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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Myrtle Beach, SC Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Myrtle Beach, SC Housing Market Trends

With 38,417 people, 16,201 houses or apartments, and a median cost of homes of $374,903, Myrtle Beach real estate is some of the most expensive in South Carolina, although Myrtle Beach home values aren't among America's most expensive.

Large apartment complexes or high rise apartments are the single most common housing type in Myrtle Beach, accounting for 41.50% of the city's housing units. Other types of housing that are prevalent in Myrtle Beach include single-family detached homes ( 37.87%), row houses and other attached homes ( 7.96%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.53%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

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 2000 and later ( 36.34%). A lesser amount of the housing stock also hails from between 1940-1969 ( 14.43%).

Vacant housing appears to be an issue in Myrtle Beach. Fully 33.01% 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 101.37%, which ranks in the top 30% nationwide. This equates to an annual average Myrtle Beach house appreciation rate of 7.25%.

NeighborhoodScout's data show that during the latest twelve months, Myrtle Beach's appreciation rate, at 5.29%, has been at or slightly above the national average. In the latest quarter, Myrtle Beach's appreciation rate has been 0.21%, which annualizes to a rate of 0.83%.

Relative to South Carolina, our data show that Myrtle Beach's latest annual appreciation rate is lower than 80% 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 2000, to assist you in making the best Myrtle Beach real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$374,903

Myrtle Beach, SC Home Prices
> $1,361,000
$1,020,001 - $1,361,000
$680,001 - $1,020,000
$545,001 - $680,000
$408,001 - $545,000
$272,001 - $408,000
$136,001 - $272,000
$68,001 - $136,000
$0 - $68,000
3.2%
3.2%
3.4%
3.4%
11.1%
11.1%
11.5%
11.5%
8.7%
8.7%
18.1%
18.1%
28.9%
28.9%
11.4%
11.4%
3.7%
3.7%
0% 100.0%
% of Homes
Very High

for South carolina

High

for nation

Number of Homes And Apartments:

16,201

Myrtle Beach Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,932 / per month

Homeownership Rate

Owners
Renters
60.3%
60.3%
39.7%
39.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
33.0%
33.0%
67.0%
67.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
36.3%
36.3%
48.5%
48.5%
14.4%
14.4%
0.7%
0.7%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
37.9%
37.9%
8.0%
8.0%
7.5%
7.5%
41.5%
41.5%
5.1%
5.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.0%
5.0%
12.2%
12.2%
35.3%
35.3%
36.4%
36.4%
8.4%
8.4%
2.7%
2.7%
0% 100.0%
% of Homes