Myrtle Beach SC
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Myrtle Beach, SC Real Estate Data

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 Q2 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Myrtle Beach Housing Market Information

With 33,908 people, 13,774 houses or apartments, and a median cost of homes of $228,425, 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 47.63% of the city's housing units. Other types of housing that are prevalent in Myrtle Beach include single-family detached homes ( 32.19%), duplexes, homes converted to apartments or other small apartment buildings ( 8.70%), and a few row houses and other attached homes ( 7.65%). 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 ( 26.38%). A lesser amount of the housing stock also hails from between 1940-1969 ( 15.47%).

Vacant housing appears to be an issue in Myrtle Beach. Fully 44.58% 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

Real estate appreciation rates in Myrtle Beach's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 1.95% during the period.

NeighborhoodScout's data show that during the latest twelve months, Myrtle Beach's appreciation rate, at 4.34%, has been at or slightly above the national average. In the latest quarter, Myrtle Beach's appreciation rate has been 2.41%, which annualizes to a rate of 9.98%.

Importantly, NeighborhoodScout’s exclusive research found that Myrtle Beach's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to South Carolina, our data show that Myrtle Beach's latest annual appreciation rate is lower than 60% 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:
$228,425

Myrtle Beach, SC HOME PRICES

Value Range
> $1,213,000 3.2
$910,001 - $1,213,000 2.0
$607,001 - $910,000 4.8
$485,001 - $607,000 3.5
$364,001 - $485,000 8.9
$243,001 - $364,000 13.5
$121,001 - $243,000 33.3
$61,001 - $121,000 17.2
$0 - $61,000 13.7

Very High for SC
High for Nation

Value Relative to Nation Value Relative to State
33.4131386861314 14.8148148148148

Number Of Homes And Apartments:
13,774

Myrtle Beach Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
SC*
Compared To
America*
Latest Quarter:
2020 Q1 - 2020 Q2
Last 12 Months:
2019 Q2 - 2020 Q2
Last 2 Years:
2018 Q2 - 2020 Q2
Last 5 Years:
2015 Q2 - 2020 Q2
Last 10 Years:
2010 Q2 - 2020 Q2
Since 2000:
2000 Q1 - 2020 Q2
55.42% 2.17%
6
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,172 / per month

Homeownership Rate

Homeownership
Owners 53.13
Renters 46.87
Vacant 44.58

Housing Market Details

 

Age of Homes

AGE OF Myrtle Beach HOMES
2000 or Newer 26.4
1970 - 1999 57.4
1940 - 1969 15.5
1939 or Older 0.8

Types of Homes

TYPE OF Myrtle Beach HOMES
Single-Family 32.2
Townhomes 7.7
Small Apt. Buildings 8.7
Apt. Complexes 47.6
Mobile Homes 3.8
Other 0.0

Home Size

SIZE OF Myrtle Beach HOMES
No Bedroom 10.29
1 Bedroom 14.11
2 Bedrooms 38.25
3 Bedrooms 27.75
4 Bedrooms 7.12
5 or more bedrooms 2.48