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Myrtle Beach Market Update: 3rd Quarter 2023

3rd Quarter Market Update:Myrtle Beach Real Estate Thrives

As we step into the vibrant hues of autumn, it’s time to take a closer look at the real estate market in Myrtle Beach, and the numbers are painting a promising picture. Comparing average sales prices from the first 3 quarters of 2023 vs the first 3 quarters of 2022 reveals a landscape of growth and opportunity, with both buyers and sellers reaping the rewards of our thriving coastal community.

Average Sales Price for Residential Resales Soars by 5.55%

The average price for Residential Sales is up 3.80% versus this time last year, but if you are thinking about selling your home the number to focus on is the impressive 5.55% increase in the average sales price for residential resales. This is not just a mere statistic; it’s a testament to the enduring appeal of Myrtle Beach. The rising demand for homes in this picturesque coastal town is evident, and buyers are willing to invest in the quality of life it offers.

What’s driving this growth?

It’s a combination of factors. Myrtle Beach boasts beautiful beaches, a pleasant climate, and a vibrant community, making it an attractive destination for retirees, families, and individuals seeking a change of pace. As more people recognize the unique charm of this area, demand for residential properties has surged, driving up prices and giving homeowners the opportunity to see their investments grow.

For sellers, this is a golden opportunity. If you’ve been contemplating selling your Myrtle Beach property, now might be the perfect time to make a move. With increased demand and higher prices, you could potentially make a substantial profit while passing on the joy of coastal living to a new owner.

Condo and Townhome Sales Prices Shine with an 8.55% Increase

The condo market in Myrtle Beach is not lagging behind; it’s soaring to new heights. There was an impressive 8.55% increase in the average sales price compared to this time last year. This is fantastic news for condo owners and investors alike.

Myrtle Beach’s condo market has always been popular among both vacationers and investors. The allure of being close to the beach, or even oceanfront living, makes condos in this area a valuable asset. Combine that with the investment potential a condo offers, savvy investors are capitalizing on this opportunity.

If you’ve been considering investing in a Myrtle Beach condo, this might be the ideal moment to take the plunge. Higher prices indicate a robust market, and the potential for rental income can offer a steady stream of returns on your investment. Whether you’re looking for a second home, a vacation rental, or a long-term investment, Myrtle Beach condos continue to be an attractive choice.

Remarkable Long-Term Growth in Myrtle Beach Real Estate

While the most recent statistics are impressive, it’s essential to take a step back and appreciate the remarkable long-term growth that Myrtle Beach has experienced. From 2019 to 2023, the average resale prices for residential homes have surged by a staggering 77.66%. This is a testament to the enduring appeal of Myrtle Beach and its consistent performance in the real estate market.

To put this into perspective, let’s compare this growth to the previous five-year period, from 2015 to 2019, where residential home prices rose by just 20.32%. The contrast is striking, highlighting the accelerated pace of growth and the increasing demand for homes in Myrtle Beach. This impressive appreciation in property values demonstrates the city’s resilience and attractiveness as a real estate investment destination. I know some buyer’s are hesitant right now because of the recent rise in interest rates, but interest rates will eventually come back down, while looking at the way the market is trending home values will continue to rise. Buying now to take advantage of home values continuing to rise and refinancing later might be the right move for you.

The Condo Market Shows an Equally Remarkable Trend

From 2019 to 2023, condo prices have risen by an impressive 72.07% as of the third quarter. This substantial increase reflects the enduring appeal and the investment potential of Myrtle Beach condos.

Comparing this to the 2015 to 2019 period, where condo prices grew by a modest 12.85%, it becomes evident that the market has witnessed a significant shift in recent years. Myrtle Beach condos are no longer just a place to enjoy vacations; they’re also a lucrative investment opportunity.

A Bright Future for Myrtle Beach Real Estate

National news about the real estate market can often feel like a lot of doom and gloom, but it is important to remember that all real estate is local. Myrtle Beach paints a picture of a thriving and dynamic real estate market. With the 5.55% increase in the average sales price for residential resales and the 8.55% surge in condo sales prices, the future looks bright for both buyers and sellers. Anytime you are making decisions about whether to buy or sell, you have to weigh out your options.

That’s what we are here to help you do. We can help answer any question you may have about real estate all along the Grand Strand. If you’re a seller, the time may be ripe to make the most of this market and secure a profitable deal for your property. For buyers and investors, the opportunity to own a slice of Myrtle Beach paradise is more appealing than ever before.

Myrtle Beach’s unique blend of coastal beauty, a welcoming community, and investment potential make it a standout destination in the world of real estate. As we head into the final stretch of the year, Myrtle Beach continues to shine as a beacon of opportunity in the real estate market. Don’t miss out on this exciting journey – whether you’re buying or selling, Myrtle Beach is calling, and the future looks brighter than ever.

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