Is Myrtle Beach, SC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Myrtle Beach is a buyer's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Myrtle Beach was a Seller's Market.

Key Takeaway

Myrtle Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Myrtle Beach, SC

How much do homes in Myrtle Beach, SC cost?

Median Sold Price

$315,245

$213/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$7,289(+2.4%)

Key Takeaway

Homes in Myrtle Beach have sold for 2.4% more than they did a year ago.

Summary: The median home sold price in Myrtle Beach was $315,245 in February 2024, up 2.4% from last year, and the median price per square foot was $213.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $175K$177.3K
+1.3%
2 $227.6K$233.1K
+2.4%
3 $328.9K$330K
0.3%
4 $466.8K$485.3K
+4.0%
5+ $546.2K$551.8K
+1.0%

Summary: Myrtle Beach housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.3%, 2 bedroom homes increased by 2.4%, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 4%, and 5+ bedroom homes increased by 1%.

Median Sold Price Compared To Nearby Cities

Myrtle Beach
+2.4%
North Myrtle Beach
+0.9%
Conway East
-0.4%

Housing Supply in Myrtle Beach, SC

How many homes are available in Myrtle Beach, SC?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
2,2622,483+9.8%

Summary: The Myrtle Beach real estate market had 2,483 homes for sale in February 2024, a 9.8% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 336365
+8.6%
2 620699
+12.7%
3 811902
+11.2%
4 337352
+4.5%
5+ 158165
+4.4%

Summary: The Myrtle Beach housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.6%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 4.4%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
283313+10.6%

Asking Price vs. Sold Price

238 Homes Were Sold
Under Asking

55 Homes Were Sold
At Asking

20 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Myrtle Beach, you may be able to get a good deal. 76% of homes here sold below asking price last month.

Summary: A total of 313 homes were sold or pending in Myrtle Beach in February 2024, up by 10.6% month-over-month. Of the 313 sold homes, 76% were sold under asking, 18% were sold at asking, and 6% were sold over asking.

Days on Market for Myrtle Beach, SC

How long does it take to sell a home in Myrtle Beach, SC?

Average Sale Time

Feb 2023Feb 2024CHANGE
101 Days101 Days-0.7%

Summary: Homes in Myrtle Beach had an average of 101 days on market in Feb 2024, down by 0.7% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

135 Homes Were Sold
In 30 - 90 Days

157 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Myrtle Beach are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 313 homes were sold in Myrtle Beach; 6% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

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