Latest news on the Indian Land real estate market in May 2022...
What you need to know...
What it means for you...
Indian Land, South Carolina (29707 zip code) average and median home prices reached record highs in May 2022, topping the record highs in April 2022. Home sellers enjoyed higher list to sale ratios, as well, both year-over-year and month-over-month. While higher interest rates have certainly caused many home buyers to take a pause and while we've seen a small increase in inventory, they have not impacted what home buyers are willing to pay for a home.
The Indian Land housing market remained a seller's market in May 2022 with just 0.9 months supply of inventory overall, down 10.0% from 1.0 months in May 2021 and down from 2.4 months in May 2020.
Indian Land Housing Market Highlights
May 2022 Versus May 2021
HOUSING INVENTORY REMAINED LOW IN INDIAN LAND IN MAY 2022
Housing inventory was down 19.3% in May, year-over-year. New listings increased 80% year-over-year, thanks to a 76.2% increase in new construction inventory. Resale inventory, however, dropped 44.4% year-over-year. reducing inventory by almost half. Lack of inventory continued to drive home prices up.
AVERAGE AND MEDIAN SALE PRICES AT RECORD HIGHS IN MAY 2022
Both average and median sale prices increased in May 2022 to $527,002 and $516,900 respectively with both setting new record highs for Indian Land home prices. Average home sale prices increased 30.7% year-over-year. Month-over-month, average home sale prices increased approximately $20,0000. Compared with May 2020, average home prices were about $171,000 higher. Median sale prices increased 36.0% year-over-year. Month-over-month, median home sale prices increased approximately $31,000. Compared with May 2020, median home prices were about $166,000 higher.
Price per square foot for Indian Land homes increased 28.9% to $205/square foot from $159/square foot one year ago. The per square foot price of $205 had set a new record high in April 2022.
Clearly, Indian Land homeowners who purchased a home in the past several years are sitting on a lot of equity.
MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
CLOSED SALES DOWN, PENDING SALES UP IN MAY 2022
Closed sales decreased in May by 22.4% year-over-year. Pending sales increased 75% versus May 2021, more than likely due to the increase in new construction inventory which has been a huge driver in Indian Land for years.
HOMES SOLD MORE QUICKLY IN MAY 2022
Average days on market were 9 days, down 5 days year-over-year and down 15 days month-over-month. Median days on market were down one day to two days year-over-year. Median days on market were also down one day month-over-month. Homes are selling about as quickly as they are coming on the market.
INDIAN LAND HOME SELLERS SEEING SALES OVER ASKING PRICE
With home sellers receiving a median 102.8% of asking price in sale price (up 2.5% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in May 2022. The list to sale price ratio was up 0.1% month-over-month.
MORE INFORMATION ON THE INDIAN LAND, SC HOUSING MARKET'S PERFORMANCE
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This Charlotte, North Carolina monthly real estate update for Indian Land, South Carolina is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, Greater Charlotte area residential real estate experts and Indian Land specialists. We've been opening doors for Indian Land home buyers and sellers for 20+ years.
If you're considering selling or purchasing a home in Indian Land or anywhere in the Greater Charlotte area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:
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