MYRTLE BEACH, S.C. (WBTW) — The average price for a home in South Carolina has increased more than 18% since 2020, while housing affordability in the state has dropped 10.9%, according to the Coastal Carolinas Association of Realtors.
One Grand Strand real estate agent said the decline is because of high demand and low supply.
Interest rates started dropping in the beginning of the pandemic, resulting in a buyer’s market. Now, nearly two years into the pandemic, things have changed, and it has become a “seller’s market” because there are fewer available homes.
“The supply is low, the demand is high, Maria Nazario of Palms Realty said. “So, therefore, sellers know they can charge top dollar for the home and someone is going to pay it.”
Because Myrtle Beach is a popular vacation location and place to retire, Nazario said retirees often sell their homes in northern states and move to the Grand Strand, with The Market Common a popular area for both new retirees and younger people moving to the area. In addition, investors have bought up homes, developments and condos to rent out for summer vacations.
Based on her own research, Nazario said she expects home prices to continue to increase during 2022.
