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To quote pro golfer Tiger Woods, Myrtle Beach is “the mecca of golf.” With 80 regulation golf courses and 30 miniature golf courses in the region, it would be difficult to disagree!
Even without golf, Myrtle Beach would still be considered a top tourist destination. Located in the center of a 60-mile stretch of continuous beach known as the Grand Strand, the area receives approximately 20 million visitors annually, making it one of the most popular destinations in the country. The local economy is fueled by tourism, and the community is dedicated to showing their guests a good time. With the celebrated Myrtle Beach Boardwalk, live concerts and shows, and more than 1,800 restaurants, there’s never a dull moment.
The city is located in the southeastern corner of the state and fronted by the warm Atlantic Ocean, which can reach water temps of 80° F during the hot summer months. Its subtropical climate attracts sun worshippers from around the globe. Since 1951, the city has hosted the Canadian-American Days Festival every March during Ontario, Canada’s spring break. Thousands of students converge upon the city, soaking up rays and celebrating the end of winter in the frozen North. The city also welcomes dozens of gatherings each year at its world-class convention center complex.
Although the Grand Strand gets high marks for family-friendly vacations, the cost of living in Myrtle Beach can be higher than you might expect when factoring in median family income, availability of childcare, and housing affordability. At the other end of the spectrum, the city has been lauded as a great place to retire. The availability of senior services, the ease of getting around, the opportunity for social interaction, and access to quality healthcare all ranked high for older adults. Due to the state’s favorable income and property tax rates for seniors, the area is quite affordable for retirees.
Realm’s data analysis indicates that most homes in Myrtle Beach were constructed in 2006. Data also showed that none of the homes listed were in a flood zone or within a designated wildfire perimeter. Planned communities, especially for retirees, are quite popular and offer a greater variety of home styles and amenities. Plantation, Lowcountry cottage, Craftsman-inspired beach cottage, and coastal cottage styles dominate the area, but builders have begun to offer variations on the modern farmhouse and Mediterranean themes as well.
Each of these housing styles reflect common features that are highly desired by homeowners. The warm weather lends itself to outdoor living, which is demonstrated by the most popular listing features in the Myrtle Beach housing market. Realm’s data analysis showed that swimming pools topped the list ith 1,392 mentions in recent sales listings. This was closely followed by patios, mentioned in 932 listings, and landscaping, which was noted in 508 listings. Fencing also scored high, with 816 mentions.
Comfortable interior spaces are always desirable, and like many other housing markets, wood floors are very popular here, with 532 mentions in recent real estate listings. HVAC work also broke into the ranks of most popular home features, with 480 mentions.
Knowing which features and amenities are popular in the Myrtle Beach housing market can help you make smart choices as a homeowner. And if you find a home that has potential, Realm’s free dashboard can help you plan renovations and upgrades, with accurate project cost estimates and reliable information about how much value a project could add to your home.
Is Myrtle Beach a hot housing market?
As of July 2021, the housing market in Myrtle Beach was considered “historic”. A local realtor on the Grand Strand confirmed that record-low inventory contributed to multiple offer situations, and that most homes were selling within two days of listing. According to the National Association of Realtors, an unprecedented 8% of Myrtle Beach homeowners had purchased within the previous year. During that same time period, home values increased by more than 10%, with the median price escalating to $267,000.
Is rental property in Myrtle Beach a wise investment?
Myrtle Beach is a popular tourist destination, so bringing in rental income should be fairly easy. However, there are many factors to consider before making a purchase. Location is a prime consideration. The most desirable rentals come with a view of the water, but they also come with a hefty price tag. Survey the neighborhood rental market to ensure that the weekly or monthly rates you’ll charge your guests will cover all of your expenses. If the property you are considering has an homeowners association (HOA), make sure that you understand what the fees include. For example, HOA fees might cover general maintenance, insurance, cable/internet, or landscaping. Tour the development during the day and evening to make sure that outdoor lighting is adequate, trash enclosures are tidy, and amenities such as pools, spas, and tennis courts are properly maintained. Don’t forget your due diligence – make sure there are no pending lawsuits or structural damage to the property. A professional realtor can help you assess whether or not a specific property is an appropriate investment.
Which is more desirable – Myrtle Beach or North Myrtle Beach?
According to multiple vacation websites, North Myrtle Beach is quieter, less crowded with tourists, and has better local shopping than Myrtle Beach proper. Traffic is less congested and the beaches are reportedly cleaner as well. All local attractions are easily accessible.
As of October 2021, the median home list price in North Myrtle Beach was nearly $350,000, a bit lower than the national average. The cost for utilities and groceries are higher than the national average, but transportation costs (gas, bus) are lower. Healthcare is equal to the national average. Altogether, the cost of living in the Myrtle Beach region is roughly 7% lower than the national average.
We currently cover most standalone, single-family homes