Myrtle Beach area housing market sees prices go ‘through the roof’

Updated: May. 18, 2021 at 9:45 PM EDT
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MYRTLE BEACH, S.C. (WMBF) - Buying a home in the Myrtle Beach area may be a bit pricier these days.

This comes as the housing market continues to boom, breaking records for sales and pending sales in several months over the past year.

“It’s been a very active spring season leading into the summer, and we don’t see any true signs of things slowing down,” said Coastal Carolinas Association of Realtors CEO Laura Crowther.

Crowther spends every day working with real estate agents in Horry and Georgetown counties. She said, lately, they’ve had their hands full.

“It’s been a very good time to be a realtor, but I’ll tell you, when I talk to them, the glut of what’s happening in the market is almost too good,” said Crowther.

Crowther said she’s been comparing statistics from April 2021 and April 2019.

She said the new listings coming on the market are about the same, but there’s been a substantial increase in closed and pending sales for the month, which has led to a bit of a dip in the total houses available.

“With the inventory tightening and the demand still there, and the prices increasing, it creates a different dynamic in the market with the buyers and the sellers,” said Crowther.

The inventory was down 76% in April 2021 from April 2019. That means, for every 100 homes on the market then, there are only 24 now.

Crowther said affordability may become an issue with fewer houses available, but she thinks it’s still shaping up for a busy summer, especially as the school year comes to a close.

“Folks spending so much time in their homes with their children and there were more people in the house for a longer period of time than normal, and I think they realized maybe they had outgrown their space, and maybe they need to upsize a little bit,” said Crowther.

Crowther said the median cost of a home in the Myrtle Beach area last month was $280,000.

That’s the highest it’s been since January 2016.

She attributes part of that to the 30-35% increase in material costs. She said a lot of manufacturers are still playing catch-up from the pandemic.

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