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2021 Mid Year Market Update

Myrtle Beach is the fastest growing city in the country!

It comes as no surprise to us here at Coastal Tides Realty that, according to the U.S. News and World Reports, Myrtle Beach is the fastest growing city in the country. We believe there are a few different factors at play, but the pandemic definitely led to the bulk of our growth in the area.

Myrtle Beach is the fastest growing city in the country right now!

COVID-19 has been a part of our vocabulary for over a year and a half now, and it has played a large role in what’s going on in the market. Many companies realized that their workforce can be just as productive from home versus them having to drive to the office every day. With more people working from home, a lot of them can now live wherever they choose. For people living in the frigid cold of New England, the sunny beaches here along the Grand Strand have become quite enticing. We have seen a huge influx of new home buyers coming from out of state, driving prices up along with them.

In the first half of 2020, the average residential home in the Myrtle beach area sold for $283,333. In 2021, that price shot up 18.92% to $336,930! That is an unprecedented increase in price year over year. For comparison, if you look at the same time period in 2017 to 2018 you see only a 1.83% increase.

This chart represents January to June average home prices from each year and how much they increased from year to year. All information obtained from the MLS.

We have seen some markets begin to slow down slightly across the country, but as you can see from the chart above, Myrtle Beach prices are still rising.

With prices continuing to rise, there has never been a better time to sell your home. Whether you’re downsizing, selling off a second home, or are looking to move out of the area entirely we can help. Enter your address for a free home valuation!

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