MYRTLE BEACH, SC (WMBF) - If you’re in the market to buy a home here in South Carolina, you’ll want to act fast.
Homes were only on the market for an average of 68 days in October across the state, according to new data from South Carolina Realtors.
That’s 18 days less than in October 2019, a 15% decrease year-over-year. Year-to-date, homes are spending just 76 days on the market statewide.
Meanwhile, in the Grand Strand and Pee Dee, homes are not moving as quickly but that doesn’t mean sales are slow.
SCR’s data shows the number of homes sold in the region for the third quarter of 2020 saw a 23.0% increase year-over-year, with fourth-quarter sales projected to be even stronger.
In total, 521 more homes were sold in the region this past October than the same month last year, a 42.4% increase.
“We are continuing to see buyers in the market and do not see signs of a slow down at this point. The largest hurdle we currently face is inventory. When properties come onto the market priced competitively, they sell,” said Drew Streett with Garden City Realty, Inc.
And while the Pee Dee is not seeing as many homes sold, the median sales price in this region increased more than 30% to $169,700 for the month of October, compared to $130,000 the year prior.
Year-to-date, the average median home price in the Pee Dee has increased by nearly 13% from $140,000 in 2019 to $158,000 this year.