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 neutral's market

Buyer's
Market

Difference Since May 2023

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

Key Takeaway

Myrtle Beach is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Myrtle Beach, SC

How much do homes in Myrtle Beach, SC cost?

Median Sold Price

$319,537

$212/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$4,240(+1.3%)

Key Takeaway

Homes in Myrtle Beach have sold for 1.3% more than they did a year ago.

Summary: The median home sold price in Myrtle Beach was $319,537 in May 2024, up 1.3% from last year, and the median price per square foot was $212.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $175K$175.8K
0.5%
2 $230.8K$232.4K
+0.7%
3 $334.1K$334.6K
0.2%
4 $479.2K$474.8K
-0.9%
5+ $526.8K$549.2K
+4.3%

Summary: Myrtle Beach housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.5%, 2 bedroom homes increased by 0.7%, 3 bedroom homes increased by 0.2%, 4 bedroom homes decreased by 0.9%, and 5+ bedroom homes increased by 4.3%.

Median Sold Price Compared To Nearby Cities

Myrtle Beach
+1.3%
North Myrtle Beach
-0.3%
Conway East
-1.8%

Housing Supply in Myrtle Beach, SC

How many homes are available in Myrtle Beach, SC?

Number of Homes For Sale

Apr 2024May 2024CHANGE
2,7942,961+6.0%

Summary: The Myrtle Beach real estate market had 2,961 homes for sale in May 2024, a 6.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 411441
+7.3%
2 768802
+4.4%
3 1,0371,093
+5.4%
4 407440
+8.1%
5+ 171185
+8.2%

Summary: The Myrtle Beach housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.3%, 2 bedroom homes increased by 4.4%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 8.2%.

Number of Homes Sold

Apr 2024May 2024CHANGE
430428-0.5%

Asking Price vs. Sold Price

305 Homes Were Sold
Under Asking

90 Homes Were Sold
At Asking

33 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. 71.3% of homes here sold below asking price last month.

Summary: A total of 428 homes were sold or pending in Myrtle Beach in May 2024, down by 0.5% month-over-month. Of the 428 sold homes, 71% were sold under asking, 21% were sold at asking, and 8% 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

May 2023May 2024CHANGE
104 Days101 Days-3.2%

Summary: Homes in Myrtle Beach had an average of 101 days on market in May 2024, down by 3.2% compared to last year.

Breakdown of Home Sale Times

31 Homes Were Sold
Under 30 Days

205 Homes Were Sold
In 30 - 90 Days

191 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Myrtle Beach has remained consistent over time.

Summary: During May 2024, 428 homes were sold in Myrtle Beach; 7% of homes were sold within 30 days, 48% of homes were sold within 30 to 90 days, and 45% 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 17 Days Ago

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