MYRTLE BEACH, S.C., (WBTW) – The National Realtors Association reported the annual pace of existing home sales in 2023 was the lowest number record since 1995.
On the Grand Strand, the average sales price for single-family homes were up 3.8% compared to 2022.
The December 2023 real estate market report released by the Coastal Carolinas Association of Realtors showed new listings were up 20.1% in 2023 compared to December of 2021.
Chris Ward, the broker in charge of Beach Connection Realty said luckily the company has seen an increase in inventory.
“We have a lot of new construction,” Ward said. “And single-family residential homes on the market.”
Homes in the Myrtle Beach area are also spending 10 more days on the market which is up 8.8% from last year.
However, the report shows that closed sales are down 7.9%, while the average sales price is up 3.8% this year compared to last.
“The increase in price year over year has softened a little bit compared to the previous three years,” Ward said.