Murrells Inlet Real Estate Market Report – February 2022
In the Murrells Inlet Real Estate Market Report February 2022 edition provided by Kathy Rukat Smith of Palmetto Coastal Homes, discover what is trending. Murrells Inlet, like the rest of the Grand Strand, continues to be in a sellers’ market. What stood out most to me in the Murrells Inlet Real Estate Market Report is the number of active listings. Both single family home listings and condo/townhouse listings were down drastically from February 2021. If you have a home in Murrells Inlet that you would like to sell, now may be the time for you to consider listing your home.
The average price of homes and condos/townhomes has risen while the inventory of homes and condos has decreased. I believe we will continue to see this trend through 2022. The graphs below show single-family home and condo/townhouse information for the month of February for Murrells Inlet. Information is provided by the Coastal Carolinas Association of REALTORSⓇ.
The Murrells Inlet Real Estate Market Report covers single family homes and condo/townhouses in the Murrells Inlet sections of Horry County and Georgetown county. The Murrells Inlet Real Estate Market Report does not include manufactured homes, multi-family properties, land or commercial properties.
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Murrells Inlet Single Family Home Market
The average price of single family homes in Murrells Inlet increased to $453,578 from February 2021. 64 new listings were put on the market, but that was a decrease from the previous year. Murrells Inlet single family homes continued to see increases in the number of sold listings (65 up from 45), average days on market (110 up from 99) and the average price per square foot ($163 – an increase of 20.7%). The number that I found most interesting was the active single family home listings in Murrells Inlet. This number fell 55.3% to 67 (from 150).
If you are thinking of selling your Murrells Inlet home, now may be the time. Before putting your home on the market though, really think about where you will move and what your plans are for your next home. I have seen listings go under contract over a weekend. You need to make sure you have your next living arrangements squared away so you are not left in a bind.
As a Buyer, you need to come prepared now more than ever. If you are living in a rental and know you want to buy a home instead of renting for another year, start looking for a home much sooner than you think you need to start looking. I do not think 6 months is unreasonable. You may find you have to write several offers before you get an offer accepted. You may also find that sellers are asking for lease back time after closing (meaning, the seller would like to remain in the home and rent from you after closing so they can find their next home).
Average Price
Number of New Listings
Number of Homes for Sale
Number of Pending Sales
Number of Closed Sales
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Murrells Inlet Condo and Townhouse Market
The average price of condos and townhouses in Murrells Inlet rose an incredible 34.6% to $260,860. The average days on market increased dramatically to 140 day from 94 days in February 2021. The Murrells Inlet condo/townhouse market did see a decrease in the number of new listings (34), the number of sold listings (27) and the number of active listings (19). However, the average price per square foot increased to $169, up from $134.
The condo/townhouse market in Murrells Inlet is very similar to the single family home market. Condos and townhouses are still selling quickly and often times over the listing price and with multiple offers. Buyers and Sellers should be prepared for the fast moving market with starting to look for a property or selling a property.
Average Price
Number of New Listings
Number of Condos and Townhouses for Sale
Number of Pending Sales
Number of Closed Sales
As a buyer in this market, you need to come prepared when you start looking for homes. Before you start looking for homes, have your pre-approval letter ready to go. Also, you will want to present a strong offer to the seller. When you are ready to start looking for your next home, we can discuss your specific strategy. As a seller, you need to consider where you will move once your home is sold. Because the sale could be very quick, you may need to consider moving into a short-term rental to give yourself some extra time to find your next home. If now is the right time to discuss your home’s value and your future plans, we can discuss the logistics of selling in today’s market.
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Saturday Newsletter
My weekly email newsletter goes out on Saturdays. Information will include local market reports, real estate tips and videos, new listings of mine and my office, local business highlights, Grand Strand events and inspirational quotes.