I just did a search on Realtor.com for single family detached homes in Myrtle Beach, SC. Here is what I found
Homes selling under $100k-------- 1
between $100 and $150k ---------41
between #150 and $200k --------352
between $200 and $250k -------- 524
between $250 and $300k -------- 347
between $300 and $350k -------- 208
between $350 and $400k -------- 170
between $400 and $450k --------97
between $450 and $500k --------82
between $500k and 1m ----------395
over 1m ---------------------------147
a total of 2364 single family homes on the market in a town of 27,000 people. The greatest number of homes for sale is in the 200 to 250k range. Use any mortgage calculator, add in taxes, insurance and PMI and you will get a home way out of the price range of the normal working folk around here which for the most part are in the service industry work force catering to the tourists.
Builders built for the price range of retirees coming to escape the Northern winters. the lack of affordable housing for the locals is atrocious. Investors are staying away from the market in droves. Maybe the glut will bring the prices down to affordable levels. Someone is going to get hurt financially.
Comments (67)Subscribe to CommentsComment