Myrtle Beach Market Update

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Today, we’ll review January’s housing data for the surrounding Myrtle Beach area.

Single-family home sales increased 2.6% in January compared to the same time last year. Overall, prices are up 8.6% for single family homes compared to last year’s number. New construction property prices increased 1.7%. Resale homes are up 12.6%, so we’re seeing a huge jump in home values out there in our area.

Condominium sales are down 3.9% while prices jumped 18.6%. Lot sales were up 50% in January. The price increases we’re seeing right now have a lot to do with low inventory. There are fewer listings available for buyers to choose from, so it’s an issue of basic supply and demand. Most properties are selling at 94% of initial asking price. 

If you’re thinking about buying or selling locally, reach out to us by phone or email. We’d be happy to give you a market analysis of your home and explain its current market value. Additionally, we can gladly answer any real estate questions you might have!