Your Myrtle Beach Real Estate Questions Answered
Your Myrtle Beach Real Estate Questions Answered
Are you considering buying real estate in Myrtle Beach? We know it can be a challenging experience to find the perfect property, regardless of whether you're looking for a primary residence, vacation home, or investment property. We have years of experience assisting buyers and sellers of Myrtle Beach real estate. Take advantage of our experience to figure out some of the ins and outs of searching the Myrtle Beach real estate market.
Some common questions we hear from Myrtle Beach home buyers and sellers:
What is the average price of a home in Myrtle Beach?
As of July 2021, the average sales price of a Myrtle Beach single-family home was $356,326, a 14.5% year-over-year increase. At the time of this data, the Myrtle Beach area was experiencing a strong seller's market with high demand from buyers and a lack of available inventory. It is at or near the market peak, with a 1.3 month's supply of inventory.
A more accurate figure may be the median sales price, which accounts for statistical outliers with high and low sale prices. The median sales price was $299,925.
By September 1, 2021, the 423 active listings for Myrtle Beach had a median list price of $438,490, which breaks down to $191.64 per sq ft.
Of course, this data is subject to change as the market swings more into balance or economic conditions change. Use EZ Home Search to provide you with the most current and accurate pricing information for Myrtle Beach real estate.
How much is an oceanfront condo in Myrtle Beach?
Based on the 182 active listings from September 1, 2021, the median list price of a Myrtle Beach oceanfront condominium was $187,200. The average per sqft was $249.14. Condominiums had an average days on the market of 116. A range of condominium styles are available, from studio-style units to expansive luxury high-rise condominiums with over 3,000 sqft in the unit.
Why are so many people moving to Myrtle Beach?
Who wouldn't want to live in Myrtle Beach? This is the south's vacation destination!
For starters, our friends who move to Myrtle Beach from the north grow tired of cold winters and being locked inside for several months out of the year. Who wants to be shoveling snow when they could be walking along the beach? Myrtle Beach's temperate climate allows for outdoor recreation for most months out of the year, with winter being one of the best seasons for enjoying a hike, bike ride, or round of golf.
South Carolina is also a more tax-friendly state compared to places across the Northeast United States. Our property tax rate is relatively reasonable, as are our sales taxes. At the same time, housing prices are more affordable, even for waterfront or oceanfront real estate. Some buyers find they can afford more real estate than they could in the major metropolitan areas or top destinations on the Florida east coast.
When people move here, they have many recreational activities to enjoy. Residents enjoy freshwater or saltwater fishing, sailing, boating, scuba diving, and miles of white Atlantic Beaches. Myrtle Beach has world-class dining, entertainment attractions, dozens of highly acclaimed golf courses, and tennis. Our town hosts events and festivals throughout every season. In short, there's always something to do here.
People are also discovering they can have these urban amenities and an affordable lifestyle without sacrificing quality education, employment opportunities, or health care. Their most important needs can be met as they go through the different phases of their lives. While you can retire in Myrtle Beach, it's just as friendly to young professionals and families.
Finally, Myrtle Beach has some of the nicest people up and down the Atlantic seaboard. Our warm and friendly locals provide Southern hospitality that seals the deal and makes Myrtle Beach one of the best places to live.
Is Myrtle Beach growing?
Myrtle Beach is absolutely growing. People want to live here for all our lifestyle amenities and the affordable cost of waterfront living. Based on the 2020 US Census Data, Myrtle Beach has a total population of 35,682 people. That is a 32% increase from 2010, when we had 27,109 residents.
That figure is just for inside the official city borders and doesn't include Myrtle Beach's outlying suburbs, which add to the region's population. The Myrtle Beach-Conway-North Myrtle Beach MSA had a total population of 497,405 people in 2019, making it the second-fastest-growing metropolitan area in the country.
What type of waterfront properties are in Myrtle Beach?
You can find a waterfront property of every style in the Myrtle Beach area. In Myrtle Beach itself, you will find many condominiums that cater to our visitors and others that serve as primary residences or secondary vacation residences. The condominiums range from high-rise luxury condo towers on the Myrtle Beach oceanfront to smaller complexes with varying amenities.
Some of the more new construction single-family homes on or near the waterfront are built in a stilt house style. Some styles are reminiscent of townhomes with a narrow construction. These tend to cater to the vacation population. Others are spacious single-family residences with sweeping ocean views.
Existing Myrtle Beach waterfront properties command stunning Atlantic ocean views. These are often luxury properties of varying sizes and styles.
There are still some more traditional cottages or craftsman-style beach homes to be found in the Myrtle Beach area on the waterfront. Some of the more classically styled houses are located in waterfront communities near Myrtle Beach like Pawleys Island and Surfside Beach.
If you prefer a waterfront property but not necessarily directly on the Atlantic oceanfront, Myrtle Beach is close to the South Carolina Intracoastal Waterway. You can cruise this south to the Waccamaw National Wildlife Refuge or north towards the Little River.
What areas are near Myrtle Beach?
Myrtle Beach lies inside Horry County, South Carolina. The city is surrounded by some excellent beach communities and inland South Carolina small towns. If you look to the north from Myrtle Beach, you have the suburbs of Arcadian Shores, Atlantic Beach, and North Myrtle Beach. To the south, find luxurious enclaves and affordable waterfront housing in Surfside Beach, Murrells Inlet, Litchfield by the Sea, and Pawleys Island. More inland, you have the communities of Forestbrook, Carolina Forest, Garden City, Conway, and Socastee.
What are the busiest times of year in Myrtle Beach?
Myrtle Beach is a great destination all year round, but the peak tourist season runs through June to August. You can expect to see a little more road traffic near the beaches, bookings at vacation rentals, and longer waits in our world-class restaurants during these times.
What is the best time to buy a condo or home in Myrtle Beach?
Honestly, it's never a bad time to purchase your Myrtle Beach home if you have found the right one for you. It really depends on what you're looking for, what's available on the market, and how much time you are willing to put into your real estate search.
Do keep in mind that real estate prices in the Myrtle Beach area tend to appreciate. If the right property comes available now, that same property will probably cost more than six months or a year down the road. It's not always a good idea to "wait for something better" if the right home is available today.
That said, before 2020, during the fall and winter months, Myrtle Beach had fewer visitors than in the spring and summer. This meant there tended to be slightly less competition for the available homes. More people are present and hunting for their dream home during the summer months. Currently, we are seeing high demand regardless of the season. It is unclear if that will change as the market slowly moves more towards an equilibrium.
What are property taxes like in Myrtle Beach?
Compared to other states in the nation, South Carolina has one of the most reasonable property tax rates. If a property is your primary residence, it will be taxed at 4% of its assessed value as long as you apply for the owner-occupied rate. Otherwise, you will be taxed at 6% of the assessed value.
There may be additional mileage rates that apply depending on where specifically you live.
Myrtle Beach is located in Horry County, South Carolina. The Horry County Assessor's Office appraises all of their property, and the Treasurer is mandated to collect all of the taxes. In 2020, the Horry County base millage rate was 0.05 of the assessed value. The school district millage rate was 0.128.
The City of Myrtle Beach's millage rate is .0789 as of 2021-2022. Owner-occupied homes receive a 76% credit thanks to the Tourism Development Fee.
Have other Myrtle Beach questions?
Our goal at EZ Home Search is to provide you with as much information as possible about the Myrtle Beach area and its real estate market. If you have any other questions, please let us know, and we will answer them!