Are Myrtle Beach Real Estate Prices Starting To Come Down?

We are starting to see defininite signs of home and condo prices coming down in Myrtle Beach.  Although is not something that is significant yet, it has begun.  It the trends below continue then we can possibly see more declines moving forward.

Here are some key stats to note:

Single Family Homes (Resale only)
  • Closed sales down 32%
  • Med Sales Prices down 8.6% since May
  • Month supply 2.2 - up 47% YoY
  • % of asking is 98.5% - lowest since Feb 2021
  • DOM up 7% YoY
  • New listings down 19.7% In September
Condos
  • Closed sales down 33%
  • Med Sales Prices up 31% YoY but down 4% from peak (May)
  • Month supply 2 - up 82% YoY
  • % of asking is 98% - lowest since April 2021
  • DOM up 17% YoY
  • New listings down 26% In September

This is definitely something I am keeping a very close eye on. 

Watch this video as Abe Safa & Greg Harrelson discuss how this is impacting our real estate market and what you can expect. 

 

If you have any questions or would like to discuss the market or your property, reach out to Abe at (843) 360-2145

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