Home Prices In Myrtle Beach Area Continue To Rise

MYRTLE BEACH, SC — Home prices are still climbing nationally and have grown at their fastest annual pace in 45 years, but a slowdown is expected in the near future.

Prices increased 3.2 percent from May to June in the Myrtle Beach-Conway-North Myrtle Beach SC-NC Metropolitan Statistical Area, according to the latest data from the S&P CoreLogic Case-Shiller Index, one of the leading trackers of the housing market. Prices were up 18 percent in June 2021 over June 2020.

Prices in the bottom third of the market in the Myrtle Beach-Conway-North Myrtle Beach SC-NC Metropolitan Statistical Area — those priced under $242,000, often designated as starter homes — increased 19.6 percent year over year. The top third of the market (homes over $355,000) saw an 18.7 percent increase.

National home prices increased 1.8 percent from June to July 2021, according to CoreLogic data. On a yearly basis, prices increased 18 percent from July 2020 to July 2021, the highest increase in 45 years.

Prices for single-family homes grew by 19.7 percent over the past year; attached properties such as condominiums grew by 11.6 percent.

Prices are projected to slow to 2.7 percent growth by July 2022 as more buyers are priced out of the market.

Horry County is part of the Myrtle Beach-Conway-North Myrtle Beach SC-NC Metropolitan Statistical Area, a term the U.S. Census Bureau uses to designate areas with strong economic ties. Many MSAs contain more than one county.

Editor's note: This post was automatically generated using an analysis of the Case-Shiller Index data from CoreLogic Inc. by The Associated Press. Please report any errors or other feedback to content@patch.com.