Growth Tracker: Home prices on the rise, experts blame low inventory and high demand

Local News

MYRTLE BEACH, S.C. (WBTW) – Experts at the South Carolina Department of Consumer Affairs said for homes in 2016 the median listing price was $235,000. In June of 2020, it was almost $265,000.

Between the years 2016 and 2021, they saw a $110,000 difference in the prices of homes in Myrtle Beach.

In Florence, the median listing price for a home in 2016 was $158,000. In June of 2020, homes went up to $201,500.

“In June of 2021, it was $214,950 so it was only a $13,000 increase from 2020 to 2021; but when you look at the five years it was a $56,000 increase which is pretty big,” Administrator and Consumer Advocate for the South Carolina Department of Consumer Affairs Carri Grube-Lybarker said.

However, experts said Georgetown saw a decrease with a median listing home price of $379,000 in 2016 and in 2020 it was a little over $336,000.

According to the Coastal Carolina Association of Realtors, May saw the median existing home sales price exceed $350,000. That’s a 24 percent increase and largest year-over-year increase since 1999.

We are not only seeing an increase in home prices; there is also big growth in people moving to the Grand Strand.

According to the South Carolina Department Consumer Affairs, from April of 2010 to April 2019, Florence saw a 1.7 percent population growth, Myrtle beach saw 28.3 percent population growth and the Conway saw a population growth of 49.1 percent.

Experts said with more people moving to the grand strand, it’s much more competitive to buy a house. One local broker-in-charge added low inventory and high demand is to blame.

“The pandemic created this very unique situation where people can work remotely,” CRG companies broker-in-charge, Rainbow Russell said.

Experts said in just one year, a $71,000 increase was seen in the median listing price of a home in Myrtle Beach.

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