How have the fluctuating lumber prices affected our real estate market?

Today I'm going to talk about new construction and what lumber costs have done to our real estate market prices.

Right now, 32% of our market is new construction. That’s a lot compared to most markets that are sitting between 10% to 20%. New construction has always been a big force in Myrtle Beach and the greater Horry County market. We've had double-digit appreciation every single month this year. Year over year, we saw a 25% increase in pricing.

Lumber prices have also driven the cost of new construction up. The cost of OSB went from $10 per sheet to $35 per sheet and was headed towards $50. Roof trusses and lumber packages all felt price hikes earlier this year, but we've seen those prices start to come decrease. Since new construction prices have gone up and because inventory is so low, there's not a lot of competition.

 If you have any questions about this topic or anything else related to real estate, please reach out to my team or me via phone or email. We look forward to hearing from you.