Did Carolina Forest wildfires discourage homebuyers? How insurance costs are a concern
Wildfires continue to burn in the Carolina Forest community near Myrtle Beach.
The fire did not destroy a single home in one of the Grand Strand’s fastest-growing communities, and it appears to have had little impact on homebuyers’ appetite in the area.
Blake Sloan is a realtor and founder of Sloan Realty Group in Myrtle Beach. The fires did curtail some home showings in the Carolina Forest area. Sloan said he recently had some clients back out of sales, and some moved back to California.
“I don’t know how much of that was the fire, but the one lady was joking she came to escape the fires, and then the fires were here too,” Sloan added.
Despite a few clients backing out of deals, Sloan said he didn’t think fires would hurt the market long-term.
He added that home sales reached their highest peak since July 2024, and homebuyers put close to 600 properties under contract worth about $233 million last week alone.
“People that are real estate friends of mine across the country (asked) ‘Dude, are you okay? Your house burned down?’” He added. “So I think some of that did scare a few people, but overall, I think they’ll probably have a short memory of that.”
While the wildfires may not have slowed the pace of home buying, other factors are still causing concerns.
“The only long-term concern is what continues to happen with insurance,” Sloan said.
Myrtle Beach area homeowners have experienced rising insurance premiums in recent years.
According to one 2024 report by Nerdwallet, Myrtle Beach’s homeowners’ insurance prices were the highest of cities surveyed in the Palmetto State. Mount Pleasant had the second most expensive homeowners insurance, which cost $400 less than a policy in Myrtle Beach.
Sloan said that the rise in homeowners insurance costs and some carriers’ refusal to cover coastal areas are long-term problems impacting the Myrtle Beach area. He added that firms’ use of data analysis and artificial intelligence will make it easier for insurers to opt not to provide coverage in certain areas along the Grand Strand.
The problem affects more places than Myrtle Beach but is still a source of worry.
“We’re highly concerned, from the real estate standpoint, that there are so many insurance companies leaving areas,” Sloan said. “At some point, it becomes unaffordable for people.”
The South Carolina Forestry Commission reported March 13 on Facebook that the wildfire was 65 percent contained.
This story was originally published March 14, 2025 at 5:00 AM.
