Myrtle Beach is one of the fair-priced, family-oriented vacation destinations in Florida. It is a picturesque destination with a gorgeous, 60 miles long, white sand beach. The recent years have seen tremendous growth in the Myrtle Beach real estate. As per research, the present median home value in Myrtle Beach is $156,300, with the market forecast of house prices to increase by 3.8%.
This article will go over some of the real estate trends in the Grand Strand.
Home Prices to Increase Slowly
You’re likely to see home prices to continue rising this year. However, the increase will not be as drastic as it was in 2019. The real estate market of Myrtle Beach is reasonably priced, compared to South Carolina standards. The median home price for the state is around 170,000 dollars. Another favorable factor of real estate investment here is that it is an excellent bargain for residents. It’s one of the low-priced suburbs in the Myrtle Beach-Conway-North Myrtle Beach metro area.
Mortgage Interest Rates Predicted to Go Down
Reputed economists forecast that interest rates will drop from 4% to nearly 3.2% for a 15-year mortgage and 3.7% for a 30-year mortgage. However, the Federal Reserve can gradually increase the interest rates to balance unprecedented trade wars and tariff changes. Myrtle Beach has some of the expensive neighborhoods like the Dunes, where the mortgage rates are high. On the contrary, there are low-priced areas like Island Green with affordable mortgage rates.
Millennials to Be Potential Homebuyers
Carolina Forest and The Market Common are two of the fastest-growing communities in this area. The Market Common is a commercial and residential urban village community, best suitable for a minimalistic lifestyle. It features a variety of residential alternatives, including single-family houses and townhomes. Such neighborhoods offer excellent investment opportunities for millennials, who are potentially first-time homebuyers.
Equity Not to Reduce Through 2020
Myrtle Beach real estate includes mainly low-cost neighborhoods, yet some of them are luxurious. Upscale communities like Grand Dunes and Prince Creek include some of the exceptional amenities like clubhouses, pools, and recreational facilities. Further, these localities boast exuberant golf courses, earning the nickname “Golf Capital of the World” for this area.
These factors, along with the high maintenance of your home, contribute to elevating the equity margin of your property. According to real estate analysts, there are no symptoms of equity going down any soon. Hence, those having homes in such posh neighborhoods can anticipate highly profitable returns, if they’re planning to sell them.
Real Estate Market Unlikely to Crash
Some of the most premium neighborhoods in Myrtle Beach are Plantation Point, Ocean Forest, Myrtle Ridge, and Owens. You can find the highest number of homes for sale and rent in these plush localities.
In the recent past, the housing market, even in such posh communities, predominantly, has been a buyer’s market. However, despite fewer sales, the prices did not drop drastically. Such trends have convinced real estate experts to suggest that the real estate market is not anywhere close to crashing.
To summarize, the prospects of the real estate market in Myrtle Beach are excellent for 2020. Potential home buyers and sellers must review their options diligently in order to score high profits, and you can expect these trends to take shape and form this year.