Looking to Buy A Home? Current Myrtle Beach Real Estate Trends
If you’re looking to buy a home in Myrtle Beach, now might be the best time to make the leap. Median home values are holding fairly steady and there is a good selection of available homes to choose from. Let’s take a closer look!
Median Home Value in Myrtle Beach
As of April 2019, the overall median home value in Myrtle Beach is $150,000 and nearly even with this time last year ($149,450). Home values briefly spiked in October and November of 2018 to $162,000 before descending back down to the current value. While this overall value is holding steady, a different picture emerges when we look at home values based on number of bedrooms. Two-bedroom homes have a current median value of $130,000, up from $115,000 last year this time–a 13% increase in home value. Three-bedroom homes have a current median value of $191,000, up from $179,999 a year ago–an increase of 6.1%.
These numbers are based on a total of 753 homes sold from January to April in 2019, and 1,192 homes sold the same period in 2018. The median price per square foot increased from $122 last year to $130 this year–an increase of 7%. Currently, there are over 4,100 homes for sale in the Myrtle Beach area. Of those homes for sale, 538 are new constructions. This means there is plenty of real estate inventory available for buyers looking for a home in Myrtle Beach. Also, buyers will find a good mix of new builds and previously owned homes to choose from.
Median Rental Prices in Myrtle Beach
The rental market can also have an influence on area home values and vice versa. The median rental cost has also held steady at $1,500–identical to the median rent this time last year. However, there are a few more rentals listed around town this year compared to last with 170 rentals available currently to last year’s 120.
What does all of this mean for buyers? Now is the time to buy your new home in Myrtle Beach! Home values are holding steady and there are plenty of homes on the market to choose from. Ready to dig in? Call your Century 21 Broadhurst agent today to find your new dream home.