Here are the newest statistics from the Myrtle Beach housing market.
What’s going on in the real estate market? Today I have the latest market numbers, and they’re very interesting, to say the least.
For example, this is the first time we’ve seen a double-digit decline of home sales. For the entire Grand Strand area, single-family home sales fell by 12.2% over last year, going from 777 sales in 2021 to 682 this year. Why did sales drop? Interest rates have been rising significantly, which has some buyers pulling out of the market.
The good news for sellers is that home prices have reached record numbers. The average home price in the Grand Strand rose 28.2% compared to the same month last year, leaving us at $462,594. The median price rose 26.3% to $359,900.
The driving force behind these price increases is the fact that inventory is still at an all-time low—not just locally, but across the country. We’re in a super seller’s market, meaning that sellers have the high ground. Inventory fell 23.1% year over year, leaving us at one month of inventory. A healthy market typically has around six months of inventory. Anything below that is a seller’s market, so you can see how much of an advantage today’s sellers have.
“Interest rates have been rising significantly, and some buyers are pulling out of the market.”
Condo sales also fell by 3.5% year over year, going from 811 sales in March 2021 to 783 this year. However, condo prices have increased by 33.1% to an average of $254,224. The median price rose by 36% to $211,500. Overall, condo inventory is down by a whopping 70% over last year.
The one wild card in our housing market is our interest rates. Right now, rates are the highest they’ve been since 2011, having just recently hit 5.08%. If you’ve been thinking about refinancing, you may want to do it quickly, as interest rates are projected to rise more this year. This is important for sellers to know because as rates increase, buyers tend to leave the market out of hesitancy or being priced out.
If you’re planning to sell, now is a great time to start the process. The market is in dire need of inventory, and you’re sure to get an excellent sale if your home is in good condition and priced correctly. Most agents wait until they put the for-sale sign in the yard before they start marketing homes; we outspend the average agent 100 to one in marketing. We spend tens of thousands of dollars every month to drive traffic to available homes and match you with a buyer seamlessly. We’ll give you access to the 67,288 active homebuyers we have in our database.
If you’d like to learn more about how we help sellers find success or about the real estate market in general, don’t hesitate to give me a call or send me an email. I’d love to help you.
