The Myrtle Beach area has seen a surge in real estate demand and prices over the past year, driven by an influx of new residents seeking a coastal lifestyle. According to Zillow, the average Myrtle Beach home value stands at $301,361, showing a modest 0.3% increase over the past year, with homes typically going pending in around 27 days1. However, other sources report higher price growth and lower inventory levels, indicating a strong seller’s market. For example, Redfin reports that in December 2023, Myrtle Beach home prices were up 19.5% compared to last year, selling for a median price of $275K2. The Coastal Carolina Association of Realtors also shows that the median sales price in July 2022 was around $360,000, up 28% from the previous year3. The low supply of homes and condos in the area has created a competitive and fast-paced market, where buyers need to act quickly and be prepared to pay above asking price. The Myrtle Beach area offers a variety of housing options, from oceanfront condos to golf course villas, catering to different lifestyles and budgets. The area is also known for its attractions, such as the boardwalk, the SkyWheel, and the Broadway at the Beach shopping and entertainment complex. The Myrtle Beach area is expected to continue to attract new residents and visitors, as well as investors looking for rental income opportunities.
1: https://www.noradarealestate.com/blog/myrtle-beach-real-estate-market/ 3: https://wpde.com/news/local/myrtle-beach-homebuying-housing-market-near-top-fastest-growing-sales-prices-redfin-reports-coastal-carolina-association-of-realtors 2: https://www.redfin.com/city/12572/SC/Myrtle-Beach/housing-market