Myrtle Beach Real Estate Market Update for Summer 2024

The real estate market in Myrtle Beach is likely one of the strongest in the country. It has, however, adjusted to the interest rate increases that the Fed has enacted. In this write up, we will detail several key stats to show where the market currently stands.

Average prices from May 2023 to May 2024 across the entire local MLS area including Myrtle Beach and surrounding areas (such as Conway, Little River, Georgetown, etc)

Single Family Residences 2024: $467,181 (up from $462,719 in May 2023)

Condos 2024: $286,731 (down from $288,875)

In general, high demand has kept prices fairly similar to last year at the same time. However, that’s a departure from the huge increases of recent years.

Inventory is up

Months of supply of single family homes is up to 3.7 months (compared to 3.2 months from last year)

Months of supply of condos is up to 6.1 months (over double the amount of last year’s inventory which was only 2.9 months)

Location matters in value

Here are the numbers from some of the popular areas around Myrtle Beach. Again, were are comparing May 2024 average values to May 2023. This list is specific to Single Family Residences.

• Myrtle Beach $518,265 ($495,299 in 2023)
• Murrells Inlet $629,769 ($556,663 in 2023)
• Conway $319,043 ($323,651 in 2023)
• Pawleys $760,254 ($741,111 in 2023)
• Little River $404,105 ($442,130 in 2023)
• Galivants Ferry $295,913 ($312,575 in 2023)

While Myrtle Beach, Murrells Inlet, and Pawleys Island continued to increase slightly, some of the other close by areas have dropped in average price.

Listing Negotiations are back to normal

As opposed to the Covid market that led to many full price offers, the market is now back to the standard negotiating for lower prices. Here are some interesting stats.

Percentage of the final sold price in comparison to the listing price.

Single Family Homes 2024 97.6%; 2023 was 97.9%; 2022 was 99.7%

Condos 2024 96.5%; 2023 was 97.3%; 2022 was a whopping 100.5%

In summary, Myrtle Beach real estate is still one of the best investments around in the long run – perhaps now we are in a better market for buyers than we’ve seen recently. It’s just important to make sure to make well informed decisions when considered buying or listing real estate. Please contact us for more information!