Annual Report on the Coastal Carolinas Housing Market
RESIDENTIAL REAL ESTATE ACTIVITY IN THE COASTAL CAROLINAS
2022 Annual Report on the Coastal Carolinas Housing Market
2022 began where 2021 left off: Mortgage rates were near historic lows, buyer competition was fierce, and homes were selling at a breakneck pace, often with multiple bids and all-cash offers, due to pent-up demand and a shortage of housing supply, causing sales prices to soar to new heights. But all that changed a few months later as mortgage rates began to rise, adding hundreds of dollars to monthly mortgage payments and causing housing affordability to plummet to its lowest level in decades. As borrowing costs continued to increase, home sales and home prices began to slow, and after two years of record-breaking activity, the red-hot housing market was finally cooling.
Sales: Closed sales for Single-Family homes were down 11.4 percent to end the year at 11,228. Condo homes closed sales were down 19.5 percent to end the year at 7.018.
Listings: Comparing 2022 to the prior year, the number of homes available for sale for Single-Family homes was up by 61.6 percent and Condo homes were up 124.1 percent. There were 2,854 active listings for Single-Family and 1,313 for Condo homes, at the end of 2022. New listings for SingleFamily decreased 5.7 percent to finish the year at 13,321. New listing for Condo homes decreased 4.3 percent to finish the year at 8,463.
Showings: Showing activity in 2022 softened in response to the increase in mortgage rates, as some buyers put their home purchase plans on hold. There were 181,100 total showings reported by participating showing services in the region, with 8 showings before pending, down 12.5 percent from last year.
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 to $228,500.
Sales by Price Range:
The number of homes sold in the $300,001 and above price range rose 26.9 percent to 9,559 homes. Homes sold in the $100,000 and below price range were down 66.5 percent to 546 homes.
Home sales continued to decline throughout much of the year, as affordability challenges took their toll on market participants, forcing many prospective buyers and sellers to the sidelines. To help offset rising costs, some buyers moved from bigger, more expensive cities to smaller, more affordable areas, while others turned to the rental market, where competition and rental prices surged. As mortgage rates continued to climb and market conditions shifted, many homeowners were reluctant to sell their homes, and with buyer demand down, homebuilders eased production, further constraining an already limited supply of housing.
Looking ahead to 2023, much depends on inflation, mortgage interest rates, and the broader state of the economy, although economists predict many of 2022’s housing trends will continue into the new year: home sales will soften, price growth will moderate, inventory will remain tight, and there will be greater variability between markets nationally, with some regions possibly seeing price declines while other, more affordable areas of the country remain in high demand and experience price growth.
RESIDENTIAL REAL ESTATE ACTIVITY IN THE COASTAL CAROLINAS 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, 2023. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS® Report © 2023 ShowingTime. | 2
Carolina Forest + 13.3%
Myrtle Beach + 4.2%
Aynor + 9.6% Little River + 0.8%
Socastee + 9.1% Surfside Beach 0.0%
Little River + 3.1% Conway - 2.8% Conway - 5.5% Socastee - 4.6%
Andrews - 9.1% Loris / Longs - 5.8%
Garden City / Murrells Inlet - 16.1%
North Myrtle Beach - 8.3% Georgetown - 20.6% Garden City / Murrells Inlet - 9.9%
Pawleys Island / Litchfield - 24.8%
Pawleys Island / Litchfield - 15.6% Surfside Beach - 29.4% Georgetown - 19.4%
Aynor + 28.0% Socastee - 12.6%
Little River + 2.5% Myrtle Beach - 16.6%
Andrews 0.0% Conway - 17.9% Conway - 3.9% Surfside Beach - 18.1% Carolina Forest - 4.2% Loris / Longs - 20.1%
Georgetown - 9.9% Georgetown - 22.2%
Myrtle Beach - 11.7% Pawleys Island / Litchfield - 23.2%
Garden City / Murrells Inlet - 23.6% North Myrtle Beach - 23.6%
Pawleys Island / Litchfield - 31.5%
Garden City / Murrells Inlet - 24.0%
Surfside Beach - 33.6% Carolina Forest - 24.6%
Quick Facts 2022 Annual Report on the Coastal Carolinas Housing Market Current as of January 10, 2023. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2023 ShowingTime. | 3 Bottom 5 Areas: Change in Closed Sales from 2021 Bottom 5 Areas: Change in Closed Sales from 2021 Top 5 Areas: Change in New Listings from 2021 Bottom 5 Areas: Change in New Listings from 2021 Top 5 Areas: Change in Closed Sales from 2021 Top 5 Areas: Change in Closed Sales from 2021 Bottom 5 Areas: Change in New Listings from 2021 Top 5 Areas: Change in New Listings from 2021 5,794 6,069 6,491 8,718 7,018 2018 2019 2020 2021 2022 8,932 9,407 11,022 12,677 11,228 2018 2019 2020 2021 2022 7,571 7,947 8,113 8,483 8,345 2018 2019 2020 2021 2022 12,136 13,070 13,317 14,126 13,321 2018 2019 2020 2021 2022 New Listings – Single-Family Properties New Listings – Condo Properties + 7.7% + 1.9% + 6.1% Closed Sales – Single-Family Properties Closed Sales – Condo Properties - 5.7% + 5.0% + 2.1% + 4.6% - 1.6% + 5.3% + 17.2% + 15.0% - 11.4% + 4.7% + 7.0% + 34.3% - 19.5%
Andrews + 25.5% Conway + 49.2% Socastee + 25.0% Loris / Longs + 37.9%
Carolina Forest + 24.9% Myrtle Beach + 34.4% Surfside Beach + 24.7% Carolina Forest + 32.5%
Garden City / Murrells Inlet + 24.6% Little River + 31.8%
Pawleys Island / Litchfield + 18.5% Socastee + 30.1%
Aynor + 18.4%
North Myrtle Beach + 28.1% Georgetown + 17.4% Surfside Beach + 25.9%
Garden City / Murrells Inlet + 25.0% Myrtle Beach + 16.7% Georgetown + 8.5%
North Myrtle Beach + 17.4%
At the end of the year.
At the end of the year.
Aynor + 338.5%
Loris / Longs - 73.1% Socastee + 169.6% Surfside Beach - 82.3%
Carolina Forest + 118.9% Myrtle Beach - 83.1% Loris / Longs + 89.9% Little River - 83.2% North Myrtle Beach + 83.0%
Garden City / Murrells Inlet + 26.8%
Garden City / Murrells Inlet - 86.0%
Socastee - 87.7%
Surfside Beach + 12.9% Conway - 88.3% Andrews 0.0% Carolina Forest - 88.5%
Pawleys Island / Litchfield - 14.0% Pawleys Island / Litchfield - 92.4% Georgetown - 23.7% Georgetown - 97.2%
2022 Annual Report on the Coastal Carolinas Housing Market Quick Facts Top 5 Areas: Change in Median Sales Price from 2021 Top 5 Areas: Change in Median Sales Price from 2021 Bottom 5 Areas: Change in Median Sales Price from 2021
5 Areas: Change in Median Sales Price from 2021 Current as of January 10, 2023. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2023 ShowingTime. | 4 Bottom 5 Areas: Change in Months Supply from 2021 Bottom 5 Areas: Change in Homes for Sale from 2021 Top 5 Areas: Change in Months Supply from 2021 Top 5 Areas: Change in Homes for Sale from 2021 $227,914 $239,500 $253,000 $297,764 $355,000 2018 2019 2020 2021 2022 2,454 2,387 1,951 586 1,313 2018 2019 2020 2021 2022 3,618 3,744 2,585 1,766 2,854 2018 2019 2020 2021 2022 $133,319 $140,000 $153,000 $172,000 $228,500 2018 2019 2020 2021 2022 Median Sales Price – Single-Family Median Sales Price – Condo Properties + 5.1% + 5.6% + 17.7% Homes for Sale – Single-Family Properties Homes for Sale – Condo Properties + 19.2% + 5.0% + 9.3% + 12.4% + 32.8% + 3.5% - 31.0% - 31.7% + 61.6% - 2.7% - 18.3% - 70.0% + 124.1%
Bottom
Top Areas: Condo Properties Market Share in 2022
Myrtle Beach 73.6%
North Myrtle Beach 66.9%
Pawleys Island / Litchfield 45.2%
Surfside Beach 41.6%
Horry County 39.3%
Garden City / Murrells Inlet 32.2%
Georgetown County 29.5%
Little River 28.3%
Carolina Forest 27.8%
Socastee 22.5%
Loris / Longs 9.8% Georgetown 7.7% Conway 6.6%
Property Type Review
2022 Annual Report on the Coastal Carolinas Housing
Current as of January 10, 2023. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2023 ShowingTime. | 5 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 +19.2% +32.8% 98.8% 98.9% This chart uses a rolling 12-month average for each data point. 113 74 Average Days on Market Single-Family Properties 97.5% 96.0% 97.4% 96.0% 97.5% 96.4% 98.9% 98.2% 98.8% 98.9% Single-Family Properties Condo Properties 2018 2019 2020 2021 2022 $228K $133K $240K $140K $253K $153K $298K $172K $355K $229K Single-Family Properties Condo Properties 2018 2019 2020 2021 2022 60 70 80 90 100 110 120 130 140 150 1-2018 1-2019 1-2020 1-2021 1-2022 Single-Family Properties Condos Days on Market Until Sale Median Sales Price Percent of List Price Received
Average Days on Market Condo Properties
Market
2022 Annual Report on the Coastal Carolinas Housing Market Current as of January 10, 2023. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS® Report © 2023 ShowingTime. | 6 Price Range with Shortest Average Days on Market Price Range with Longest Average Days on Market of Homes for Sale at Year End Priced $100,000 and Below One-Year Change in Homes for Sale Priced $100,000 and Below $300,001 and Above +26.9% $100,000 and Below -66.5% Share of Homes for Sale $100,000 and Below Days on Market Until Sale by Price Range Price Range Review $100,001 to $150,000 $300,001 and Above 1.8% Price Range with the Most Closed Sales Price Range with Strongest One-Year Change in Sales: $300,001 and Above Price Range with the Fewest Closed Sales Price Range with Weakest One-Year Change in Sales: $100,000 and Below -28.4% 79 73 73 91 111 $100,000 and Below $100,001 to $150,000 $150,001 to $200,000 $200,001 to $300,000 $300,001 and Above 1,892 2,443 3,270 5,438 4,470 1,632 2,583 3,109 6,541 7,530 546 1,227 2,005 4,909 9,559 $100,000 and Below $100,001 to $150,000 $150,001 to $200,000 $200,001 to $300,000 $300,001 and Above 2020 2021 2022 Closed Sales by Price Range 0% 2% 4% 6% 8% 10% 12% 1-2018 1-2019 1-2020 1-2021 1-2022
Top Areas: 1,500 Sq Ft. or Below Market Share in 2022
Myrtle Beach 66.9%
Surfside Beach 57.0%
North Myrtle Beach 53.4%
Horry County 38.3%
Garden City / Murrells Inlet 31.2%
Pawleys Island / Litchfield 25.9%
Socastee 25.8%
Little River 25.5%
Georgetown County 23.8%
Andrews 22.9%
Carolina Forest 20.6%
Conway 17.5% Georgetown 16.7%
Current as of January 10, 2023. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS® Report © 2023 ShowingTime. | 7 98.0% 99.1% 99.4% 98.5% Percent of List Price Received in 2022 for 1,500 Sq. Ft. and Below Percent of List Price Received in 2022 for 1,501 - 2,000 Sq. Ft. Percent of List Price Received in 2022 for 2,001 - 3,000 Sq. Ft Percent of List Price Received in 2022 for 3,001 Sq. Ft. and Above 2022 Annual Report on the Coastal Carolinas Housing Market Square Foot Range Review - 8.0% - 18.3% Reduction in Closed Sales 3,001 Sq. Ft. and Above Reduction in Closed Sales 1,501 - 2,000 Sq. Ft. 8,106 3,775 6,208 3,306 6,762 3,083 5,356 3,043 1,500 Sq. Ft. and Below 1,501 - 2,000 Sq. Ft. 2,001 - 3,000 Sq. Ft 3,001 Sq. Ft. and Above 2021 2022 90% 91% 92% 93% 94% 95% 96% 97% 98% 99% 100% 101% 1-2017 7-2017 1-2018 7-2018 1-2019 7-2019 1-2020 7-2020 1-2021 7-2021 1,500 Sq. Ft. and Below 1,501 - 2,000 Sq. Ft. 2,001 - 3,000 Sq. Ft 3,001 Sq. Ft. and Above Closed Sales Percent of List Price Received
Top Areas: Number of Showings
Myrtle Beach 33,446
North Myrtle Beach 23,212 Carolina Forest 19,475
Conway 16,830 Conway 16,830 Socastee 16,779 Surfside Beach 12,820 Little River 12,371
Top Areas: Number of Showings per Listing
Conway 12.0
Conway 12.0
Pawleys Island / Litchfield 11.4
Surfside Beach 11.3 Socastee 11.3 Carolina Forest 11.2 Little River 10.7
North Myrtle Beach 10.4 Myrtle Beach 9.1 Loris / Longs 8.8
Current as of January 10, 2023. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2023 ShowingTime. | 8 181,100 February '22 Total Showings in 2022 Peak Showing Activity Month Median Number of Showings Before Pending One-Year Change in Median Showings Before Pending 2022 Annual Report on the Coastal Carolinas Housing Market Showings Review 8 - 12.5% 6.0 6.8 6.6 5.7 4.7 4.4 4.2 4.4 3.8 3.7 3.0 2.8 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 500 5,500 10,500 15,500 20,500 25,500 12-2019 12-2020 12-2021 12-2022 Monthly Number of Showings 2022 Monthly Showings per Listing
Area Overviews
Closed Sales Change from 2021 Percent New Construction
Percent TownhouseCondo Showings per Listing New Listings Months Supply Homes for Sale
Entire Market* 18,246 -14.7% 25.9% 38.5% 10.4 21,666 3.0 4,167
Horry County 16,715 -13.8% 26.7% 39.3% 10.4 20,012 3.1 3,886
Georgetown County 1,571 -23.6% 17.7% 29.5% 10.8 1,714 2.4 295
Andrews 35 0.0% 4.5 40 2.8 8
Aynor 160 +28.0% 73.9% 6.6 183 5.7 57
Carolina Forest 1,817 -10.9% 36.2% 27.8% 11.2 2,375 3.3 471
Conway 2,240 -5.0% 15.5% 6.6% 12.0 2,575 3.6 606
Garden City / Murrells Inlet 1,396 -23.8% 15.5% 32.2% 12.0 1,605 2.5 263
Georgetown 365 -11.0% 23.8% 7.7% 8.1 379 2.7 75
Little River 1,492 -5.3% 47.8% 28.3% 10.7 1,707 2.9 327
Loris / Longs 1,095 -10.4% 47.3% 9.8% 8.8 1,300 4.8 374
Myrtle Beach 3,753 -15.3% 13.8% 73.6% 9.1 4,438 2.7 772
North Myrtle Beach 2,069 -19.6% 7.2% 66.9% 10.4 2,460 2.7 432
Pawleys Island / Litchfield 761 -28.0% 20.1% 45.2% 11.4 817 2.1 120
Socastee 1,549 -8.7% 29.2% 22.5% 11.3 1,895 2.6 324
Surfside Beach 1,003 -27.9% 7.6% 41.6% 11.3 1,192 2.9 221
*Activity for the entire market is not necessarily a sum of activity for single-family and condo properties.
Current as of January 10, 2023. All
comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2023 ShowingTime. | 9 2022 Annual Report on the Coastal Carolinas Housing Market
data
Area Historical Median Prices
Entire Market*
$186,999 $199,738 $220,000 $251,000 $310,000 +23.5% +65.8%
Horry County $184,000 $194,000 $215,380 $247,308 $305,070 +23.4% +65.8%
Georgetown County $255,000 $284,000 $303,950 $333,130 $354,990 +6.6% +39.2%
Andrews $89,000 $104,000 $98,500 $127,500 $160,000 +25.5% +79.8%
Aynor $214,900 $237,660 $230,000 $245,600 $290,820 +18.4% +35.3%
Carolina Forest $220,000 $235,000 $255,000 $282,095 $385,000 +36.5% +75.0%
Conway $167,693 $180,000 $190,000 $235,000 $284,833 +21.2% +69.9%
Garden City / Murrells Inlet $227,000 $238,000 $255,000 $292,000 $359,250 +23.0% +58.3%
Georgetown $182,000 $185,535 $222,045 $249,370 $290,000 +16.3% +59.3%
Little River $179,900 $199,489 $224,900 $260,000 $340,003 +30.8% +89.0%
Loris / Longs $164,990 $169,400 $189,289 $235,000 $286,000 +21.7% +73.3%
Myrtle Beach $157,750 $160,000 $186,500 $199,000 $254,900 +28.1% +61.6%
North Myrtle Beach $226,000 $235,000 $252,250 $292,000 $375,000 +28.4% +65.9%
Pawleys Island / Litchfield $289,000 $314,000 $332,000 $387,500 $405,000 +4.5% +40.1%
Socastee $184,000 $195,000 $218,396 $242,000 $306,175 +26.5% +66.4%
Surfside Beach $188,600 $177,963 $195,000 $245,115 $245,000 -0.0% +29.9%
*Activity for the entire market is not necessarily a sum of activity for single-family and condo properties.
2019
2018
2020 2021 2022 Change From 2021 Change From 2018
Current as of January 10, 2023. All data comes from the Coastal
Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2023 ShowingTime. | 10 2022 Annual Report
the Coastal Carolinas Housing
Carolinas
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