Latest news on the Indian Land real estate market in August 2022...
What you need to know...
What it means for you...
The Indian Land, South Carolina (29707 zip code) housing market continued to see a low months supply of homes in August 2022 at 1.4 months supply. Both pending and closed sales dropped in August. Median home sale prices reached record highs. With a median list to sale price ratio of 100%, Indian Land home sellers remained in the "driver's seat" in August 2022.
Indian Land Housing Market Highlights
August 2022 vs August 2021
NEW LISTINGS DECREASED IN AUGUST 2022 | RESALE HOME INVENTORY AT LESS THAN ONE MONTH
Housing inventory increased 17.7% in August, year-over-year. New listings decreased 14.5% year-over-year, despite a 70.4% increase in new construction inventory. Resale inventory increased 24% year-over-year, but still stood at less than one month of supply at 0.9 months.
AVERAGE HOME SALE PRICES AT RECORD HIGHS IN AUGUST 2022
Both average and median sale prices increased year-over-year in August 2022 to $562,611 and $527,500, respectively. Median sale prices saw record highs for Indian Land home prices. Average home sale prices increased 11% year-over-year. Compared with August 2020, average home prices were about $213,000 higher this August. Median sale prices increased 11.1% year-over-year. Compared with August 2020, median home prices were about $196,000 higher in August 2022. Month-over-month, average home prices were approximately $1,000 lower than in July 2022; median home prices were approximately $18,000 higher than in July 2022.
New construction home prices decreased 2.6%, on average, year-over-year. Resale home prices increased 7.1%. In August 2022, prices for new construction homes averaged $581,900 about $57,000 higher than for resale homes.
Price per square foot for Indian Land homes increased 15.9% to $204/square foot from $176/per square foot in the same month one year ago.
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 & PENDING HOME SALES DOWN IN AUGUST 2022
Closed sales decreased in August by 10.9% year-over-year. Pending sales decreased 19.8% versus August 2021. Foot traffic also decreased, with listed homes seeing 7.6 showings, on average, compared with 10 showings in August one year ago. The frenzy we saw in the Indian Land market last summer has clearly abated.
INDIAN LAND HOMES CONTINUED TO SELL QUICKLY
Average days on market were 17 days, up 4 days year-over-year, and up 6 days month-over-month. It's worth pointing out that in Indian Land new construction impacts days on market significantly. Last summer, new construction was just about halted in Indian Land. With most of the new inventory coming from new construction, it's not a surprise that average days on market are up.
Median days on market were 3 days, flat year-over-year and month-over-month. However you look at it, Indian Land homes sold quickly in August 2022. Compared with August 2020, average days on market were 23 less in August 2022 and median days on market were 9 days lower.
INDIAN LAND HOME SELLERS SEEING SALES OVER ASKING PRICE
With home sellers receiving a median 100% of asking price in sale price (down 2.9% year-over-year and down 0.4% month-over-month), the negotiating opportunity for home buyers in Indian Land remained minimal in August 2022.
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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Read the original blog post at www.GreatHomesInCharlotte.com
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