CCAR 2023 Annual Report

Annual Report on the Coastal Carolinas Housing Market RESIDENTIAL REAL ESTATE ACTIVITY IN THE COASTAL CAROLINAS

2023 Annual Report on the Coastal Carolinas Housing Market RESIDENTIAL REAL ESTATE ACTIVITY IN THE COASTAL CAROLINAS

2023 was a challenging year for the U.S. housing market: mortgage rates hit a 2-decade high, housing inventory remained at historic lows, and sales prices continued to climb nationwide, putting homeownership out of reach for many consumers.

Housing affordability remained a top concern for homebuyers, and for good reason: mortgage payments are up significantly from 2022, with a number of homeowners now spending more than 30% of their income on their monthly payment. As a result, sales of previously owned homes remained sluggish throughout the year, while the shortage of existing-home inventory helped sales of new residential homes steadily increase from last year.

Higher mortgage rates aren’t just affecting buyers. Many current homeowners purchased or refinanced their homes in 2020 or 2021, when mortgage rates were several percentage points lower than today’s rates. And while those pandemic-era mortgages have been a blessing for many homeowners, they’ve also kept others from moving. Rather than give up their current mortgage rate for a higher rate and a more expensive monthly payment, some would-be sellers have chosen to put their moving plans on hold, further limiting the number of homes for sale and driving up home prices in the process.

Sales: Closed sales for Single-Family homes were down 7.9

Prices: Home prices were up compared to last year. Single Family home prices were up 19.2 percent to $355,000 compared to last year, and Condo home prices were up 32.8 percent, $228,500.

Sales by Price Range: The number of homes sold in the $750,001 to $1,000,000 price range rose 15.9 percent to 511 homes. Homes sold in the $150,000 and below price range were down 33.8 percent to 1,175 homes.

With inflation showing signs of improvement, the Federal Reserve recently announced they are likely done raising interest rates for the time being and plan to make at least three cuts to their benchmark rate in 2024. Mortgage rates have been dropping in recent months, which should help bring buyers and sellers back to the market and could lead to an uptick in both home sales and housing supply. Affordability will still prove challenging for many homebuyers, however, and economists predict U.S. home sales will remain down compared to 2019 2022. As for home prices, opinions are mixed, with some analysts expecting prices will hold steady or continue rising in areas, while others foresee a modest price drop in some markets.

percent to end the year at 10,196. Condo homes closed sales were down 18.3 percent to end the year at 5,899.

Listings: Comparing 2023 to the prior year, the number of homes available for sale for Single-Family homes was down by 2.4 percent, while Condo homes were up 48.7 percent. There were 2,774 active listings for Single-Family and 2,078 for Condo homes, at the end of 2023. New listings for SingleFamily decreased 5.9 percent to finish the year at 12,359. New listing for Condo homes decreased 3.6 percent to finish the year at 8,268.

Showings: Total showings in the region were up slightly over last year. There were 181,969 total showings reported by participating showing services in the region, with 7 showings before pending, up 14.3 percent from last year.

Table of Contents 3

Quick Facts

5

Property Type Review

6

Price Range Review

7

Square Footage Review

8

Showings Review

9

Area Overviews

10

Area Historical Median Prices

Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 2

2023 Annual Report on the Coastal Carolinas Housing Market

Quick Facts New Listings – Single-Family Properties 12,887

13,118

13,889

13,130

12,359

+ 1.8%

+ 5.9%

- 5.5%

- 5.9%

2020

2021

2022

2023

2019

Top 5 Areas: Change in New Listings from 2022

New Listings – Condo Properties 8,090

2019

8,279

8,705

8,576

8,268

+ 2.3%

+ 5.1%

- 1.5%

- 3.6%

2020

2021

2022

2023

Loris / Longs Surfside Beach Georgetown Conway Socastee

+ 11.5% + 4.7% + 2.5% - 4.5% - 4.9%

Top 5 Areas: Change in New Listings from 2022 Loris / Longs Georgetown Garden City / Murrells Inlet Carolina Forest North Myrtle Beach

+ 30.2% + 19.2% + 10.6% - 0.8% - 2.6%

Bottom 5 Areas: Change in New Listings from 2022 Carolina Forest Pawleys Island / Litchfield Garden City / Murrells Inlet Myrtle Beach Aynor

- 12.6% - 15.8% - 16.9% - 18.2% - 26.8%

Bottom 5 Areas: Change in New Listings from 2022 Myrtle Beach Pawleys Island / Litchfield Little River Conway Socastee

- 5.4% - 10.6% - 15.2% - 16.4% - 27.0%

Closed Sales – Single-Family Properties

9,340

10,883

12,420

11,066

Closed Sales – Condo Properties 8,976

10,196 6,136

+ 16.5%

+ 14.1%

- 10.9%

- 7.9%

2020

2021

2022

2023

2019

Top 5 Areas: Change in Closed Sales from 2022 Carolina Forest Socastee Loris / Longs North Myrtle Beach Little River

5,899

+ 8.1%

+ 35.4%

- 19.5%

- 18.3%

2020

2021

2022

2023

Top 5 Areas: Change in Closed Sales from 2022 + 7.1% + 3.6% - 2.4% - 4.3% - 11.2%

Bottom 5 Areas: Change in Closed Sales from 2022 Georgetown Pawleys Island / Litchfield Aynor Garden City / Murrells Inlet Andrews

2019

7,222

6,630

Georgetown Conway Loris / Longs Garden City / Murrells Inlet Carolina Forest

0.0% - 3.9% - 5.6% - 9.2% - 12.9%

Bottom 5 Areas: Change in Closed Sales from 2022 - 16.9% - 21.5% - 21.7% - 22.9% - 28.6%

Little River Surfside Beach Socastee Myrtle Beach Pawleys Island / Litchfield

- 17.5% - 19.8% - 23.8% - 25.4% - 30.2%

Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 3

2023 Annual Report on the Coastal Carolinas Housing Market

Quick Facts Median Sales Price – Condo Properties

Median Sales Price – Single-Family $355,000

$360,000

$299,000 $239,945

$230,000

$253,503 $140,000

2019

+ 5.7%

+ 17.9%

+ 18.7%

+ 1.4%

2020

2021

2022

2023

2019

$155,000

$250,000

$175,000

+ 10.7%

+ 12.9%

+ 31.4%

+ 8.7%

2020

2021

2022

2023

Top 5 Areas: Change in Median Sales Price from 2022 Pawleys Island / Litchfield Georgetown Myrtle Beach Andrews Garden City / Murrells Inlet

+ 20.2% + 10.7% + 10.0% + 9.4% + 4.4%

Top 5 Areas: Change in Median Sales Price from 2022 Georgetown Conway Surfside Beach Garden City / Murrells Inlet Loris / Longs

+ 153.6% + 26.4% + 13.8% + 13.6% + 12.4%

Bottom 5 Areas: Change in Median Sales Price from 2022 Little River North Myrtle Beach Aynor Surfside Beach Carolina Forest

+ 0.8% + 0.8% - 3.6% - 4.3% - 4.9%

Bottom 5 Areas: Change in Median Sales Price from 2022 Carolina Forest North Myrtle Beach Pawleys Island / Litchfield Myrtle Beach Socastee

+ 8.5% + 7.1% + 6.2% + 5.0% - 1.1%

Homes for Sale – Single-Family Properties

Homes for Sale – Condo Properties

At the end of the year.

At the end of the year.

3,640 2,841

2,483

2,774

2,420

2,078

1,968 1,397

1,687 574

2019

- 31.8%

- 32.1%

+ 68.4%

- 2.4%

2020

2021

2022

2023

2019

- 18.7%

- 70.8%

+ 143.4%

+ 48.7%

2020

2021

2022

2023

Top 5 Areas: Change in Months Supply from 2022 Andrews Surfside Beach Georgetown Garden City / Murrells Inlet Loris / Longs

+ 37.5% + 31.7% + 22.4% + 21.8% + 18.1%

Top 5 Areas: Change in Homes for Sale from 2022 Loris / Longs Conway Myrtle Beach Surfside Beach Garden City / Murrells Inlet

- 61.7% - 67.3% - 67.6% - 67.7% - 70.6%

Bottom 5 Areas: Change in Months Supply from 2022 Conway Myrtle Beach Socastee Carolina Forest Aynor

- 6.1% - 27.0% - 27.1% - 29.3% - 37.5%

Bottom 5 Areas: Change in Homes for Sale from 2022 Little River Carolina Forest Pawleys Island / Litchfield Socastee Georgetown

- 76.0% - 76.7% - 78.8% - 85.7% - 92.9%

Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 4

2023 Annual Report on the Coastal Carolinas Housing Market

Property Type Review Top Areas: Condo Properties Market Share in 2023

123

95

Average Days on Market Single-Family Properties

Average Days on Market Condo Properties

Days on Market Until Sale This chart uses a rolling 12-month average for each data point.

Single-Family Properties

Condos

150 140

Myrtle Beach

72.7%

North Myrtle Beach

64.3%

Pawleys Island / Litchfield

42.3%

Surfside Beach

41.0%

Horry County

37.2%

Garden City / Murrells Inlet

36.3%

Little River

32.1%

Georgetown County

28.6%

Carolina Forest

24.4%

Socastee

18.0%

Loris / Longs

9.5%

Georgetown

9.1%

Conway

7.4%

130 120 110 100 90 80 70 60 1-2019

1-2020

1-2021

1-2022

1-2023

+ 1.4%

+ 8.7%

97.6%

97.0%

One-Year Change in Price Single-Family Properties

One-Year Change in Price Condo Properties

Pct. of List Price Received Single-Family Properties

Pct. of List Price Received Condo Properties

Median Sales Price

Percent of List Price Received 2019

$355K

2020

2021

2022

2023

$360K

98.9% 97.4% 97.5%

$299K $240K

2019

2020

98.8%

2021

98.3%

97.6% 96.1%

2022

2023

98.9%

96.5%

97.0%

$250K

$254K $230K

$140K

Single-Family Properties

$155K

$175K

Condo Properties

Single-Family Properties

Condo Properties

Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 5

2023 Annual Report on the Coastal Carolinas Housing Market

Price Range Review $150,000 and Below

$750,001 $1,000,000

6.3%

+ 22.7%

Price Range with Shortest Average Days on Market

Price Range with Longest Average Days on Market

of Homes for Sale at Year End Priced $150,000 and Below

One-Year Change in Homes for Sale Priced $150,000 and Below

Days on Market Until Sale

by Price Range

Share of Homes for Sale $150,000 and Below 30%

86

$150,000 and Below

25%

94

$150,001 - $250,000

20%

$250,001 - $350,000

115

$350,001 - $500,000

120

15%

$500,001 - $750,000

134

10%

$750,001 - $1,000,000

139

5%

122

$1,000,001 and Above

0% 1-2019

1-2020

1-2021

1-2022

1-2023

$250,001 $350,000

+ 15.9%

$1,000,001 and Above

- 33.8%

Price Range with the Most Closed Sales

Price Range with Strongest One-Year Change in Sales: $750,001 - $1,000,000

Price Range with the Fewest Closed Sales

Price Range with Weakest One-Year Change in Sales: $150,000 and Below 2021

Closed Sales by Price Range

2022

2023

511

337

6,453 5,463 5,244

5,064 4,334

4,290

4,215

3,200 1,775

1,175

4,056

3,247 1,324

1,847 1,758 357

$150,000 and Below $150,001 - $250,000$250,001 - $350,000$350,001 - $500,000$500,001 - $750,000

441

$750,001 $1,000,000

357

331

$1,000,001 and Above

Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 6

2023 Annual Report on the Coastal Carolinas Housing Market

Square Foot Range Review Top Areas: 1,500 Sq Ft. or Below Market Share in 2023

- 3.4%

- 20.4%

Reduction in Closed Sales 2,001 - 3,000 Sq. Ft

Reduction in Closed Sales 1,500 Sq. Ft. and Below

Closed Sales 2022

2023

6,775 5,393

5,371

3,091

1,500 Sq. Ft. and Below

63.8%

Surfside Beach

55.2%

North Myrtle Beach

53.8%

Horry County

34.4%

Andrews

32.0%

Garden City / Murrells Inlet

31.3%

Pawleys Island / Litchfield

25.4%

Little River

24.9%

Georgetown County

22.9%

Socastee

21.9%

Carolina Forest

16.3%

Conway

14.8%

Loris / Longs

14.7%

5,189

3,050

2,748

1,501 - 2,000 Sq. Ft.

Myrtle Beach

2,001 - 3,000 Sq. Ft

2,765

3,001 Sq. Ft. and Above

98.5%

98.9%

99.3%

98.7%

Percent of List Price Received in 2023 for 1,500 Sq. Ft. and Below

Percent of List Price Received in 2023 for 1,501 - 2,000 Sq. Ft.

Percent of List Price Received in 2023 for 2,001 - 3,000 Sq. Ft

Percent of List Price Received in 2023 for 3,001 Sq. Ft. and Above

Percent of List Price Received 1,500 Sq. Ft. and Below

1,501 - 2,000 Sq. Ft.

2,001 - 3,000 Sq. Ft

3,001 Sq. Ft. and Above

101% 100% 99% 98% 97% 96% 95% 94% 93% 92% 1-2018

7-2018

1-2019

7-2019

1-2020

7-2020

1-2021

7-2021

1-2022

7-2022

Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 7

2023 Annual Report on the Coastal Carolinas Housing Market

Showings Review Top Areas: Number of Showings

7

+ 14.3%

Median Number of Showings Before Pending

One-Year Change in Median Showings Before Pending

Socastee

Monthly Number of Showings 25,500

168,106

Little River

33,059

Loris

26,236

Conway

19,919

Carolina Forest

19,817

Garden City / Murrells Inlet

16,835

Surfside Beach

16,143

North Myrtle Beach

15,758

20,500

Top Areas: Number of Showings per Listing 15,500

10,500

5,500

500 12-2020

12-2021

12-2022

183,969

12-2023

Pawleys Island / Litchfield

12.2

Garden City / Murrells Inlet

11.9

North Myrtle Beach

11.2

Carolina Forest

11.1

Socastee

10.9

Georgetown

10.9

Little River

10.6

Conway

10.3

Horry

10.3

Surfside Beach

10.1

March '23

Total Showings in 2023

Peak Showing Activity Month

2023 Monthly Showings per Listing 5.0

4.5

4.6

4.5

4.5 4.0

4.1

3.9

3.9

3.8

3.8 3.2

3.5

3.2

3.0

2.7 2.3

2.5 2.0 1.5 1.0 0.5 0.0

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 8

2023 Annual Report on the Coastal Carolinas Housing Market

Area Overviews Closed Sales

Change from 2022

Percent New Construction

Percent TownhouseCondo

Showings per Listing

New Listings

Months Supply

Homes for Sale

Entire Market*

16,095

-12.0%

33.6%

36.7%

10.2

20,627

3.7

4,852

Horry County

14,967

-11.0%

35.5%

37.2%

10.3

19,210

3.7

4,510

Georgetown County

1,244

-21.8%

11.2%

28.6%

10.8

1,602

3.8

388

Andrews

25

-28.6%

8.0%

--

4.8

38

4.5

11

Aynor

126

-21.7%

70.2%

--

6.8

134

3.3

35

Carolina Forest

1,852

+1.4%

51.0%

24.4%

11.1

2,163

2.8

408

Conway

1,996

-11.2%

14.8%

7.4%

11.8

2,439

3.6

585

Garden City / Murrells Inlet

1,140

-18.5%

14.8%

36.3%

11.8

1,480

3.9

352

Georgetown

308

-15.6%

21.8%

9.1%

7.4

393

4.2

106

Little River

1,294

-13.3%

52.1%

32.1%

10.6

1,537

3.6

369

Loris / Longs

1,067

-2.7%

64.2%

9.5%

8.8

1,471

4.7

446

Myrtle Beach

2,904

-22.8%

14.4%

72.7%

9.0

4,068

4.5

1,070

North Myrtle Beach

1,811

-12.6%

11.9%

64.3%

11.1

2,357

3.9

578

Pawleys Island / Litchfield

568

-25.5%

8.1%

42.3%

12.2

708

3.6

166

Socastee

1,514

-2.7%

44.3%

18.0%

10.9

1,712

2.0

253

Surfside Beach

842

-16.0%

13.5%

41.0%

10.1

1,200

4.3

305

*Activity for the entire market is not necessarily a sum of activity for single-family and condo properties.

Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 9

2023 Annual Report on the Coastal Carolinas Housing Market

Area Historical Median Prices 2019

2020

2021

2022

2023

Change From 2022

Change From 2019

Entire Market*

$199,738

$220,000

$251,000

$310,000

$321,105

+ 3.6%

+ 60.8%

Horry County

$194,000

$215,000

$247,308

$305,000

$317,500

+ 4.1%

+ 63.7%

Georgetown County

$282,000

$300,000

$330,950

$353,990

$419,950

+ 18.6%

+ 48.9%

Andrews

$104,000

$98,500

$127,500

$160,000

$175,000

+ 9.4%

+ 68.3%

Aynor

$237,660

$230,000

$245,600

$290,570

$280,000

- 3.6%

+ 17.8%

Carolina Forest

$235,000

$255,000

$282,095

$385,000

$375,080

- 2.6%

+ 59.6%

Conway

$180,000

$190,000

$235,000

$284,775

$290,143

+ 1.9%

+ 61.2%

Garden City / Murrells Inlet

$238,000

$255,000

$292,000

$359,250

$370,000

+ 3.0%

+ 55.5%

Georgetown

$185,535

$222,045

$249,370

$290,000

$330,000

+ 13.8%

+ 77.9%

Little River

$199,489

$224,900

$260,000

$340,000

$334,283

- 1.7%

+ 67.6%

Loris / Longs

$169,400

$189,289

$235,000

$286,000

$299,000

+ 4.5%

+ 76.5%

Myrtle Beach

$160,000

$186,500

$199,000

$254,900

$271,500

+ 6.5%

+ 69.7%

North Myrtle Beach

$235,000

$252,250

$292,000

$375,000

$395,000

+ 5.3%

+ 68.1%

Pawleys Island / Litchfield

$314,000

$332,000

$387,500

$402,593

$512,500

+ 27.3%

+ 63.2%

Socastee

$195,000

$218,396

$242,000

$306,000

$320,000

+ 4.6%

+ 64.1%

Surfside Beach

$177,963

$195,000

$245,115

$244,950

$275,000

+ 12.3%

+ 54.5%

*Activity for the entire market is not necessarily a sum of activity for single-family and condo properties.

Current as of January 10, 2024. All data comes from the Coastal Carolinas Association of REALTORS® Multiple Listing Service. Provided by South Carolina REALTORS®. Report © 2024 ShowingTime. | 10