Posted By Jennifer Quent @ Jan 12th 2025 3:26pm

The South Carolina real estate market is the primary beneficiary of a healthy economy. We have become the focus of positive migration. With a lower cost of living, strong amenities, and a huge vacation industry, South Carolina is now one of the fastest-growing states in the country and continues to attract job hunters and retirees. Perhaps even more importantly, The Palmetto State’s economy has a high demand for housing. 

Days on Market: The average days on the market for homes for sale is about 60 days, up by 15 days. 

Housing Inventory and Supply: Buyers will have more options being that the housing inventory is up by 20%. There are 30K homes for sale in the state currently.

Home Prices: The average home price in South Carolina is $389,400.But, was expected to decrease because the rise in inventory in the second half of 2024. The NAR settlement has removed the buyers’ agent compensation from the MLS, which may drive down home prices further. As a result, buyers will have improved affordability and low mortgage rates.

Home Sales: As per June 2024, sales decreased by 10%. 6,837 homes were sold last year, compared to 7,499 the year before.

Average Rent Prices: Rental costs vary statewide. An average tenant in Greenville pays $1,410, while in Columbia tenants are paying $1,398. Renting in Myrtle Beach one can expect the cost for a one bedroom to be $1,375 per month and around $1,617 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,855 or more. 


What Makes a Myrtle Beach Vacation So Special?Myrtle Beach offers the perfect getaway for you! A vacation spot loved by many because of the 60 miles of coast line with white sand beaches and a warmer climate. This family fun destination is excellent for owning a vacation rental. The attractions, seafood, golf courses, water park, shops and the plethora of restaurants make Myrtle Beach one of the most traveled cities in the U.S. There is something for everyone in this paradise!

Some Benefits Of Owning An Income Property in Myrtle Beach?
For property investors Myrtle Beach is the place to be. This beach community hosts millions of tourists every season. In 2020, the Myrtle Beach Convention Bureau reported 12.8 million visitors, and the year before saw 20 plus million. The numbers don’t lie and the news has named Myrtle Beach one of the most flourishing counties in the U.S. for 2021-2022.

If you have any interest in buying or selling please feel free to reach out!! We treat you like part of our family here at North Beach Realty. You can visit our site www.northbeachrealty.com for a house, condo, winter rental, vacation rental, income property or give us a call anytime!


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Comments (2)

Maximus says...
1 week, 1 day ago

The **real estate** market in South Carolina looks promising for 2025! With growing demand and steady home values, buyers and investors can expect opportunities, especially in Charleston and Greenville. Interest rates may impact affordability, but overall, the market remains strong. Keeping an eye on trends will be key for anyone in real estate.
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Arslan says...
on 01/13/25

Knowledge is a powerful tool, and your willingness to share it makes the world a better place. Together, we can nurture an environment of continuous learning and collaboration. Let's keep the momentum going!

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