Carolinas housing market enjoying ‘great’ 2021, report says

MYRTLE BEACH, SC (WBTW) — A year-end report from the Coastal Carolinas Association of Realtors reaffirms that 2021 has been a strong seller’s market with a record number of homes available.

The overall median sale price of a home in the Coastal Carolinas rose 13.8% in 2021. The purchased properties that saw the strongest growth in closed sales were two-bedroom or smaller homes.

Laura Crowther, CEO of Coastal Carolinas Association of Realtors, said she was not surprised by the report.

“{There is} no big surprise that the market was great in 2021,” she said. “We were very happy to see the numbers.”

There were 12,633 completed sales of single-family homes, which up 14.6%. The number of single-family homes available fell by 39.6%, resulting in strong demand from buyers. Single-family home prices rose 17.6% to an average of $297,500, as record home inventory levels forced buyers into bidding wars that sent prices soaring.

These numbers also reflect the properties of homes that have not yet been built.

“We’re seeing a lot of activity in the new construction market,” Crowther said.

She adds that building new homes will have a positive impact on existing homeowners.

“Every time a comparable sale occurs within their community or in a surrounding neighborhood, it helps the price value increase,” she said.

Also, more houses, means more population, which in turn adds to the economy.

“It’s definitely a benefit to the community because it generates tax revenue,” she said.

About Gloria Turner

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