopedia Britannica: Myrtle Beach
• Google Search: Myrtle Beach real estate