Summary
Introduction to Myrtle Beach
With an impressive 2,876 miles of tidal coastline and 165 miles of beaches, South Carolina is one of the country’s best destinations to consider for a beach vacation home. Although a waterfront home often comes with a steep price tag, recent findings indicate that if you’re looking for a beach house in the Palmetto State that doesn’t cost an arm and a leg, you should check out the listings in Myrtle Beach, South Carolina.
Affordability of Real Estate
The vacation resort ranks fifth on Realtor.com’s list of most affordable beach towns after destinations such as Atlantic City, New Jersey, and Deerfield Beach, Florida. Myrtle Beach is recognized as one of the fastest-growing cities in the country, attracting new residents with mild year-round temperatures, low taxes, and affordable homes.
“Tourism defines the metro area’s economy, with the leisure and hospitality sector driving employment,” George Ratiu, senior economist at Realtor.com, stated. “Myrtle Beach has experienced an active housing market over the past year, with strong demand and tight supply pushing prices higher.”
In contrast to rising real estate prices in vacation communities across the nation, the median price for residences in Myrtle Beach reached approximately $390,000 in May 2022. While this reflects a 22 percent gain from the previous year, it remains significantly lower than Isle of Palms, a barrier island in South Carolina where the median home price was $1,325,000 in February.
Lifestyle and Amenities
Myrtle Beach attracts many out-of-state residents searching for second homes; a remarkable 67% of buyers hail from cities like Washington D.C., Atlanta, Philadelphia, and Boston. The town’s easily accessible airport services 10 airlines, connecting it to over 50 destinations, including Chicago, Minneapolis, Dallas, and Cleveland, making it a convenient escape for those returning frequently to the Northeast or Midwest.
Besides its beautiful beaches, Myrtle Beach is home to numerous golf courses, top-notch restaurants offering fresh seafood, theaters, amusement parks, and a wealth of shopping options catering to visitors of all ages. Consequently, with a plethora of water activities like sailing, fishing, jet skiing, and paddleboarding, Myrtle Beach is an irresistible destination for vacationers.
Condos are the most sought-after type of vacation home here. Access to the beach and community pools are among the most desired amenities for potential buyers, indicating a preference for comfort and leisure.
“Inventory is hyper-local down to the streets, neighborhoods, and condo buildings,” remarked Sara Boling, a broker associate at Century 21. “Some areas have zero properties for sale, while others may have a few. Overall, the inventory remains low, but we are witnessing an increase in properties available. Our company’s listing inventory has seen a 15 percent rise year-to-date compared to 2021.”
Year-Round Destination
Myrtle Beach boasts more than 200 days of sunshine annually, making it the perfect year-round vacation destination. During winter, average temperatures hover between 50 to 60 degrees Fahrenheit, allowing for an abundance of outdoor activities without the summer crowds. Numerous major attractions, such as Broadway at the Beach and Barefoot Landing, remain open year-round, ensuring that your vacation here can extend well beyond Labor Day.
Conclusion
Myrtle Beach is the only South Carolina destination on Realtor.com’s list of affordable beach house locations, showcasing its appeal and growing popularity among second-home buyers.
