New houses in Myrtle Beach outpace larger U.S. cities, a sign of rapid growth.
Contractors continue to work on building new homes in Myrtle Beach. Many new neighborhoods are being developed for 2022. New construction and new homes continue to be built along the Intracoastal Waterway in Myrtle Beach, Conway South Carolina, Longs, Loris, and all areas of the Grand Strand.
Myrtle Beach is growing! It’s evident in the new developments and jumping home prices. Locals have known it for years. Now, a new report concluded the area has one of the nation’s highest percentages of new houses, a testament to the development that poses questions and problems in the area. In Myrtle Beach, 42% of homes have been built in the years since 2000, more than double the national average of around 20%, according to a report by Inspection Report Network (IRN).
More than 130,000 homes have been built since 2000, the report found. Less than 1% of the homes in the area were built before 1940, far below the national average of 12.3%, according to IRN. The Myrtle Beach area, which includes Conway and North Myrtle Beach for the purposes of the report, landed second in the nation among midsize metros for its number of new homes, representing the continuing growth over the last two decades. This puts the area on par with other metros that are developing quickly, like Austin, Texas, and Provo, Utah.
With newer homes being more common in Myrtle Beach, that raises the question of cost. If all else is equal, newer homes tend to cost more than older homes.
but the main motivation for the price is the relationship between supply and demand.
On the supply side, building new homes increases available inventory, which then puts downward pressure on home prices,.
On the demand side, when a location is growing quickly (like Myrtle Beach), supply often can’t keep up.
Myrtle Beach home prices have increased throughout the pandemic as remote workers are drawn to a beach setting and supply chain issues cause an increase in prices.
Why are so many moving to Myrtle Beach South Carolina? Many baby boomers and retirees find this hidden gem among the best in the nation! Low taxes, beautiful year-round weather, great beach lifestyle, lots of things to do, Great medical Facilities Restaurants, shops, and a close drive to many larger metro areas are just a few reasons people are choosing Myrtle Beach SC over Florida as a destination of choice. This is why many are looking at myrtle beach homes for sale.
If you want to learn more about buy myrtle beach real estate and what it's like to live, play, eat, sleep and buy real estate in the coastal Carolinas then this is the real estate channel for you. We've got your back when moving to South Carolina.
Thinking of buying or selling a home in Myrtle Beach South Carolina? My team and I would love to help. You have questions, we have answers.
Give us a call at 843-839-9870
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Brought to you by
Jerry Pinkas Real Estate Experts
604 N 27th Ave
Myrtle Beach, SC 29577
843-839-9870
www.HomeGuideMyrtleBeach.com
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Disclaimer: All information given in my videos is meant to be educational. This video is not intended to replace your own research, nor to provide legal, investment or financial advice of any kind. For legal advice consult a lawyer.
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