As of June 30th, the price of the average home in Myrtle Beach had increased by 11.7 percent, pushing the median price of a home up to $175,000. This is still 22 percent below the peak in 2006 which is great news for those looking to buy a vacation home in the Grand Strand. Distressed sales have fallen to 16.7 percent and the unemployment rate in Myrtle Beach is down to 5.5 percent. Job growth in the area is at 4.3 percent.
An upward trend in housing recovery is a good thing for both investors and sellers. Additionally, with an 8.3 month’s supply of inventory on the market in Myrtle Beach, great deals on second homes or retirement homes are still abundant.
Housing prices in coastal and golf communities have seen a solid uptick according to Laura Crowther, CEO of the Coastal Carolinas Association of Realtors. Buyers of vacation homes have a great advantage in the market right now, as do buyers of single family, primary residences. More construction in the area also means that prices of existing homes might be undercut in order to compete…all good news for potential buyers.
Here is the full list of metro areas with the top housing recovery price increases. For the full article from Kiplinger click here.
1. San Francisco Bay Area
2. The Central Valley of California
3. Riverside-San Bernardino, California
4. Warren, Michigan
5. Boston, Massachusetts
6. Santa Rosa, California
7. Santa Barbara, California
8. Myrtle Beach, South Carolina
9. Ann Arbor, Michigan
10. Las Vegas, Nevada
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