We have a new 2023 Annual Real Estate report for the Myrtle Beach and surrounding area markets.
Last year was undoubtedly a down year for total sales in the market. As a matter of fact, we have not seen fewer sales in a year for nearly 15 years.
Here is the comprehensive report:
The Good News:
- Overall prices were stable. Typically, when we see fewer sales, we also see declining prices. This was not the case across the entire market in 2023.
- Inventory will continue to increase so we have to keep our eyes open to see how this impacts the 2024 market
- We have clients getting 5.8% - 6.3% interest rates right now and we believe that will decrease a little more than likely flatten out. We hope to see less than 6% interest soon.
This should give the market a boost.
For those who are continuing to experience high insurance premiums and want to get quotes in hopes of driving your insurance costs down, you can check out Integrated Insurance Solutions. This is our partner office and the one I use personally. They recently saved me a good bit on my insurance renewal:
Let us know any time we can do anything for you. We appreciate you allowing us to be your Real Estate Resource.