2024 Housing Market Trends in Myrtle Beach

Whether you're a seller or a prospective homebuyer in the Myrtle Beach, South Carolina area, you're likely aware of the beauty of this coastal community. Myrtle Beach is a well-known tourist destination, and its real estate market has also become increasingly popular. Those interested in selling and buying property in Myrtle Beach, South Carolina, must be as knowledgeable as possible about the housing market trends. Ensuring that you're up-to-date with these trends will increase your chances of experiencing success in your real estate transactions.

Will 2024 Be a Buyers or Sellers Market?

Understanding Market Factors

Before diving into 2024 predictions, we first need to understand the factors influencing our current housing market. According to the Annual Report published by the Coastal Carolinas Association of Realtors, mortgage rates hit a 2-decade high, housing inventory remained at historic lows, and sales prices continued to climb nationwide, putting homeownership out of reach for many consumers in 2023. These same factors influenced many sellers to stay put as they purchased or refinanced their homes in 2020 or 2021 when mortgage rates were several percentage points lower than today’s rates. All in all, low existing home inventory mixed with these factors boosted sales of new residential homes, which steadily increased from last year. This trend will continue to help buyers in the coming months.

2024 Outlook: It's A Sellers Market

Knowing whether the real estate market is a buyers or sellers market is important. A buyer's market means that the real estate market is more likely to be favorable for those looking to purchase a new home. Prospective buyers can easily find many homes for affordable prices when it's a buyer's market.

A sellers market is the complete opposite. Often, fewer homes are available in a particular area, and homes are appraised at higher prices. Sellers have an increased chance of selling their homes for the asking price or even for well above what they're asking. Due to a number of factors, including a 7.7% increase in median home prices in 2023 and the reduced inventory of available homes, the real estate market in Myrtle Beach, South Carolina, continues to be a sellers market.

Trend To Watch: Mortgage Rates

A key influencer for sellers and buyers alike will be mortgage rates in 2024. The same report by the CCAR noted that with inflation showing signs of improvement, the Federal Reserve recently announced they are likely done raising interest rates for the time being and plan to make at least three cuts to their benchmark rate in 2024. This will help bring hesitant shoppers and sellers back to the market and should translate to an uptick in both home sales and housing supply. Furthermore, economists predict U.S. home sales will remain down compared to 2019 – 2022, which can mean good news for those affected by housing affordability.

Buyers Can Still Find a Good Deal

Not all homes and deals currently favor sellers, and determined buyers can still find good deals. The fact that there are fewer houses available on the market only makes it easier for prospective buyers to peruse the market as they search for a great home. Many are finding that homes for sale have remained on the market for an average of 100 days. This can make it easier to negotiate with motivated sellers. Furthermore, even though the real estate market is currently in favor of sellers, buyers who are strategic can still find homes to purchase in this area. These buyers may be forced to behave more competitively, enabling them to end up with their dream home despite the housing market factors.

Consider New Construction

Sometimes, it may be easier for buyers to find new construction rather than resale homes. Working with CRG Homes, you have the added advantage of access to our Construction Sales Team, who can also assist you in finding the perfect lot to fit the home of your dreams and designing and building to your specifications and budget. 

Experience Gets You In The Door In 2024

Regardless, if you're looking to purchase or sell a property in Myrtle Beach, you need a professional by your side to help navigate the conditions. At CRG Homes, we are a team of expert real estate professionals and a full-service design/build custom home construction company. We can assist you step-by-step throughout the process to educate you and ensure a smooth process.  

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