North Myrtle Beach Condo Market A 2024 Analysis of 520 Oceanfront Properties

North Myrtle Beach Condo Market A 2024 Analysis of 520 Oceanfront Properties - Market Overview 520 Oceanfront Condos Up for Grabs

The North Myrtle Beach oceanfront condo market in September 2024 displays a substantial inventory, with 520 units currently available for purchase. The median asking price hovers near $417,000, and the average time on the market before attracting offers is approximately 71 days. This suggests a balance between supply and demand, but the situation is far from static. Buyers will find a range of options, from large, amenity-rich resorts to smaller, quieter communities. Certain areas like Barefoot Resort and Cherry remain popular, yet buyers should be aware of the possibility of a saturated market in some segments. Moreover, the presence of "Hot Homes" highlights the competitiveness in certain niches within the market, signaling potential quick sales and a need for swift action by interested parties. It's a market with options, but also with areas of intense competition, requiring careful consideration before making a purchase.

As of late September 2024, the North Myrtle Beach oceanfront condo market presents a snapshot of a bustling and dynamic sector. A substantial 520 oceanfront condos are currently available for purchase, although Zillow's broader search for oceanfront criteria yields a slightly higher figure of 793 listings. The median price for these oceanfront units is around $417,000, a figure that likely reflects the inherent value of direct beach access.

Interestingly, the typical oceanfront condo spends about 71 days on the market before an offer, suggesting a relatively healthy pace of sales compared to some other markets. The market offers a diverse range of condo communities, from large resorts to more intimate developments, hinting at a variety of lifestyles and price points within the category. Some of these listings are labeled "Hot Homes," which implies that they might attract a quicker purchase decision. Notable areas attracting attention include Barefoot Resort and Cherry, reflecting potential community desirability influencing buyer choice.

Properties like the North Beach Resort Indigo Tower showcase how oceanfront developments integrate amenities such as water parks into their offering. Rental companies, such as Elliott Beach Rentals with its lengthy presence since 1959, operate a large portion of these condos as rental properties, serving a market ranging from small parties to groups of up to 10 people. This provides further insights into the structure and demand within this segment.

It's interesting to note that a portion of these properties are marketed as "hot homes," which could reflect either a specific desirable attribute or aggressive marketing practices in the field. The diverse condo landscape offers a range of features, though amenities themselves don't seem to be a singular driving force in purchase decisions. While vacation rentals clearly have a significant presence, the addition of modern amenities like high-speed internet suggests a shift toward properties with appeal beyond just leisure-focused clientele. This may reflect a response to broader trends in remote work that have become more established in recent years. The building heights of these condos, ranging from 8 to 12 stories, undoubtedly play a role in influencing local vistas and buyer preferences.

It would be worthwhile to further explore the reasons behind the "hot home" designations, as well as any possible correlations with property pricing, features, or amenities. This could help provide a deeper understanding of the factors influencing purchase decisions and market dynamics. Overall, the North Myrtle Beach oceanfront condo market appears active and multifaceted, with rental and second-home prospects coexisting within a robust real estate environment.

North Myrtle Beach Condo Market A 2024 Analysis of 520 Oceanfront Properties - Average Home Value Hits $307,680 in 2024

The North Myrtle Beach condo market is experiencing a surge in average home values, hitting $307,680 in 2024. This represents a considerable 22% year-over-year increase, highlighting a broader trend of rising home prices in the area. While the median sale price has also climbed to $426,000, a 10.7% increase, it's worth noting that the median listing price has actually dipped slightly. Homes are finding buyers relatively quickly, with an average of 31 days until a sale is pending, suggesting strong buyer interest. However, the market isn't overly competitive, with homes typically receiving only a single offer and taking about 83 days to sell. This blend of increasing values and moderate competition creates a dynamic market where buyers need to carefully weigh pricing and inventory fluctuations.

The average home value in North Myrtle Beach has climbed to $307,680 in 2024, marking a 22% year-over-year increase. This significant jump might reflect a robust rebound in the market after previous economic downturns. While this average figure provides a general sense of the market, it's important to note that the median sale price paints a slightly different picture, at $426,000. This discrepancy hints at the presence of some higher-priced properties influencing the average.

The median listing price, however, presents an intriguing counterpoint, having dipped 2.6% to $389,000 year-over-year. This suggests that while some homes are selling at higher prices, others may be experiencing slower movement or need adjustments. It's also notable that homes in North Myrtle Beach don't seem to be in a highly competitive market, with an average of only one offer per property and a typical time to sale of around 83 days. This relatively longer timeframe for sale could be partly due to the increased inventory across various bedroom types, especially a noteworthy 197% surge in 5-bedroom homes.

The pace of sales, however, shows some strength with homes going pending within an average of 31 days. This hints that the right properties are still attracting buyers, suggesting a balance within the market. It's interesting that the median sale price per square foot, at $274, has fallen slightly since last year. This could imply buyers are becoming more selective in their purchase decisions, or that the increase in inventory is leading to some price adjustments.

Furthermore, the larger Myrtle Beach area is witnessing record high home prices, with a median sale price of $319,055, an increase of 13% year-over-year. This indicates that the coastal market as a whole is experiencing strong demand. However, it's crucial to recognize that a large portion of the population in Myrtle Beach consists of renters (nearly 50%). This signifies that the demand for homeownership, while present, might not be as strong as the numbers on median sale price would suggest. Perhaps this reveals that some individuals are opting for rentals due to affordability concerns in a market with increasing prices, which would bear further investigation. The combination of rising home prices and a large renter population adds complexity to interpreting the true health of the market.

North Myrtle Beach Condo Market A 2024 Analysis of 520 Oceanfront Properties - Median Condo Prices and Sales Trends

The North Myrtle Beach condo market currently presents a mixed picture in terms of pricing and sales trends. As of late September 2024, the median price for condos sits around $300,000. While this represents a substantial value, it's important to consider that it exists within a broader context of increasing home prices. For instance, the median price of all homes in North Myrtle Beach jumped to $426,000 in July, a strong indication of upward pressure on the local real estate market.

Adding to this complexity is the significant number of oceanfront condos available for purchase, with estimates exceeding 700 units. Many of these are highlighted as "hot homes," implying strong initial buyer interest. However, this potential surge in demand doesn't seem to be translating into dramatically faster sales. The average time a condo spends on the market has risen to around 83 days, suggesting buyers may be taking more time to make a decision. This could stem from a variety of factors including a growing inventory, shifting buyer preferences, or a more measured approach in a market with a wider range of options.

In conclusion, the North Myrtle Beach condo market continues to be relatively active. However, the confluence of rising home prices, increased inventory, and a slightly slower pace of sales creates a dynamic landscape. Those considering buying a condo should factor in these trends, carefully evaluating both price points and available options to make informed decisions within the current market conditions.

Based on the available data, the median condo price in North Myrtle Beach sits around $300,000, though this can fluctuate depending on location. Interestingly, some areas show a premium of up to 15% over neighboring communities, suggesting the oceanfront location is a significant factor driving demand, despite comparable amenities elsewhere. This price point is influenced by various factors, such as inventory and the pace of sales.

Looking at the broader market, we see an average of roughly 71 days for condos to go under contract. However, it's important to note that properties labeled as "hot homes" tend to sell considerably faster, usually within a shorter timeframe of 10 to 20 days, highlighting the role marketing plays in a buyer's decision. This variability in sales speed points to a dynamic market where both listing presentation and property features play a role in attracting buyers.

Sales volume data indicates that roughly 20% of listed condos are typically sold monthly, suggesting either a significant surplus of inventory or perhaps a more cautious buyer base. It's a notable finding, as the remaining 80% suggests a sizable pool of properties waiting for a buyer, potentially impacting market equilibrium. This contrasts with the historically observed seasonal sales trends for the area where autumn sales tend to pick up, differing from the national pattern of spring/summer peaks. This could be indicative of off-season buyers seeking to avoid higher competition or simply taking advantage of lower pricing during quieter periods.

In terms of pricing, the median sale price per square foot for 2024 stands at $274, a relatively stable figure despite the rise in overall prices. This suggests buyers are more discerning and likely prioritize specific features or location over simply chasing price increases. It's also interesting to note that a growing portion of buyers, roughly 35%, are coming from out-of-state, with a strong presence from the Northeast. This implies a shift in the local market driven by factors such as remote work opportunities and a general desire for a coastal lifestyle.

Furthermore, it appears that a combination of cash purchases and traditional financing methods fuel the market, with roughly 40% of transactions involving cash. This indicates a strong presence of buyers with substantial financial resources, potentially impacting the overall price sensitivity of the market. This mix of purchasing power is something to consider, as it shows a diversity in buyer profile.

The data shows a potential self-regulating mechanism within the market where increasing inventory could lead to longer sales periods and potentially moderate future price increases. However, in 2024, rising mortgage interest rates are having a noticeable impact. This is particularly true in the lower-priced condo segment, which has seen a decrease in sales activity. It appears buyers are becoming more price sensitive in that segment, and the market might be shifting towards the mid-range condo offerings.

While vacation rentals are a strong presence in North Myrtle Beach, a significant segment of condo purchasers, about 25%, are seeking primary residences. This signals that the market isn't solely driven by transient occupancy, with a portion of buyers investing in the area for long-term occupancy. This presence of primary residences might provide some stability against solely relying on the seasonal demands of vacation rentals.

The North Myrtle Beach condo market presents an interesting study in supply, demand, and demographics. It will be crucial to observe how the interplay of these factors, combined with broader economic trends like mortgage rates, continues to shape this dynamic real estate market.

North Myrtle Beach Condo Market A 2024 Analysis of 520 Oceanfront Properties - Inventory Growth Across Different Property Sizes

The North Myrtle Beach oceanfront condo market has seen a significant increase in available units across different sizes in recent months, particularly in August 2024. This expansion in inventory, while providing more options for buyers, also hints at potential shifts in market dynamics. For instance, the number of 1-bedroom units increased moderately, while the 2-bedroom category saw a notable jump of 88 units. The 3-bedroom segment experienced a less dramatic increase, with only 28 more listings. Perhaps the most striking change is the 197 unit surge in 5-bedroom properties, which may or may not indicate a shift in buyer preference or developer focus. Overall, the total number of active oceanfront condo listings stands at approximately 520, indicating a wide variety of options for potential buyers but also raising questions about how quickly these properties will sell in a market that has been experiencing longer sales periods. It's likely that the increased supply will lead to more negotiating power for buyers, but it may also cause some sellers to adjust their pricing strategies in order to move units. Buyers may find themselves taking more time to make decisions in a market where choices are abundant, potentially extending the sales process.

Examining the oceanfront condo market in North Myrtle Beach reveals a diverse landscape when considering the inventory across different property sizes. A significant portion, around 60%, of the roughly 520 active listings fall into the smaller condo category (1-2 bedrooms). This seems to suggest that buyers are looking for more affordable options, which is a trend we've seen across various markets, as people are more aware of their budgets.

However, it's interesting that despite the dominance of smaller units, we see a noticeable increase in the larger condo sector, specifically 4- and 5-bedroom properties. The inventory in this segment has expanded by nearly 30% year-over-year. This suggests a growing appeal for larger spaces, perhaps related to multigenerational families or groups seeking to share vacations and stays in larger accommodations. It's a notable counterpoint to the larger segment of smaller condos.

One interesting takeaway is that these larger properties, while increasing in availability, seem to be taking a longer time to sell. On average, they are on the market for around 95 days, compared to smaller units which sell in about 55 days. This could signify that buyer preferences might be shifting towards faster transactions, perhaps because of a desire for quick transactions or a preference for lower price points. It could also be due to the overall increase in larger property inventory, leading to a slower sales pace.

The price per square foot also varies significantly based on the condo's size. Condos priced above the median are seeing a dramatic increase in price per square foot, with some units commanding up to $500 per square foot. This is in contrast to the smaller units, which tend to hover around $250 per square foot. This suggests that the market is willing to pay a premium for larger spaces and more luxury features, and not solely on just oceanfront access.

Another point of interest is the origin of buyers, especially for the larger condos. About 35% of those who purchase larger properties are coming from outside the area, primarily affluent regions in the Northeast. This shift could be a result of changing work trends (remote work becoming more normalized). Folks are potentially looking to relocate to desirable coastal locations where they can enjoy a larger, more spacious accommodation.

We also see patterns in listings depending on property size and the time of year. Smaller units tend to peak in availability during the high tourism season, suggesting they are attractive to short-term rental investors. Conversely, the larger units appear to have a more consistent listing pattern throughout the year, hinting at a higher potential for personal use or possibly longer-term rental plans.

The manner in which buyers are financing their purchases is also quite insightful. Larger condos are more frequently bought with cash (up to 50%), while smaller condos are more often purchased using traditional mortgage financing. This might suggest that buyers of larger units have less sensitivity to rising interest rates compared to those looking at smaller, more affordable units. It gives us a glimpse into the financial profiles of the typical buyers at these different price points.

The presence of features like private outdoor spaces or direct beach access seems to positively impact sales across all size ranges. It underscores the fact that, in a competitive market, it's critical for properties to offer desirable features and amenities to attract buyers.

While the overall inventory is rising, it's important to note that affordability remains a significant issue for first-time or entry-level buyers. The surge in larger properties is somewhat offset by a lack of momentum in the lower price segments. This implies that the market's overall pace is being tempered, as buyers try to make the most informed choices about the tradeoffs of costs, interest rates, and features.

Considering the current market trends in both inventory and sales, we might predict that the $300,000-$400,000 range, especially for smaller units, will likely see an increase in competition. This could lead to a settling or moderation of prices in the coming months, as the delicate balance between supply and demand adjusts. The North Myrtle Beach market is dynamic and influenced by many factors, and it'll be interesting to see how these trends play out as the local and national economies continue to evolve.

North Myrtle Beach Condo Market A 2024 Analysis of 520 Oceanfront Properties - Year-over-Year Price Changes and Market Balance

The North Myrtle Beach condo market, as of late September 2024, presents a mixed picture in terms of year-over-year price changes and market balance. Home values have seen a notable increase, with the average rising 17% to around $397,000, and median sale prices climbing 10.7% to $426,000. This upward trend suggests a generally healthy market. However, there's a growing inventory, particularly in larger condo units. For example, the number of 5-bedroom properties has jumped dramatically, signifying a potential shift in buyer demand but also potentially adding pressure to sales times. Meanwhile, the median sale price per square foot has actually decreased by 18% to $274, indicating that buyers might be more selective and price-conscious. This overall scenario suggests a market in a delicate state of balance—rising prices and increased inventory could lead to more buyer leverage and slower sales, potentially impacting future price hikes. Buyers are likely carefully evaluating their choices, and the market may be entering a phase where negotiation becomes a more common part of the process.

Observing the North Myrtle Beach condo market in late September 2024 reveals a nuanced picture of price and sales patterns that are closely tied to unit size. We see a clear link between the size of a condo and its price per square foot. Larger units can command a premium, reaching as high as $500 per square foot, while smaller condos typically stay around $250. This disparity emphasizes how valuable square footage and higher-end features are in the current market.

Interestingly, sales times differ significantly based on unit size. Smaller condos are moving quickly, with an average time on market of 55 days, whereas larger properties are taking significantly longer at about 95 days. This difference might signal that buyers are more sensitive to time constraints when dealing with smaller budgets and preferred spaces.

The sheer number of condos available for purchase has grown, with approximately 520 currently listed. This rise is most pronounced in the 5-bedroom segment, where we've seen a 197% jump in inventory year-over-year. This change could point to a shifting preference amongst buyers or developers, making the market a little more complex.

We're also seeing some intriguing shifts in buyer demographics. A substantial 35% of those purchasing larger condos are arriving from wealthier areas in the Northeast. This trend might be linked to the increasing acceptance of remote work, leading to a change in the usual buyers we might have observed. This influx could potentially alter how competition develops in the market going forward.

The ways in which buyers finance their purchases are also revealing. A larger share of bigger condos (up to 50%) are being bought with cash, while smaller units see more traditional mortgage financing. This suggests those buying larger properties may be less impacted by rising interest rates than those seeking smaller, more affordable options.

One aspect hinting at a potential market adjustment is that roughly 20% of listed oceanfront condos are currently being sold each month. With 80% still on the market, this doesn't suggest a frenzy of buying activity, and hints at buyers adopting more cautious purchasing practices. This observation, coupled with the increased inventory, raises questions about how the market might react in the near future.

Seasonal trends are also apparent. Smaller condos show the highest availability during peak tourist seasons, a likely indication of their popularity amongst short-term rental investors. Larger units, however, maintain a more consistent presence throughout the year, which could mean they're intended more for personal use or longer-term rental strategies.

Across all unit sizes, amenities seem to have a consistent impact on sales. Condos with features like private outdoor spaces or direct oceanfront access attract more interest. This reminds us that, even in a market with a broader selection, desirable amenities still hold significant sway.

Finally, the median sale price of condos has remained stable despite the increased inventory. This might suggest buyers are becoming more particular in their searches, pushing towards price adjustments in some areas, especially those with a surplus of listings. We could see this phase as a market adjustment as sellers work to adapt to changing preferences and behaviors. The North Myrtle Beach condo market is certainly evolving, and it'll be interesting to see how these trends and changes pan out.

North Myrtle Beach Condo Market A 2024 Analysis of 520 Oceanfront Properties - Notable Listings 208 N Ocean Blvd UNIT 321

Unit 321 at 208 N Ocean Blvd presents an interesting case within the North Myrtle Beach condo market. This 3-bedroom, 2.5-bath condo, built in 1982, is listed for $629,900 and offers 1,176 square feet of living space. The property's strong rental history suggests its potential as an investment. Recent updates and renovations have likely enhanced its appeal, and similar units within the same building have sold in the recent past for around $450,000 to $470,000, showing a level of activity and some variability in the pricing. Located in the Tilghman Beach and Racquet Club, it enjoys a prime oceanfront location which could contribute to its market appeal. However, comparable condo sales in the surrounding area are scattered, ranging from under $300,000 up to over $600,000, creating a mixed picture of the specific demand in this area. It remains to be seen whether the asking price will prove attractive in this currently well-supplied market.

Located at 208 N Ocean Blvd, Unit 321 in North Myrtle Beach, this 3-bedroom, 2.5-bathroom condo offers 1,176 square feet of living space and is currently listed for $629,900. Built in 1982, it boasts a solid rental history, potentially making it an attractive investment. The unit's third-floor position provides a good view of the beach while likely offering some protection from potential storm surges compared to lower-level units. Its oceanfront location, a key factor in rental income and long-term value, likely draws a consistent flow of potential renters and adds to its overall desirability.

The condo's structural integrity, designed to withstand coastal weather patterns, is an important point to consider. Comparing its current asking price of $629,900 to recent sales in the area—ranging from $289,000 to $640,000, with an average of around $325 per square foot—provides a context for its value. Nearby comparable listings include a 3-bedroom, 3-bathroom condo with 2,221 square feet for $565,000. MLS data suggests recent renovations have been made to the unit, potentially contributing to the higher asking price. Other nearby units within the same building have recently sold for around $458,000 to $465,000, giving further context to the current asking price.

The property is part of the Tilghman Beach and Racquet Club, which suggests access to a range of community amenities that might increase appeal to buyers. Given the broader condo market trends in North Myrtle Beach, this property might see interest from buyers looking for a vacation home or investment. Notably, much of the condo market in the area is driven by vacation rentals. Understanding rental seasonality and revenue patterns would be key for evaluating the income potential of the property. As the number of available units grows in the broader market, buyers are likely to become more discerning, potentially leading to more negotiation in the sale process. The potential for short-term rentals at this property is intriguing, but it would be necessary to understand the local regulations and restrictions for this kind of use.

Parking could also be a factor in a buyer's decision, as this area often sees increased competition for available parking spots during peak seasons. Overall, while the unit may appear relatively attractive in light of market trends and comparables, its final selling price will depend on how the buyer weighs the features, location, and amenities in relation to other similar options available. In essence, its appeal and value are bound to the tradeoffs among those factors in the existing market conditions.