Myrtle Beach appreciation rates and housing market information
Myrtle Beach housing market information
With 28,085 people, 12,113 houses or apartments, and a median cost of homes of $143,646, Myrtle Beach real estate and house prices are near the national average for all cities and towns.
Large apartment complexes or high rise apartments are the single most common housing type in Myrtle Beach, accounting for 47.81% of the city's housing units. Other types of housing that are prevalent in Myrtle Beach include single-family detached homes (29.29%), duplexes, homes converted to apartments or other small apartment buildings (11.31%), and a few mobile homes or trailers (5.79%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
People in Myrtle Beach primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Myrtle Beach has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Myrtle Beach built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Myrtle Beach built between 1940-1969 (17.99%). A lesser amount of the housing stock also hails from between 2000 and later (17.98%). There's also some housing in Myrtle Beach built before 1939 (1.46%).
Vacant housing appears to be an issue in Myrtle Beach. Fully 46.34% of the housing stock is classified as vacant. Left unchecked, vacant Myrtle Beach homes and apartments can be a drag on the real estate market, holding Myrtle Beach real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Myrtle Beach home appreciation rates
Appreciation rates for homes in Myrtle Beach have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 30.22%, which ranks in the top 30% nationwide. This equates to an annual average Myrtle Beach house appreciation rate of 2.68%.
NeighborhoodScout's data show that during the latest twelve months, Myrtle Beach's appreciation rate, at 3.51%, has been at or slightly above the national average. In the latest quarter, Myrtle Beach's appreciation rate has been -0.47%, which annualizes to a rate of -1.88%.
Relative to South Carolina, our data show that Myrtle Beach's latest annual appreciation rate is higher than 70% of the other cities and towns in South Carolina.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Myrtle Beach differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Myrtle Beach - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Myrtle Beach real estate investment or home purchase decisions.