Sept. 30, 2018

Myrtle Beach Real Estate Market – Quarterly Update Summer 2018

Published By: Beckham Realty Group, Inc. September 30, 2018

Are you looking for the most recent data for home values and prices for homes in the Grand Strand Myrtle Beach area? Here’s a snapshot of Zillow’s most recent home value and rental market data through August 2018. The data includes primary areas of the Grand Strand from Myrtle Beach to Pawleys Island, as well as Conway to the west and Murrells Inlet in between.

 

Myrtle Beach

Median Home Value – The home values in Myrtle Beach are currently averaging $142,200, which is up 6.3% over the last year. Myrtle Beach home values are forecasted to increase another 6% over the next year. The average listing price per square foot was $167 which is higher than the Conway and North Myrtle Beach metro area.

Home Listing Price – The average listing price for a Myrtle Beach home was at $188,900 over the past year.

Rent- The median price for a Myrtle Beach rental is at $1,098, year to date.

Full Myrtle Beach Home Market Snapshot:

https://www.zillow.com/myrtle-beach-sc/home-values/

 

Conway

Median Home Value – The median home value in Conway is set at $152,300 with values up 8.9% year to date. Home values are expected to rise another 5.8% in the next year. The average listing per square foot for a Conway home was $102 which is lower than the Myrtle Beach metro area.

Home Listing Price – The average listing price for a home in Conway is currently at $186,990.

Rent- The median price for a Conway rental is at $1,350, year to date.

Full Conway Home Market Snapshot:

https://www.zillow.com/conway-sc/home-values/

 

Murrells Inlet

Median Home Value – The Murrells Inlet Median Home Value is at $222,800, above the average for the Myrtle Beach metro area. Values have increased 6.1% over the last year and are expected to increase another 3.9% over the course of the following year. The median price per square foot for a Murrells Inlet home is $135.

Home Listing Price – The average listing price for a home in Murrells Inlet is currently at $279,900.

Rent- The median price for a Murrells Inlet rental is at $1,440 year to date.

Full Murrells Inlet Home Market Snapshot:

https://www.zillow.com/murrells-inlet-sc/home-values/

 

Pawleys Island

Median Home Value- The average home value for the past 12 months in Pawleys Island was at $283,900, the highest in the Myrtle Beach area. This is also the largest value increase over the past year, set at 11.1% and are expected to rise another 2.7% over the next year. The median price per square foot was $165, just a little higher than the Georgetown Metro area.

Home Listing Price – The average home listing price for a Pawleys Island home is currently at $350,000.

Rent- The median price for a Pawleys Island rental is at $1,769, year to date.

Full Pawleys Island Home Market Snapshot:

https://www.zillow.com/pawleys-island-sc/home-values/

 

Summary

In summary, we can see that the forecast home values for all areas of the Grand Strand are expected to increase upwards of 4-6% over the course of the following year, with the largest opportunity in Myrtle Beach and Conway as predicted in the Spring. As mortgage rates have seen an uptick trend in past months, they still remain near historic lows in relation to the last couple of decades. The sooner you are able to get into a home at current mortgage rates, the more you will save and the quicker you can jump in the wagon of buying into a Myrtle Beach home that is expected to appreciate over the next year.

For an even greater analysis of market data comparing The Myrtle Beach Metro Market to the rest of the national averages, view Zillow’s latest Market Overview through July of 2018 here:

https://files.zillowstatic.com/research/public/realestate/ZHVI.Myrtle%20Beach.394898.pdf

 

Posted in Market Updates
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