Myrtle Beach is one of the second fastest growing metro areas percentage wise in the United States from July 1, 2013 to July 1, 2014. Population estimates can be attributed to rapid development on the coast and deforestation of suburban and rural areas. According to the US Department of Housing and Urban Development (HUD), the Myrtle Beach Housing Market Area (HMA) is currently 437,100 and reflects an annual increase of 10,500, or 2.6%, since 2010. Housing market sales in the HMA are as follows: home sales totaled 14,225 during 2015 and an increase of 1,500 homes sold, or nearly 12%, from 2014 (Metrostudy, A Hanley Wood Company, with adjustments by the analyst). For the three year forecast period, demand estimates 14,550 new homes. The current 1,200 homes under construction will satisfy a portion of the demand along with housing rentals.
References