Record-low homes for sale on Grand Strand despite rising prices

Published: Apr. 12, 2021 at 10:28 AM EDT
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MYRTLE BEACH, S.C. (WMBF) – The housing market in the United States is growing more competitive by the day, as rising wages and low mortgage rates are helping to keep homeownership affordable for middle-class Americans.

Despite the spike in housing prices, one local realtor says there is record-low inventory of homes for sale because of such high demand.

Realtor Lane Sherman with 21 Century Stopper and Associates in Myrtle Beach notes there are more real estate agents than homes on the market. He says this is because the Grand Strand market is so diverse, with a good mix of single-family homes, townhomes and condos.

South Carolina is also more affordable than Northern cities because of its low property taxes. In addition, buyers are seeing interest rates under 3%.

According to Sherman, the high demand is causing more bidding wars among buyers interested in the same property, with homes selling well above asking prices.

“Even though the new construction communities are rising in terms of prices, we’re so many new constructions down here, so it’s really given people the option to kind of choose what home they want and what size and what area they want to be in too,” Sherman said.

He added this year is already shaping up to be better than last for the real estate market, as people who held off buying a home at the start of the pandemic are now rushing to purchase one.

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