Yes, the Fed reduced interest rates yesterday. The big question is: what does this mean for our local Myrtle Beach real estate market?

While the market remains active, it’s not quite as fast-paced as it was a few years ago. Still, the numbers show it’s performing better than many people realize.

 

Myrtle Beach Real Estate Update (Current Stats):

  • Average Sales Price
    • Residential: $457,442 (+1.2%)
    • Condo: $264,110 (+5.6%)

  • Months’ Supply of Inventory
    • Residential: 4.2 (+7.7%)
    • Condo: 7.9 (+19.7%)

  • List-to-Sales Price Ratio
    • Residential: 97.5%
    • Condo: 96.4%

  • Pending Sales
    • Residential: 982
    • Condo: 442

  • Showings per Sale
    • Residential: 12 (+3.4%)
    • Condo: 9.7 (+3.2%)

  • Days on Market
    • Residential: 118 (no change)
    • Condo: 139 (+21.9%)

What Does the Rate Drop Mean?

For Buyers:
Lower interest rates increase buying power. This means you can either:

  • Buy more home for the same monthly payment, or

  • Buy the same home for less cost.

This doesn’t necessarily mean prices will rise or fall—but mortgages just became more affordable.

For Sellers:
Sellers should see a boost in buyer activity as lower rates push more people off the fence. While we may not see a full market boom, increased demand typically leads to quicker sales and potentially stronger offers.

In addition, interest rates are approaching levels where refinancing becomes attractive. If you currently have a mortgage above 7%, it may be worth speaking with a mortgage professional about refinancing.

 

Resource: Travis Buis, Elite Home Lending, is a trusted local mortgage professional who can help evaluate your options.