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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 34,695 people, 13,817 houses or apartments, and a median cost of homes of $221,562, Myrtle Beach real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Myrtle Beach, accounting for 47.88% of the city's housing units. Other types of housing that are prevalent in Myrtle Beach include single-family detached homes ( 32.93%), duplexes, homes converted to apartments or other small apartment buildings ( 8.33%), and a few row houses and other attached homes ( 7.11%). 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 2000 and later ( 27.55%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.15%).

Vacant housing appears to be an issue in Myrtle Beach. Fully 44.78% 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 38.13%, which ranks in the top 50% nationwide. This equates to an annual average Myrtle Beach house appreciation rate of 3.28%.

NeighborhoodScout's data show that during the latest twelve months, Myrtle Beach's appreciation rate, at 6.24%, has been at or slightly above the national average. In the latest quarter, Myrtle Beach's appreciation rate has been 1.96%, which annualizes to a rate of 8.05%.

Relative to South Carolina, our data show that Myrtle Beach's latest annual appreciation rate is lower than 50% 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:
$221,562

Myrtle Beach, SC HOME PRICES

> $1,227,000
2.6%
2.6%
$920,001 - $1,227,000
1.4%
1.4%
$613,001 - $920,000
5.4%
5.4%
$491,001 - $613,000
4.1%
4.1%
$368,001 - $491,000
9.2%
9.2%
$246,001 - $368,000
12.7%
12.7%
$123,001 - $246,000
34.2%
34.2%
$61,001 - $123,000
18.9%
18.9%
$0 - $61,000
11.5%
11.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for SC

Value Relative To Nation

Number Of Homes And Apartments:
13,817

Myrtle Beach Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
64.56% 2.37%
6
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,054 / per month

Homeownership Rate

Owners
56.2%
56.2%
Renters
43.8%
43.8%
Vacant
44.8%
44.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
27.6%
27.6%
1970 - 1999
56.4%
56.4%
1940 - 1969
15.2%
15.2%
1939 or Older
0.9%
0.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
32.9%
32.9%
Townhomes
7.1%
7.1%
Small Apt. Buildings
8.3%
8.3%
Apt. Complexes
47.9%
47.9%
Mobile Homes
3.8%
3.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
9.0%
9.0%
1 Bedroom
14.5%
14.5%
2 Bedrooms
37.5%
37.5%
3 Bedrooms
28.3%
28.3%
4 Bedrooms
8.2%
8.2%
5 or more bedrooms
2.5%
2.5%
0.0% 100.0%
% OF HOMES