Myrtle Beach Housing Market: Trends and Forecast 2024-2025

Unlike some South Carolina destinations, Myrtle Beach's housing market offers a more relaxed pace. This popular vacation spot attracts not only tourists but also those seeking a permanent residence along the beautiful coastline. While home values have risen in recent years, Myrtle Beach remains an attractive option compared to the national average.

In 2024, the Myrtle Beach housing market has experienced some interesting shifts, with home prices continuing to rise while the pace of sales has slowed down. Overall, the Myrtle Beach housing market is currently considered less competitive, with homes taking longer to sell compared to previous years.

This shift provides both opportunities and considerations for buyers and sellers alike. Let's dive into the key trends that are shaping this popular South Carolina coastal destination's real estate landscape.

Myrtle Beach Housing Market Trends in 2024: A Look at Home Sales, Prices, and Supply

Home Sales

According to Redfin's data for October 2024, the number of homes sold in Myrtle Beach has decreased. There were 151 homes sold in October 2024 compared to 195 homes sold during the same month last year. That represents a significant 22.6% year-over-year decrease. While this might seem concerning on the surface, it's important to understand that this decline is part of a larger national trend. The housing market across the country has cooled, and Myrtle Beach is not immune to these influences.

I believe this decrease in home sales is primarily due to higher interest rates, making it more expensive for potential buyers to secure a mortgage. This, coupled with some economic uncertainty, has led to a more cautious approach from buyers.

In my experience, buyers are becoming more discerning and selective in their choices. They are taking more time to find the right property that fits their needs and budget. This increased selectivity is another reason why homes are staying on the market a bit longer.

Home Prices

Despite the decrease in the number of home sales, the median sale price of homes in Myrtle Beach continues to climb. The median sale price for October 2024 was $310,000, representing a 14.0% increase compared to last year. This upward trend in home prices reflects the high demand for homes in Myrtle Beach, particularly from out-of-state buyers who continue to be drawn to the area's beaches, lifestyle, and relatively affordable cost of living.

The median sale price per square foot in Myrtle Beach is $260, down slightly from last year. However, the overall price increase shows that buyers are willing to pay more for the desirable properties that Myrtle Beach offers.

Housing Supply

The combination of fewer homes being sold and increasing prices might lead you to believe that the inventory is extremely low. However, that's not quite the case. While the number of homes available for sale has not surged, it has not dramatically declined either.

The fact that the number of homes sold has decreased means that the inventory is actually lasting longer on the market. The median days on market for homes in Myrtle Beach are now 103 days, which is a significant increase compared to 78 days last year.

This slightly increased inventory coupled with the cautious buying behavior indicates that the market is not as frenzied as it was in previous years. This can be beneficial for buyers, providing them with a more relaxed buying experience and a greater opportunity to negotiate.

Market Trends

Several factors are contributing to the Myrtle Beach housing market trends we're observing in 2024:

• Increased Interest Rates: Higher interest rates have impacted affordability, leading to fewer buyers and slowing down the pace of sales.
• Economic Uncertainty: Economic uncertainty and inflation have also caused some buyers to pause their home searches, leading to a more cautious approach.
• Strong Demand: Despite the challenges, the demand for homes in Myrtle Beach remains strong, especially from out-of-state buyers. This ongoing demand keeps prices elevated.
• Limited New Construction: The supply of new construction hasn't kept pace with demand, further contributing to price increases.
• Relocation Trends: Myrtle Beach continues to attract people relocating from other areas, particularly those coming from the Northeast and Midwest regions.

Is Myrtle Beach a Buyer's or Seller's Housing Market?

The Myrtle Beach housing market in 2024 can be described as a more balanced market compared to the previous few years. While prices are still increasing, the pace of sales has slowed down, and the homes are staying on the market longer. This puts buyers in a slightly better position.

Based on the current data, I'd lean towards saying that it's a more balanced market, but with a slight edge towards buyers. Buyers have more time to consider their options, can potentially negotiate on price, and aren't facing the same level of competition as before. However, it's still a strong seller's market in certain areas, particularly for well-maintained, desirable properties in prime locations.

Are Home Prices Dropping?

While the pace of price increases has slowed down, home prices are not dropping in Myrtle Beach. The median sale price is still significantly higher than it was a year ago. It's important to remember that market trends can fluctuate, and it's possible that we might see some price adjustments in certain segments of the market, but a widespread price drop doesn't seem likely at this point.

Based on current data and market trends, I don't expect to see a significant drop in home prices in the near future. The market remains strong, and demand remains high, even if it is more subdued than in prior years.

Myrtle Beach Migration & Relocation Trends

Myrtle Beach continues to attract people from across the country. Redfin's data on migration trends offers some interesting insights:

• Inbound Migration: The majority of homebuyers searching to move to Myrtle Beach are coming from outside the metropolitan area.
• Top Inbound Locations: Washington, DC, New York, and Boston were the top three metropolitan areas sending buyers to Myrtle Beach.
• Outbound Migration: A significant portion of Myrtle Beach homebuyers are choosing to stay within the area.
• Top Outbound Locations: Those moving out of Myrtle Beach are primarily headed to locations in North Carolina, such as Boone and Cullowhee, and also Boise, Idaho.

This data suggests that Myrtle Beach continues to be a desirable destination, attracting both those seeking a more relaxed coastal lifestyle and those looking to escape more expensive housing markets.

Table: Myrtle Beach Migration Trends (Aug '24 – Oct '24)

Location (Inbound)	Net Inflow	Location (Outbound)	Net Outflow
Washington, DC	1,471	Boone, NC	11
New York, NY	1,373	Cullowhee, NC	9
Boston, MA	676	Boise, ID	8
Charlotte, NC	582	Asheville, NC	7
Philadelphia, PA	454	Hilton Head Island, SC	4

It's important to note that this data represents search activity on Redfin.com, not necessarily actual moves. It does give us a glimpse into the areas from which Myrtle Beach is drawing new residents.

Conclusion on Current Real Estate Trends

The Myrtle Beach housing market in 2024 offers a mix of opportunities and challenges for buyers and sellers. While home prices are still rising, the market is less competitive than it was in recent years. Homes are staying on the market a bit longer, and buyers have more room to negotiate.

Myrtle Beach Housing Market Predictions 2024-2025

Home Price Forecast for Myrtle Beach

Based on current data, it appears the Myrtle Beach housing market might experience a slight dip in the coming months, but overall, it's expected to recover and show moderate growth in the long term.

I've been closely following real estate trends, and Zillow's latest forecast provides some insights into what the future might hold. Let's look at the data from Zillow for the Myrtle Beach MSA (Metropolitan Statistical Area):

Region	State	Predicted Home Value Change (Oct 2024)	Predicted Home Value Change (Dec 2024)	Predicted Home Value Change (Sept 2025)
Myrtle Beach, SC	SC	-0.2%	-1.1%	0.7%

Interpreting the Data

This data shows that Zillow predicts a slight decrease in home values in Myrtle Beach in the coming months. In October 2024, the prediction is for a -0.2% decline. By the end of December 2024, the decrease might become a bit more pronounced, potentially reaching -1.1%. However, the forecast seems more optimistic for September 2025, with a predicted 0.7% increase in home values.

Comparing Myrtle Beach to Other SC Regions

If we compare Myrtle Beach's forecast to other metropolitan areas in South Carolina, the picture becomes a bit clearer.

Region	State	Predicted Home Value Change (Oct 2024)
Greenville, SC	SC	-0.1%
Columbia, SC	SC	0%
Charleston, SC	SC	-0.1%
Spartanburg, SC	SC	0%
Hilton Head Island, SC	SC	0%

Looking at this data, Myrtle Beach is predicted to see a slightly greater decrease in the next quarter, compared to some other parts of the state. However, Myrtle Beach's predicted recovery in the following months seems to be about average compared to other parts of the state.

Will Home Prices Drop or Crash in Myrtle Beach?

Based on the current forecast, it seems likely that home prices in Myrtle Beach will see a slight decline in the coming months. However, I personally don't believe it's a sign of an impending market crash. Several factors might be contributing to this, including rising interest rates and a slight cooling of the market after a very strong period.

Possible Forecast for 2026 and Beyond

Predicting the real estate market with absolute certainty is impossible, but considering historical trends and current circumstances, I believe that Myrtle Beach housing market has potential for consistent, albeit modest, growth in 2026 and beyond. The area continues to attract visitors and new residents due to its beautiful beaches, growing economy, and relatively affordable cost of living compared to other coastal destinations. The local economy is quite diverse and should help with some stability. This suggests a positive outlook for long-term real estate investments.

In Conclusion

The Myrtle Beach housing market forecast indicates a possible minor dip in the near term but a gradual return to growth. While there might be some short-term fluctuations, the long-term outlook remains positive, driven by the region's strong tourism, economic stability, and overall appeal.

So, Should You Invest in the Myrtle Beach Real Estate Market in 2025?

Investing in real estate can be a smart decision, especially when you consider the long-term potential for appreciation and the potential for passive income through rental properties. Here are some top reasons to consider investing in the Myrtle Beach real estate market:

1. Strong Economy: Myrtle Beach is a popular tourist destination, which means there is a strong economy supported by the tourism industry. Its economy has benefited from population and tourism growth, which has led to job creation, infrastructure development, and investments. Last year, US News and World Reports named Myrtle Beach the fastest-growing city in the United States for the third year in a row. The site attributes this growth to the area's milder climate and relatively low cost of living, which appeal to young professionals and families. This translates into a steady stream of visitors and a demand for rental properties.
2. Rental Population: Myrtle Beach has a significant population of renters, with nearly 50% of the population renting rather than owning their homes. This creates a strong demand for rental properties and potential for steady rental income.
3. Tax Environment: South Carolina is known for its favorable tax environment, with no estate tax, low property taxes, and no state inheritance tax. This can make it an attractive place to invest in real estate and potentially generate higher returns.
4. Affordable Market: Compared to other popular vacation destinations, the Myrtle Beach real estate market is relatively affordable, which means investors can potentially acquire properties at lower prices and generate higher returns on their investment.
5. Potential for Appreciation: Myrtle Beach has been experiencing steady growth in the real estate market over the past several years, with home values increasing steadily since 2015. This trend is likely to continue as the area continues to attract new residents and tourists.

However, there are also some potential drawbacks to investing in the Myrtle Beach real estate market:

1. Seasonal Market: While Myrtle Beach is a popular tourist destination, the real estate market can be seasonal. Demand for rental properties and home sales may slow down during the off-season, which could impact cash flow for investors.
2. Property Management: If you plan to invest in rental properties, you will need to manage them or hire a property manager to do so. This can be time-consuming and costly, and there is always a risk of tenant turnover and other issues that could impact cash flow.
3. Competition: While the Myrtle Beach real estate market may be affordable compared to other vacation destinations, it is still a competitive market. Investors may need to act quickly to acquire properties and may face stiff competition from other buyers and investors.
4. Hurricane Risk: As a coastal city, Myrtle Beach is at risk for hurricanes and other natural disasters. This risk could impact property values and create additional costs for investors in terms of insurance and maintenance.

In conclusion, the Myrtle Beach real estate market offers a number of potential benefits for investors, including a strong economy, rental population, favorable tax environment, affordability, and potential for appreciation. However, investors should also be aware of the potential drawbacks, including a seasonal market, property management challenges, competition, and hurricane risk.