Rob Deaton Properties, a leading real estate team in the Myrtle Beach area, is excited to share the latest market trends and insights for 2024. Despite broader economic uncertainties, the Myrtle Beach real estate market continues to thrive, with significant growth in home sales, prices, and demand.
Remarkable Increase in Price Per Square Foot
Since October 2021, the price per square foot in Myrtle Beach has seen a dramatic increase. It has risen from $142 to an impressive $313 by July 2024. This surge highlights the growing value and demand for real estate in the region, making Myrtle Beach an increasingly attractive market for both buyers and investors.
Surge in Home Sales
The number of homes sold in Myrtle Beach has also seen substantial growth. Home sales have jumped from over 4,000 in 2021 to 6,302 in July 2024. This 58% increase in sales volume is a testament to the vibrant and resilient market, supported by strong demand from buyers seeking the coastal lifestyle Myrtle Beach offers.
Rising Median Sales Prices
The median sales price in Myrtle Beach has experienced significant appreciation over the past few years. In 2021, the median sales price was just under $240,000. By July 2024, it had surged to $331,000, marking a 38% increase. This consistent rise in median sales price underscores the robust health of the real estate market and the increasing value of properties in the area.
No Signs of a Downturn
Contrary to some national market trends, the Myrtle Beach real estate market shows no signs of a downturn. Buyers waiting for interest rates to drop may find themselves facing higher home prices and increased demand. The current market dynamics suggest that acting sooner rather than later could be a wise decision for prospective buyers.
Rob Deaton, CEO of Rob Deaton Properties, stated, “The Myrtle Beach real estate market continues to demonstrate remarkable resilience and growth. Our market is thriving, and we encourage buyers to take advantage of current opportunities before prices and demand climb even higher. Waiting for interest rates to drop could mean missing out on favorable prices available now.”
For more information about the Myrtle Beach real estate market or to explore available properties, please contact Rob Deaton Properties at (843) 231-0449 or visit our website at www.robdeatonproperties.com.