The Future’s Bright: Myrtle Beach Real Estate Projections

It’s a new dawn, it’s a new year, it’s a new decade, and you can bet that we are feeling good. 2019 saw record-breaking growth for the Myrtle Beach real estate market. As the new year gets underway, the Myrtle Beach real estate market shows strong signs for continued growth as mortgage interest rates remain at historic lows and the area’s population continues to grow at a rate of nearly 48 new residents per day.

2019 in Review

Over the past eight years, reports show more than 104,000 people moved to the Grand Strand, representing a growth rate of almost 30%. This growth was recognized for the third year in a row by the U.S. Census Bureau, ranking the Myrtle Beach area as the second fastest-growing metropolitan area in the country.

Ron Jackson, CEO and Broker in Charge of Better Homes and Garden Real Estate Elliott Coastal Living, said that this rapid population growth has spurred record increases in both real estate purchases and sales price. “We saw steady growth in 2019”, Jackson said, “with a 5% increase in closed units. The median sales price grew to $199,000—a 6% increase from 2018—while pending sales were up over 6%”.

Unsurprisingly, as the demand for housing has steadily increased so too has the economic impact of the housing industry. A recent report by the South Carolina Association of Realtors shows that in Horry County alone, the economic impact of the housing industry has grown to an estimated $4.1 billion.

2020 Projections

Moving forward, market conditions remain right for continued growth in 2020.

A recently published survey by the National Association of Realtors shows that nearly 63% of all Americans believe that [2020] is a good time to buy a new home. Likewise, nearly 74% of all prospective sellers believe that [2020] is a good time to sell.

Jackson said, “Mortgage interest rates remain at near historic lows–around 4%. This combined with high consumer confidence in the housing market, as well as Myrtle Beach’s attractive year-round client, abundant amenities, and low cost of living mean that we at BHGRE Elliott Coastal Living are expecting to see similar growth patterns in 2020 as we saw in 2019.”

Rick Elliott, Owner of Better Homes and Garden Real Estate Elliott Coastal Living, said, “2019 was a year of tremendous growth for the Grand Strand. As the community continues its efforts to redevelop older structures, and as beach home rentals continue to strengthen the area’s already booming tourism industry, I foresee nothing but growth for our area’s housing market in the days to come.”

Looking to Buy or Sell Real Estate in 2020?

Interested in checking Become a Homeowner off your new year’s resolution list? Then turn to the local real estate experts at Better Homes and Gardens Real Estate Elliott Coastal Living.

For more than 60 years, BHGRE Elliott Coastal Living has been proudly helping the people of the Grand Strand with all their real estate needs. We are the Grand Strand’s only “lifestyle” brand and can help you navigate the buying or selling process with ease. Using the latest technology and most innovative marketing techniques, our friendly staff and dynamic team of real estate professionals are guaranteed to find you the property of your dreams.

Give us a call or stop our office today. We are ready and waiting to help you!