Myrtle Beach Housing Market Shows Substantial Growth in 2021

We may be living in turbulent economic times, but the Myrtle Beach housing market is experiencing unprecedented growth. According to recent data, in June 2021, home prices in Myrtle Beach went up by 9% compared to last year, attracting more buyers and getting on the radar of investors. What's more, the average home spent 63 days on the market, whereas in 2020, it took around 100 days to find a buyer.

The market shows no sign of stopping, experts say

Realtors are having a very busy time in Myrtle Beach these days. According to Laura Crowther, CEO of the Coastal Carolinas Association of Realtors, the market is at an all-time high and shows no signs of stopping. Charmed by the area's proximity to the ocean and the warm weather it gets in the cold season, buyers are flocking to visit Myrtle Beach homes for sale, hoping that this would make the perfect location for a vacation home. And indeed, few areas can say that they have the views and attractions of Myrtle Beach.

Every year, Myrtle Beach attracts thousands of tourists, with its pristine beaches, family-friendly venues, vibrant entertainment events, golf courses, and high-rated restaurants. At the same, investors know that the area has huge potential and don't hesitate to leverage the low taxes. Unlike other beaches, Myrtle Beach offers the perfect balance between luxury condos, peaceful vacation homes, and apartment rentals. Thus, the area has something for everyone: families, young tourists, or seniors looking to relocate.

After a very long year when they had to work from home in small apartments, many families are looking to upsize or simply invest in a vacation property where they can come to unwind. Thanks to their dreamlike coastal landscapes and peaceful communities, the towns of Myrtle Beach have become one of the go-to options.

High demand could drive prices even higher

This spring, the average home in Myrtle Beach sold for $280,000, and the selling price didn't go below 2% of the listing price. However, things were much more competitive for homes in high demand areas, which only spent an average of 35 days on the market and whose selling prices were higher than the initial listing.

Real estate experts explain that this is due to the growing gap between supply and demand. Last year, many Americans put their home ownership plans on hold due to the pandemic, and, as a result, demand skyrocketed in 2021. With higher savings and an even higher desire to have a peaceful oasis to retreat to, buyers rushed to attend home viewings and didn't shy away from outbidding themselves.

But, in spite of the higher demand, new homes and communities can only be built so fast. The supply is 76% lower than in April 2019, so not everyone who wants to buy a house in Myrtle Beach will manage to find one. Myrtle Beach is generally on the affordable spectrum when it comes to luxury beachfront properties, but even so, the high demand might drive prices even higher.