HORRY COUNTY, S.C. (WBTW) — Home sales in Horry County are at a record high, according to the Coastal Carolinas Association of Realtors (CCAR).
With more people moving to Horry County, that means there’s a bigger strain on infrastructure and resources. Horry County Councilman Johnny Vaught told News13 that it is one of the reasons council passed impact fees.
“You can’t go anywhere without seeing developments being put up,” Vaught said.
That’s due to low interest rates, multiple offers on homes, days on market decreasing, and limited home inventory. CCAR CEO Laura Crowther said there are not enough homes to keep up with the demand.
“We’re currently exceeding the nationwide trends, but because of the lack of inventory or the declining number of properties on the market for sale — particularly with the existing homes — then we will start to see our numbers taper off as well,” Crowther said.
Vaught said with more people moving here at a rapid pace, infrastructure can’t keep up.
“It’s one of those catch 22 things,” he said. “How much infrastructure do we need to supply to take care of the people that are actually coming down here?”
That’s why council approved more hospitals to be built and impact fees. Vaught said those moving to the county would have to pay about $1,400 per home and that starts Oct. 15.
“We don’t want to throw a blanket over everything and say ‘nope, no more development,'” Vaught said. “We don’t want to do that because it’s an economic engine too…there’s so many jobs out there because we’re doing all of this development.”
Crowther said not only are they contributing to the tax base by buying a home or renting, but they also buy goods and services.
Vaught said residents have had concerns with all of the development because they said it adds more traffic and flooding. He said they then need to build retention ponds and find ways to help with the overall growth.