Just like the summer heat, the Myrtle Beach real estate market is a hot one. In fact, recent data fired up from the U.S. Census Bureau reports that the Myrtle Beach/Conway/North Myrtle Beach metropolitan area is the second-fastest metro area in the United States for the third year in a row.
Digging further into the health of these numbers, the market stats reveal that the Myrtle Beach area grew 3.8 percent from last year. That translates into 1,400 moving here per month and 104,000 moving here in the last eight years? And the hotspot is only getting hotter.
Why? As we all know, folks from the north are attracted to the high temperatures, lower property taxes and lower cost of living, including home price points. “Many times, those moving here from the north were faced with property taxes that were three times if not more than they are here in the Myrtle Beach area,” says Briggs Dickerson, Sands Realty Broker-In-Charge at Sands Realty Group.
“Many times, those moving here from the north were faced with property taxes that were three times if not more than they are here in the Myrtle Beach area”.Briggs Dickerson, Sands Realty Broker-In-Charge
Monthly market stats gathered by Coastal Carolina Association of REALTORS show a strong May performance and a consistently positive future in the local real estate market. The median sales price was down 0.7 percent to $232,000 for single-family homes.
Helping to spur our local numbers that are leading the country are factors effecting the market on a national level, including a continual trend of low unemployment, higher wages and favorable mortgage rates. But, while the housing stability is steady, it’s rising at a slow rate. Nevertheless, you can rest assured that, as a whole, the housing market is looking rather stable across the nation. And the future is even brighter here in sunny Myrtle Beach.
For more information on the Myrtle Beach real estate market and how we can guide you to the right property in this hot area, call us at 843.839.4878.