HORRY COUNTY, SC (WMBF) - Local real estate experts say so far this year, there has been a huge boost in new construction and new home growth.
As living proof, there are multiple recent proposals to build even more homes. The planning commission technical review committee for the city of Myrtle Beach is meeting Thursday. Five items on the agenda are all proposals to subdivide lots across the Grand Strand for residential construction.
The biggest proposals are all in the Market Common area. The Emmens, Montrose, and Cresswind neighborhoods are all looking to build dozens of homes in their already-sprawling neighborhoods.
Between the three neighborhoods, construction of 209 new homes is being proposed..
"There's such a large amount of people that has been coming in, there's just not enough houses to meet the demand," said Justin Thompson with Elliot Coastal Living. "The inventory right now from 100 to 200 thousand dollars, we can't keep the houses on the shelves. If they're priced accordingly, the second they hit the market, I've got clients now we can't find a house for because it's just going just as fast as it comes in."
In the Cresswind neighborhood, work is already underway. Leaders say that these additional lots are all part of their grand plan of hundreds of homes catering to the booming market.
Builders and local real estate experts say the demand for new homes comes from a combination of people moving here from out of state, and people relocating within the area. They're doing it at rates we haven't seen in a long time.
The U.S. Census Bureau just recently listed the Grand Strand as the second fastest-growing metropolitan area in the country. That covers Conway, Myrtle Beach, and North Myrtle Beach.
Research from Coastal Carolina University shows that since 1990, our population has nearly doubled. With that, we've doubled the demand for new housing.
Local real estate experts predict one-third of the market is buying secondary homes, vacation homes, and investment properties. The other third is just homeowners relocating within the market or switching from renting to owning. The final third being families or retirees moving in from out of town, and all of those categories in recent years are growing equally as fast.
"People are actually retiring here so, it's obviously our climate and our beaches and our low property taxes. And they come down, they make big North money and come down here and live cheap in a great climate. So that's why it's been such a big hit on that note," Thompson said.
The Cresswind neighborhood has a proposal in front of the city for 86 more lots, but the vice president of Kolter Homes says they're actually planning on adding 133 more homes.
They started clearing the sites for these homes just this week, the vice president said, and their neighborhood is catering to active adult living.
Most of their residents are buying a second home now, so when they finally retire, they can move down permanently.