Our Myrtle Beach market is crazy right now. Here’s why.

Just how crazy is our Myrtle Beach real estate market right now?

As of the recording of this video, the Myrtle Beach MLS lists roughly 4,700 residential homes for sale. Normally, this number is closer to 7,000 or 8,000, and of those 4,700 homes, about 2,500 of them are pending (either a cash sale, financed sale, etc.). In other words, we only have about one month of inventory. I’ve never seen anything like it. This means we’re in an extreme seller’s market, and it’s a great time to sell your house. 

“Just the other day I spoke to an agent who submitted 10 offers on a $200,000 house.”

What led to this situation? As you can see at 1:33 in the video, pending sales have been rising over the past three years and peaked just as COVID hit in 2020. At the same time, inventory has been doing the exact opposite, and this has created a huge gap between supply and demand. Our real estate market is just like any other market—it’s based on supply and demand, and low supply and tremendous demand means prices keep creeping upward. 

Right now, if you list a house that’s in decent condition between $250,000 and $350,000, it will almost certainly get multiple offers. Just the other day I spoke to an agent who submitted 10 offers on a $200,000 house. 

So if you are thinking about selling, please give me a call so I can help you take advantage of these conditions. As always, if you have any other real estate needs, feel free to reach out to me as well. My team and I would love to help you.