We want to keep you informed so you can make the best decision possible.
What’s happening in Myrtle Beach’s housing market as we close out 2022 and begin 2023? The best way to know what 2023 will look like is by understanding where our market was at the end of 2022. That’s why today, I’m breaking down the latest numbers from our December housing market.
First, single-family home sales are down 52.5% year over year; however, prices have started increasing again over the last three months. On paper, this doesn’t seem to make sense. What’s really going on? https://sloanrealtygroup.tv/january-myrtle-beach-real-estate-market-update.html As you may know, the driving force behind our current market is our low inventory. There just aren’t enough homes on the market to meet demand. As a result, the median sales price for single-family homes last month was up 17.2% year over year at around $375,000. For reference, the median sales price was only $345,500 in September 2022.
Inventory in Myrtle Beach is up 100% year over year, but we still only have 2.5 months’ worth of supply. Any market with fewer than six months of inventory is considered a seller’s market, so our market is almost a super seller’s market. There just aren’t enough houses out there for home prices to drop dramatically.
“It’s still a good time to sell if you need to move. ”
Meanwhile, condo sales are following a similar trajectory to home sales. Condo sales are down 49.6% year over year, but prices are still up 19.2% year over year to $261,421. That being said, condo supply has increased significantly more than single-family home supply. In fact, condo supply has increased by 214% year over year. As a result, condo prices are down month over month, even though they are still high overall.
So does it make sense to sell your home or condo in this environment? In my opinion, yes—if it’s the right move for you. People are still relocating to our area, and these buyers are serious about getting into a home quickly. They may be willing to offer you a great deal for your property since inventory is so low.
Our goal is to keep you informed so you can make the best decision possible about your largest asset. Call or email us if you have questions about anything I talked about today or something else. I look forward to hearing from you.
