Annual Report on the Coastal Carolinas Housing Market RESIDENTIAL REAL ESTATE ACTIVITY IN THE COASTAL CAROLINAS
2023 Annual Report on the Coastal Carolinas Housing Market RESIDENTIAL REAL ESTATE ACTIVITY IN THE COASTAL CAROLINAS
2023 was a challenging year for the U.S. housing market: mortgage rates hit a 2-decade high, housing inventory remained at historic lows, and sales prices continued to climb nationwide, putting homeownership out of reach for many consumers. Housing affordability remained a top concern for homebuyers, and for good reason: mortgage payments are up significantly from 2022, with a number of homeowners now spending more than 30% of their income on their monthly payment. As a result, sales of previously owned homes remained sluggish throughout the year, while the shortage of existing-home inventory helped sales of new residential homes steadily increase from last year.
Higher mortgage rates aren’t just affecting buyers. Many current homeowners purchased or refinanced their homes in 2020 or 2021, when mortgage rates were several percentage points lower than today’s rates. And while those pandemic-era mortgages have been a blessing for many homeowners, they’ve also kept others from moving. Rather than give up their current mortgage rate for a higher rate and a more expensive monthly payment, some would-be sellers have chosen to put their moving plans on hold, further limiting the number of homes for sale and driving up home prices in the process.
Sales: Closed sales for Single-Family homes were down 7.9
Prices: Home prices were up compared to last year. Single Family home prices were up 19.2 percent to $355,000 compared to last year, and Condo home prices were up 32.8 percent, $228,500. Sales by Price Range: The number of homes sold in the $750,001 to $1,000,000 price range rose 15.9 percent to 511 homes. Homes sold in the $150,000 and below price range were down 33.8 percent to 1,175 homes. With inflation showing signs of improvement, the Federal Reserve recently announced they are likely done raising interest rates for the time being and plan to make at least three cuts to their benchmark rate in 2024. Mortgage rates have been dropping in recent months, which should help bring buyers and sellers back to the market and could lead to an uptick in both home sales and housing supply. Affordability will still prove challenging for many homebuyers, however, and economists predict U.S. home sales will remain down compared to 2019 2022. As for home prices, opinions are mixed, with some analysts expecting prices will hold steady or continue rising in areas, while others foresee a modest price drop in some markets.
percent to end the year at 10,196. Condo homes closed sales were down 18.3 percent to end the year at 5,899.
Listings: Comparing 2023 to the prior year, the number of homes available for sale for Single-Family homes was down by 2.4 percent, while Condo homes were up 48.7 percent. There were 2,774 active listings for Single-Family and 2,078 for Condo homes, at the end of 2023. New listings for SingleFamily decreased 5.9 percent to finish the year at 12,359. New listing for Condo homes decreased 3.6 percent to finish the year at 8,268. Showings: Total showings in the region were up slightly over last year. There were 181,969 total showings reported by participating showing services in the region, with 7 showings before pending, up 14.3 percent from last year.
Table of Contents 3
Quick Facts
5
Property Type Review
6
Price Range Review
7
Square Footage Review
8
Showings Review
9
Area Overviews
10
Area Historical Median Prices
Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 2
2023 Annual Report on the Coastal Carolinas Housing Market
Quick Facts New Listings – Single-Family Properties 12,887
13,118
13,889
13,130
12,359
+ 1.8%
+ 5.9%
- 5.5%
- 5.9%
2020
2021
2022
2023
2019
Top 5 Areas: Change in New Listings from 2022
New Listings – Condo Properties 8,090
2019
8,279
8,705
8,576
8,268
+ 2.3%
+ 5.1%
- 1.5%
- 3.6%
2020
2021
2022
2023
Loris / Longs Surfside Beach Georgetown Conway Socastee
+ 11.5% + 4.7% + 2.5% - 4.5% - 4.9%
Top 5 Areas: Change in New Listings from 2022 Loris / Longs Georgetown Garden City / Murrells Inlet Carolina Forest North Myrtle Beach
+ 30.2% + 19.2% + 10.6% - 0.8% - 2.6%
Bottom 5 Areas: Change in New Listings from 2022 Carolina Forest Pawleys Island / Litchfield Garden City / Murrells Inlet Myrtle Beach Aynor
- 12.6% - 15.8% - 16.9% - 18.2% - 26.8%
Bottom 5 Areas: Change in New Listings from 2022 Myrtle Beach Pawleys Island / Litchfield Little River Conway Socastee
- 5.4% - 10.6% - 15.2% - 16.4% - 27.0%
Closed Sales – Single-Family Properties
9,340
10,883
12,420
11,066
Closed Sales – Condo Properties 8,976
10,196 6,136
+ 16.5%
+ 14.1%
- 10.9%
- 7.9%
2020
2021
2022
2023
2019
Top 5 Areas: Change in Closed Sales from 2022 Carolina Forest Socastee Loris / Longs North Myrtle Beach Little River
5,899
+ 8.1%
+ 35.4%
- 19.5%
- 18.3%
2020
2021
2022
2023
Top 5 Areas: Change in Closed Sales from 2022 + 7.1% + 3.6% - 2.4% - 4.3% - 11.2%
Bottom 5 Areas: Change in Closed Sales from 2022 Georgetown Pawleys Island / Litchfield Aynor Garden City / Murrells Inlet Andrews
2019
7,222
6,630
Georgetown Conway Loris / Longs Garden City / Murrells Inlet Carolina Forest
0.0% - 3.9% - 5.6% - 9.2% - 12.9%
Bottom 5 Areas: Change in Closed Sales from 2022 - 16.9% - 21.5% - 21.7% - 22.9% - 28.6%
Little River Surfside Beach Socastee Myrtle Beach Pawleys Island / Litchfield
- 17.5% - 19.8% - 23.8% - 25.4% - 30.2%
Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 3
2023 Annual Report on the Coastal Carolinas Housing Market
Quick Facts Median Sales Price – Condo Properties
Median Sales Price – Single-Family $355,000
$360,000
$299,000 $239,945
$230,000
$253,503 $140,000
2019
+ 5.7%
+ 17.9%
+ 18.7%
+ 1.4%
2020
2021
2022
2023
2019
$155,000
$250,000
$175,000
+ 10.7%
+ 12.9%
+ 31.4%
+ 8.7%
2020
2021
2022
2023
Top 5 Areas: Change in Median Sales Price from 2022 Pawleys Island / Litchfield Georgetown Myrtle Beach Andrews Garden City / Murrells Inlet
+ 20.2% + 10.7% + 10.0% + 9.4% + 4.4%
Top 5 Areas: Change in Median Sales Price from 2022 Georgetown Conway Surfside Beach Garden City / Murrells Inlet Loris / Longs
+ 153.6% + 26.4% + 13.8% + 13.6% + 12.4%
Bottom 5 Areas: Change in Median Sales Price from 2022 Little River North Myrtle Beach Aynor Surfside Beach Carolina Forest
+ 0.8% + 0.8% - 3.6% - 4.3% - 4.9%
Bottom 5 Areas: Change in Median Sales Price from 2022 Carolina Forest North Myrtle Beach Pawleys Island / Litchfield Myrtle Beach Socastee
+ 8.5% + 7.1% + 6.2% + 5.0% - 1.1%
Homes for Sale – Single-Family Properties
Homes for Sale – Condo Properties
At the end of the year.
At the end of the year.
3,640 2,841
2,483
2,774
2,420
2,078
1,968 1,397
1,687 574
2019
- 31.8%
- 32.1%
+ 68.4%
- 2.4%
2020
2021
2022
2023
2019
- 18.7%
- 70.8%
+ 143.4%
+ 48.7%
2020
2021
2022
2023
Top 5 Areas: Change in Months Supply from 2022 Andrews Surfside Beach Georgetown Garden City / Murrells Inlet Loris / Longs
+ 37.5% + 31.7% + 22.4% + 21.8% + 18.1%
Top 5 Areas: Change in Homes for Sale from 2022 Loris / Longs Conway Myrtle Beach Surfside Beach Garden City / Murrells Inlet
- 61.7% - 67.3% - 67.6% - 67.7% - 70.6%
Bottom 5 Areas: Change in Months Supply from 2022 Conway Myrtle Beach Socastee Carolina Forest Aynor
- 6.1% - 27.0% - 27.1% - 29.3% - 37.5%
Bottom 5 Areas: Change in Homes for Sale from 2022 Little River Carolina Forest Pawleys Island / Litchfield Socastee Georgetown
- 76.0% - 76.7% - 78.8% - 85.7% - 92.9%
Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 4
2023 Annual Report on the Coastal Carolinas Housing Market
Property Type Review Top Areas: Condo Properties Market Share in 2023
123
95
Average Days on Market Single-Family Properties
Average Days on Market Condo Properties
Days on Market Until Sale This chart uses a rolling 12-month average for each data point.
Single-Family Properties
Condos
150 140
Myrtle Beach
72.7%
North Myrtle Beach
64.3%
Pawleys Island / Litchfield
42.3%
Surfside Beach
41.0%
Horry County
37.2%
Garden City / Murrells Inlet
36.3%
Little River
32.1%
Georgetown County
28.6%
Carolina Forest
24.4%
Socastee
18.0%
Loris / Longs
9.5%
Georgetown
9.1%
Conway
7.4%
130 120 110 100 90 80 70 60 1-2019
1-2020
1-2021
1-2022
1-2023
+ 1.4%
+ 8.7%
97.6%
97.0%
One-Year Change in Price Single-Family Properties
One-Year Change in Price Condo Properties
Pct. of List Price Received Single-Family Properties
Pct. of List Price Received Condo Properties
Median Sales Price
Percent of List Price Received 2019
$355K
2020
2021
2022
2023
$360K
98.9% 97.4% 97.5%
$299K $240K
2019
2020
98.8%
2021
98.3%
97.6% 96.1%
2022
2023
98.9%
96.5%
97.0%
$250K
$254K $230K
$140K
Single-Family Properties
$155K
$175K
Condo Properties
Single-Family Properties
Condo Properties
Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 5
2023 Annual Report on the Coastal Carolinas Housing Market
Price Range Review $150,000 and Below
$750,001 $1,000,000
6.3%
+ 22.7%
Price Range with Shortest Average Days on Market
Price Range with Longest Average Days on Market
of Homes for Sale at Year End Priced $150,000 and Below
One-Year Change in Homes for Sale Priced $150,000 and Below
Days on Market Until Sale by Price Range
Share of Homes for Sale $150,000 and Below 30%
86
$150,000 and Below
25%
94
$150,001 - $250,000
20%
$250,001 - $350,000
115
$350,001 - $500,000
120
15%
$500,001 - $750,000
134
10%
$750,001 - $1,000,000
139
5%
122
$1,000,001 and Above
0% 1-2019
1-2020
1-2021
1-2022
1-2023
$250,001 $350,000
+ 15.9%
$1,000,001 and Above
- 33.8%
Price Range with the Most Closed Sales
Price Range with Strongest One-Year Change in Sales: $750,001 - $1,000,000
Price Range with the Fewest Closed Sales
Price Range with Weakest One-Year Change in Sales: $150,000 and Below 2021
Closed Sales by Price Range
2022
2023
511
337
6,453 5,463 5,244
5,064 4,334
4,290
4,215
3,200 1,775
1,175
4,056
3,247 1,324
1,847 1,758 357
$150,000 and Below $150,001 - $250,000$250,001 - $350,000$350,001 - $500,000$500,001 - $750,000
441
$750,001 $1,000,000
357
331
$1,000,001 and Above
Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 6
2023 Annual Report on the Coastal Carolinas Housing Market
Square Foot Range Review Top Areas: 1,500 Sq Ft. or Below Market Share in 2023
- 3.4%
- 20.4%
Reduction in Closed Sales 2,001 - 3,000 Sq. Ft
Reduction in Closed Sales 1,500 Sq. Ft. and Below
Closed Sales 2022
2023
6,775 5,393
5,371
3,091
1,500 Sq. Ft. and Below
63.8%
Surfside Beach
55.2%
North Myrtle Beach
53.8%
Horry County
34.4%
Andrews
32.0%
Garden City / Murrells Inlet
31.3%
Pawleys Island / Litchfield
25.4%
Little River
24.9%
Georgetown County
22.9%
Socastee
21.9%
Carolina Forest
16.3%
Conway
14.8%
Loris / Longs
14.7%
5,189
3,050
2,748
1,501 - 2,000 Sq. Ft.
Myrtle Beach
2,001 - 3,000 Sq. Ft
2,765
3,001 Sq. Ft. and Above
98.5%
98.9%
99.3%
98.7%
Percent of List Price Received in 2023 for 1,500 Sq. Ft. and Below
Percent of List Price Received in 2023 for 1,501 - 2,000 Sq. Ft.
Percent of List Price Received in 2023 for 2,001 - 3,000 Sq. Ft
Percent of List Price Received in 2023 for 3,001 Sq. Ft. and Above
Percent of List Price Received 1,500 Sq. Ft. and Below
1,501 - 2,000 Sq. Ft.
2,001 - 3,000 Sq. Ft
3,001 Sq. Ft. and Above
101% 100% 99% 98% 97% 96% 95% 94% 93% 92% 1-2018
7-2018
1-2019
7-2019
1-2020
7-2020
1-2021
7-2021
1-2022
7-2022
Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 7
2023 Annual Report on the Coastal Carolinas Housing Market
Showings Review Top Areas: Number of Showings
7
+ 14.3%
Median Number of Showings Before Pending
One-Year Change in Median Showings Before Pending
Socastee
Monthly Number of Showings 25,500
168,106
Little River
33,059
Loris
26,236
Conway
19,919
Carolina Forest
19,817
Garden City / Murrells Inlet
16,835
Surfside Beach
16,143
North Myrtle Beach
15,758
20,500
Top Areas: Number of Showings per Listing 15,500
10,500
5,500
500 12-2020
12-2021
12-2022
183,969
12-2023
Pawleys Island / Litchfield
12.2
Garden City / Murrells Inlet
11.9
North Myrtle Beach
11.2
Carolina Forest
11.1
Socastee
10.9
Georgetown
10.9
Little River
10.6
Conway
10.3
Horry
10.3
Surfside Beach
10.1
March '23
Total Showings in 2023
Peak Showing Activity Month
2023 Monthly Showings per Listing 5.0
4.5
4.6
4.5
4.5 4.0
4.1
3.9
3.9
3.8
3.8 3.2
3.5
3.2
3.0
2.7 2.3
2.5 2.0 1.5 1.0 0.5 0.0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 8
2023 Annual Report on the Coastal Carolinas Housing Market
Area Overviews Closed Sales
Change from 2022
Percent New Construction
Percent TownhouseCondo
Showings per Listing
New Listings
Months Supply
Homes for Sale
Entire Market*
16,095
-12.0%
33.6%
36.7%
10.2
20,627
3.7
4,852
Horry County
14,967
-11.0%
35.5%
37.2%
10.3
19,210
3.7
4,510
Georgetown County
1,244
-21.8%
11.2%
28.6%
10.8
1,602
3.8
388
Andrews
25
-28.6%
8.0%
--
4.8
38
4.5
11
Aynor
126
-21.7%
70.2%
--
6.8
134
3.3
35
Carolina Forest
1,852
+1.4%
51.0%
24.4%
11.1
2,163
2.8
408
Conway
1,996
-11.2%
14.8%
7.4%
11.8
2,439
3.6
585
Garden City / Murrells Inlet
1,140
-18.5%
14.8%
36.3%
11.8
1,480
3.9
352
Georgetown
308
-15.6%
21.8%
9.1%
7.4
393
4.2
106
Little River
1,294
-13.3%
52.1%
32.1%
10.6
1,537
3.6
369
Loris / Longs
1,067
-2.7%
64.2%
9.5%
8.8
1,471
4.7
446
Myrtle Beach
2,904
-22.8%
14.4%
72.7%
9.0
4,068
4.5
1,070
North Myrtle Beach
1,811
-12.6%
11.9%
64.3%
11.1
2,357
3.9
578
Pawleys Island / Litchfield
568
-25.5%
8.1%
42.3%
12.2
708
3.6
166
Socastee
1,514
-2.7%
44.3%
18.0%
10.9
1,712
2.0
253
Surfside Beach
842
-16.0%
13.5%
41.0%
10.1
1,200
4.3
305
*Activity for the entire market is not necessarily a sum of activity for single-family and condo properties.
Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 9
2023 Annual Report on the Coastal Carolinas Housing Market
Area Historical Median Prices 2019
2020
2021
2022
2023
Change From 2022
Change From 2019
Entire Market*
$199,738
$220,000
$251,000
$310,000
$321,105
+ 3.6%
+ 60.8%
Horry County
$194,000
$215,000
$247,308
$305,000
$317,500
+ 4.1%
+ 63.7%
Georgetown County
$282,000
$300,000
$330,950
$353,990
$419,950
+ 18.6%
+ 48.9%
Andrews
$104,000
$98,500
$127,500
$160,000
$175,000
+ 9.4%
+ 68.3%
Aynor
$237,660
$230,000
$245,600
$290,570
$280,000
- 3.6%
+ 17.8%
Carolina Forest
$235,000
$255,000
$282,095
$385,000
$375,080
- 2.6%
+ 59.6%
Conway
$180,000
$190,000
$235,000
$284,775
$290,143
+ 1.9%
+ 61.2%
Garden City / Murrells Inlet
$238,000
$255,000
$292,000
$359,250
$370,000
+ 3.0%
+ 55.5%
Georgetown
$185,535
$222,045
$249,370
$290,000
$330,000
+ 13.8%
+ 77.9%
Little River
$199,489
$224,900
$260,000
$340,000
$334,283
- 1.7%
+ 67.6%
Loris / Longs
$169,400
$189,289
$235,000
$286,000
$299,000
+ 4.5%
+ 76.5%
Myrtle Beach
$160,000
$186,500
$199,000
$254,900
$271,500
+ 6.5%
+ 69.7%
North Myrtle Beach
$235,000
$252,250
$292,000
$375,000
$395,000
+ 5.3%
+ 68.1%
Pawleys Island / Litchfield
$314,000
$332,000
$387,500
$402,593
$512,500
+ 27.3%
+ 63.2%
Socastee
$195,000
$218,396
$242,000
$306,000
$320,000
+ 4.6%
+ 64.1%
Surfside Beach
$177,963
$195,000
$245,115
$244,950
$275,000
+ 12.3%
+ 54.5%
*Activity for the entire market is not necessarily a sum of activity for single-family and condo properties.
Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 10