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Grand Strand Market Report: 2024 Year in Review

2024 was the year the Grand Strand market exhaled. After the run-up of the early 2020s, prices came off their peaks, inventory started rebuilding, and buyers got their first real negotiating room in years. Within the city of Myrtle Beach, the December 2024 single-family median landed at $539,000, down from $581,000 a year earlier, while condo medians slipped to $204,000. This page is the annual retrospective; the current market report  carries the live picture, and 2025 continues the story.

A note on scope: the figures below come from the December 2024 local REALTOR association reporting for the City of Myrtle Beach’s single-family and condo segments, plus national rate data. City-level numbers are not the whole metro, and the mix of what sold in a given month moves small-market medians. Read them as the year’s shape, not a valuation.

The year in numbers

Metric (City of Myrtle Beach, Dec 2024)

2024

Dec 2023

Direction

Single-family median sale price
$539,000
$581,000
down ~7%
Single-family inventory
291 homes
234
up ~24%
Single-family closed sales (Dec)
46
46
flat
Single-family days on market
~120
lengthening
Condo median sale price
$204,000
$227,000
down ~10%
Condo inventory
1,278
1,184
up ~8%
30-year mortgage rate (national avg)
~6.7%, spring peak ~7.2%
asing late in the year

A specific-home version of this table, one named Grand Strand listing against one named Florida listing, spec for spec, is the most persuasive page on any relocation site, and it is coming here: Phil is building the matched-pair comparison with real listings, updated as the examples sell. If you want the comparison run on a home you are actually considering, send it over and we will price the full stack both ways.

What actually happened in 2024

Three forces shaped the year.

 

Rates set the ceiling. The 30-year fixed averaged about 6.7% for the year and touched roughly 7.2% in the spring, which capped what buyers could pay and kept many would-be sellers locked into their pandemic-era rates. The Federal Reserve’s first cuts arrived in September, and the market’s tone improved with them, but 2024 never saw cheap money.

 

Supply came back. Single-family inventory in the city ended the year up roughly 24%, and condos up 8%. After years of scarcity, buyers finally had alternatives to compare, which is the precondition for negotiating. Sales volume held steady rather than falling, a sign demand was still there at the right price.

 

The rules of the business changed. August 2024 brought the NAR settlement’s new commission-disclosure practices nationwide, reshaping how buyer-agent compensation is negotiated and disclosed. For buyers, it made representation an explicit conversation; for sellers, a pricing-strategy one. It did not change what homes sold for nearly as much as early commentary predicted, but every 2024 transaction after August ran on the new rails.

What it meant for buyers and sellers

For buyers, 2024 was the first year in several where patience was rewarded. Softer medians, more listings, and lengthening days on market meant offers below asking stopped being rude. The discipline was affordability: at 6.7 to 7 percent, the payment did the negotiating.

For sellers, the year punished 2022-style pricing. Homes priced to the new comparables still sold in reasonable time; homes priced to the peak sat and then cut. The condo segment felt it more than single-family, an early signal of the divergence that would define 2025.

The story continues in the 2025 year in review, and the current report  carries today’s picture. Figures on this page are stated as of year-end 2024 and are kept as a historical record.

Market Report 2024

Access the 2024 Market Report for a clear overview of pricing trends, market activity, and expert insights to help you buy, sell, or invest with confidence.
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