Myrtle Beach Market Gaining Momentum

The Myrtle Beach, SC Market is Gaining Momentum

Myrtle Beach Market Gaining Momentum

According to recent analysis, the Myrtle Beach real estate market, while still slightly cool compared to the frenzy of 2021-2022, is heating up relative to the 2023 slowdown. Experts predict that the lull in activity last year is coming to an end as the market finds its footing again.

Several factors are contributing to the strengthening Myrtle Beach market:

  • Mortgage rates are expected to hold steady or even dip slightly in 2024, reigniting buyer interest

  • Sellers who paused their plans in 2023 are anticipated to list their homes this year, improving inventory

  • The area has dodged the foreclosure spikes impacting other regions of South Carolina

South Carolina's Population Boom Drives Housing Demand

South Carolina as a whole is benefiting from strong population growth, ranking 6th in the nation for new residents in recent years. Over 14,000 Floridians alone have relocated to the Palmetto State lately, drawn by the lower cost of living, milder climate, and family connections.

This influx is helping fuel housing demand across the state, with home prices rising 4.3% in the last year to a median of $296,251. Some of the most sought-after neighborhoods are right here in Myrtle Beach, including The Dunes and Grande Dunes with their stunning beaches, golf courses, and resort-style amenities.

New Construction Stays Strong

While existing homes lingered on the market a bit longer in 2023, new construction remained robust throughout the Grand Strand. This is an encouraging sign that the area's housing market fundamentals are solid and poised for growth as demand picks back up.

The Bottom Line for Myrtle Beach Real Estate

After navigating the challenges of 2023, the Myrtle Beach real estate market is positioned for a rebound in 2024. The combination of population growth, new construction, and stabilizing mortgage rates should result in increasing sales and values as the year goes on.

Whether you're looking to buy a vacation getaway, new primary residence, or investment property, now is an excellent time to explore the opportunities in Myrtle Beach and surrounding communities. Reach out to our experienced team at The Simmons Stratton Group to discuss your goals and get started on your home search or selling process. With our deep local knowledge and commitment to personalized service, we're here to help you succeed in this promising market.

For more information, guidance on buying a home, or to schedule a consultation, contact us today:

The Simmons Stratton Group at Fathom Realty
Phone: 803-999-7522
Email: [email protected]
Website: https://isellscre.com 

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