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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 32,240, 12,968 total housing units (homes and apartments), and a median house value of $199,062, 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 48.32% of the city's housing units. Other types of housing that are prevalent in Myrtle Beach include single-family detached homes ( 30.49%), row houses and other attached homes ( 8.99%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.64%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which 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 ( 25.26%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.26%).
Vacant housing appears to be an issue in Myrtle Beach. Fully 44.99% 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.
Homes have actually lost value in Myrtle Beach over the last then years, as home values have seen a decline of 6.46% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Myrtle Beach home appreciation rates at 1.25%, which equates to an annual appreciation rate of 5.09%.
Appreciation rates are so strong in Myrtle Beach that despite a nationwide downturn in the housing market, Myrtle Beach real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Myrtle Beach appreciation rates continue to be some of the highest in America, at 9.55%, which is higher than appreciation rates in 91.21% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Myrtle Beach. Myrtle Beach appreciation rates in the latest quarter were at 1.25%, which equates to an annual appreciation rate of 5.09%.
Relative to South Carolina, our data show that Myrtle Beach's latest annual appreciation rate is higher than 90% 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.
|$932,001 - $1,242,000||1.7|
|$621,001 - $932,000||4.2|
|$497,001 - $621,000||3.1|
|$373,001 - $497,000||6.8|
|$248,001 - $373,000||14.3|
|$124,001 - $248,000||35.7|
|$62,001 - $124,000||18.8|
|$0 - $62,000||13.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
2000 Q1 - 2018 Q3
|* 10 is highest|
|AGE OF Myrtle Beach HOMES|
|2000 or Newer||25.3|
|1970 - 1999||57.8|
|1940 - 1969||16.3|
|1939 or Older||0.6|
|TYPE OF Myrtle Beach HOMES|
|Small Apt. Buildings||8.6|
|SIZE OF Myrtle Beach HOMES|
|5 or more bedrooms||2.07|