“Nancy is an amazing agent!. She went “above and beyond” to help us find the perfect home. She took the time to show us many houses. She was patient while we decided. She worked with and for us every step of the way. I recommend her to anyone looking to buy here. We moved from Connecticut and she educated us on the area so we were comfortable moving some-where we had never been before.”
Duncan Brown - Murrells Inlet, SC
Nancy Aborn Wuennemann
9/27/2022 0 Comments
yes, myrtle beach is a low cost of living luxury market and there are plenty to choose from!
As people realize their needs are changing, some are turning to luxury housing to find their dream home. This is often the case with multi-generational housing needs. As of today there are 100 properties available in Pawleys Island, for example, listing between $600,000 and $7.5-Million dollars. In Myrtle Beach, there are currently 450 properties available between $600,000 and $5.7-million dollars. But price alone does NOT define luxury.
Investopedia helps define what pushes a home into this category. In a recent article, they point out that location is also an important factor. It could be a condo at a desirable city address, a spacious home on the water, or one with access to luxury activities like arts and entertainment, high-end shopping and dining, and more. The home itself will also boast some of the finest features available.
According to the Luxury Market Report from the Institute for Luxury Home Marketing, there’s been a substantial increase in how many buyers are purchasing luxury homes over the past two years. It says:
“. . . North America recorded the fastest growth of demand during the first year of the pandemic. Also, demand has . . . consistently increased, and even in April 2022, we saw a higher volume of sales compared to 2021.”
If you own a luxury home, it could be a great time to list your house with me today while demand remains high. First, let’s understand where the demand is coming from.
What is Driving the Heightened Buyer Demand for High-End Homes?
The same report says more people have reached a certain net-worth threshold, and that is contributing to the increased interest in luxury housing:
“In 2020, we saw a 2.2% growth in the number of individuals with wealth of over $5 million in net value, but in 2021 that number grew by an outstanding 19.8%. This total increase has resulted in the introduction of over 660,000 new individuals into the high net-worth bracket, which, combined with the existing affluent looking to both diversify and add new properties to their portfolio, provides a true insight into why the demand for luxury properties skyrocketed during 2021 and into 2022.”
If you are looking to make changes to your real estate portfolio or are looking to sell your current house, it may be a great time to list and benefit from the high demand for luxury homes today.
Do you want to learn about the strength of the Myrtle Beach luxury market? How strong is demand? Let’s connect so you can capitalize on current market conditions before the new year. Visit my website to browse the latest MLS listings or enter this into your browser:
Photo Credit: NCRMLS 2020
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1232-B Farrow Parkway
Myrtle Beach, SC 29577