Are home prices falling? The answer is a resounding NO!
In fact, recent weeks have shown a slight increase in home sales, likely influenced by lower interest rates. Regardless of the cause, increased sales activity signals a robust and active market.
Many have expressed concerns about a market downturn, but the reality is that prices have continued to rise steadily, including throughout this year. Over the past 3-4 years, we've consistently seen prices maintain an upward trend without any declines. While the rate of increase has moderated compared to previous years, prices are not declining.
Key indicators point to a market that's gaining momentum:
- Buyers are becoming more active, indicating growing demand.
- Sellers are listing their properties as they observe increased sales.
- Our marketing efforts are generating more interest from potential buyers.
Here are some current Myrtle Beach market statistics for all property types:
- Average Sales Price in MLS: $381,956 (+2.8%)
- Average List to Sales Price: 97.8%
- Months’ Supply: 4.3 months (+38.7%)
- Closed Sales: 16,361 (-1.4%)
- Days On Market: 115 (+1.8%)
- Showings to a Pending: 7 (-12.5%)
Check out our video update on the Myrtle Beach real estate market: "It’s a SELLERS Market."
The market continues to favor sellers, especially with declining interest rates expected to boost buyer demand. Buyers are now securing mortgages at rates below 6%, making their monthly payments significantly more affordable compared to higher rate environments. This increased buying power is contributing to a more accessible housing market for prospective homeowners.
For more insights into the current market dynamics, watch the video above where I discuss these trends in detail. Feel free to reach out if you have any questions or if there's anything I can assist you with regarding your real estate needs.
