Myrtle Beach Buyers Market

The S.C. Association of Realtors has recently confirmed and reported South Carolina’s coastline is quickly becoming a market for buyers due to recent sales declines in certain areas. The Myrtle Beach condos in the Grand Strand area have seen an increase of 5% in sales. Hilton Head has had a decline of 26% in sales while sales in Charleston have only declined by 3%.
However, upstate South Carolina has been seeing an increase in sales of real estate driven by recent job growth which has in turn created a demand for housing. First quarter real estate sales have increased 28% in Greenville and increased 21% in Spartanburg.
According to Jim Peters (Association of Realtors CEO), the entire South Carolina and Myrtle Beach real estate market is experiencing some buildup on inventory. The decrease in real estate sales contributes much to a shifting toward a buyer’s market, in which homebuyers will not have to engage in a bidding war. “Ultimately, we will see some leveling off and even a price decline, particularly in the condominium market,” Peters said.
In a comparison of last year’s first quarter figures, the average price for condos and homes then saw an increase of 24% along the Grand Strand. Comparatively, prices were also up last year in Charleston to 14% and in Hilton Head at 18%. These increases in asking prices have boosted home values to parallel those neighboring states and cutting out any potential first-time buyers alongside the coastline. Peters also said, “Local communities will have to respond to growing housing needs for service sector workers, teachers, policeman, and firefighters.”