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Elijah’s Market Minute for August 2021

Even though the average price of single-family homes dropped slightly from June 2021 to July 2021 ($353,720 to $351,382) this doesn’t mean the market is in trouble. From July 2020 to July 2021 the average price of a single-family home in the Myrtle Beach area jumped from $310,386 to $351,382. That’s an increase of 13.21% from last year. The numbers are even better if you look at condos (up 19.45%0 and residential lots (up 33.21%).

What does this mean for sellers? If you’ve been thinking of putting your property on the market, don’t wait any longer. Home values are still way up from where they were a year ago, and properties are not lasting long.

What does this mean for buyers? With prices seemingly leveling off, and inventory rising (new listings for single-family homes rose from 1249 in June to 1482 in July) supply may be gaining some ground on demand.

Sellers, click below to start your free home valuation, and buyers can search our current listings. Whether you are thinking of selling or buying, we here at Coastal Tides Realty to talk you through each step. We’ll get you moving!

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