How Myrtle Beach’s #1 ranking affects housing market prices

Grand Strand

MYRTLE BEACH, SC (WBTW) – Myrtle Beach was recently ranked number one for “25 Best Places People Are Moving to in 2018” according to the U.S. News and World Report. 

WBTW spoke with realtors on the Grand Strand about how that ranking plays a part in the housing market price, and some say they’ve seen prices go up five percent within the last month. 

Traci Miles is a Broker Associate with Century 21 Boling Real Estate and she is currently ranked number eight in the world. She’s been on the Grand Strand for more than 30 years, and she said over time, Myrtle Beach has become a true destination for people. “A lot of those people are future buyers looking to come here and make it a permanent home,” said Miles. 

In 2017, Myrtle Beach was ranked 74. Miles said the jump to number one could be that more people are realizing Myrtle Beach can be more than a vacation spot, but that also means demand is getting higher. “I am seeing prices go up because of building cost going up and I’m seeing location,” said Miles. “You have ocean views across the street and you are seeing where the land prices are going up because they’re not making anymore.” 

She said although housing prices are increasing because of demand, it isn’t stopping people from wanting to move. “It’s still a buyers market,” said Miles. “Financing has loosened up some, so it’s giving the ability for more people to be able to acquire loans.”

Miles mentioned many people are moving here from northern parts of the country, and she says it’s because the cost of living and interest rates are lower. “In 1975, they were 18 percent, but now you’re getting a primary resident in the four to five-percent level.” 

To see what other places in South Carolina made the Top 25, click this link. 

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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