HORRY COUNTY, S.C. (WMBF) - Myrtle Beach realtors say it’s been a strong and steady year for the housing market, and they expect those numbers to climb into next year.
The historically low interest rates continue to drive the market, according to real estate brokers, and there’s also a strong demand in Horry County. A report by the South Carolina Association of Realtors shows in Horry County alone, the economic impact of the housing industry is an estimated $4.1 billion.
Michael King, president and CEO of King One Properties, says with all the new developments sprouting up throughout the county, he’s noticed people are leaning more towards purchasing new homes which is impacting many resales. Another factor to this year’s strong numbers compared to last year is the weather. King says they’ve sold an additional 300 residential properties due to no major impacts from severe weather events.
“The past five years, every year has gone up significantly from the prior year. So, we don't see that changing going into 2020 and hopefully it will last another four or five years,” said King.
Over the past eight years, reports show more than 104,000 people moved to the Grand Strand, representing almost a 30% growth rate. This growth was recognized for the third year in a row by the U.S. Census Bureau, ranking the Myrtle Beach area as the second fastest-growing metropolitan area in the country.
With that being said, King says we’re noticing more millennials and baby boomers finding the quality of life in the Grand Strand attractive and choosing to stay for good.
“One thing about the Myrtle Beach market as opposed to other markets in the United States is our geographic location. Sixty percent of the population of the United States can get here within a day’s drive, so fortunately for us in this area the real estate market pretty much stays good all the time," said King.
The Coastal Carolinas Association of Realtors (CCAR) reports that these healthy real estate statistics nationwide align with the numbers locally in Horry County as well. CCAR reports steady mortgage rates over the year, with median sale prices now up 1.7% to $240,000 for single-family homes. King says millennials are number one for buying homes, and the Myrtle Beach market is now starting to catch up with more modern designs catering to future home buyers.
“The economy always sets the real estate temperature and with the economy as hot as it’s been, it’s really set the real estate market on fire. And one good thing about it this go around as opposed to back in 2005, 2006, 2007, is people are a little more cautious, the lenders are a little more stringent on lending money and it’s made for a really good, strong, solid market that’s going to go into 2020,” said King.
King believes since so much activity is happening on and near the beach, the only place to go is the other side of the waterway. His team recently conducted a study looking at the market over the next ten years and found the Longs market as the next hot area, pointing out it’s the fastest selling per-ratio market.