Are you keeping an eye on the recent movement in interest rates?

They've started to decline again. While we've seen similar trends in the past year, this time, there's optimism that rates might stay lower for an extended period.

Here are three ways lower rates are influencing the Myrtle Beach real estate market:

  • Buyer activity is picking up, benefiting sellers aiming for higher prices.
  • Sellers are listing their properties to take advantage of more competitive rates.
  • Listings are attracting increased buyer interest.

Myrtle Beach Market Stats: (ALL PROPERTY TYPES- July)

  • Average Sales Price In MLS: $383,748 (+4.2%)
  • Average List To Sales Price: 97.2% (-0.3%)
  • Months’ Supply: 4.1 months (+41.4%)
  • Closed Sales: 16,274 (-3.2%)
  • Days On Market: 90 (+8.4%)
  • Showings To A Pending: 7 (-12.5%)

There are noticeable shifts in the local market that are particularly favorable for sellers. Just this week, I closed several deals where sellers received more than expected.

In the video linked above, I delve deeper into current market dynamics. Please reach out if you have any real estate needs I can assist with.

Have a wonderful day!