The Grand Strand housing market is currently stable despite fluctuating interest rates, with new construction incentives playing a key role in maintaining activity, according to local real estate experts.
Buyer activity saw an increase earlier this year when interest rates temporarily dropped. Blake Sloan, a certified real estate expert with Sloan Realty Group, noted a significant rush in the second quarter as buyers re-entered the market. While rates have since risen, leading to a slight decrease in pending sales, Myrtle Beach remains an affordable area for homebuyers.
New construction is a primary driver in the local marketplace. Homebuilders are offering incentives such as closing cost assistance and interest rate buydowns to keep prices accessible for buyers, particularly first-time purchasers. These incentives are considered a significant factor in the overall market.
A shift in home types being purchased has been observed. Phillip Brady, president-elect of the Coastal Carolinas Association of Realtors, indicated that single-family home sales are down compared to last year. Conversely, condo sales have seen a substantial increase over the same period. Despite the decline in single-family home closings, the market remains stable, with continued interest in both home types.
Prices across the Grand Strand have held steady, even with fewer single-family homes selling. Sloan explained that the area’s robust construction activity and the incentives offered are insulating prices, keeping them relatively flat. He suggested that a significant, long-term decline in sales could eventually lead to prices softening, but this trend is not currently evident. The ongoing construction of new homes contributes to a balanced supply and demand, which helps to stabilize prices.
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