Latest news on the Fort Mill, SC real estate market in October 2022...
What you need to know...
What it means for you...
Fort Mill real estate in October 2022 (29715 and 29708 zip codes) kept home sellers in the driver's seat with the months supply of homes low at 1.6 months, higher home sale prices year-over-year, fewer new listings. By the same token, it's clear the Fort Mill market is softening with days on market increasing, closed and pending sales down year-over-year, less foot traffic through listed homes, and home prices down from the previous month.
FORT MILL HOUSING MARKET HIGHLIGHTS:
October 2022 vs October 2021
CLOSED & PENDING SALES BOTH DOWN IN FORT MILL IN OCTOBER
Pending sales in Fort Mill decreased 27.9% year-over-year. Closed sales decreased 18.2% year-over-year in October. The recent increases in interest rates have prospective home buyers pulling back from purchasing a home, while reassessing their options as home affordability continues to diminish for many home buyers.
Buyer foot traffic through listed properties dropped to 7.1 showings per listing, on average, in October 2022 versus 15.4 showings in the same month one year ago. Showings dropped slightly from 7.7 showings in September 2022.
NEW LISTINGS DOWN FOR A 5TH CONSECUTIVE MONTH IN OCTOBER
New listings decreased 20.9% in Fort Mill year-over-year for a fifth consecutive month in October. Housing inventory increased 16.6% year-over-year.
The months supply of homes increased to 1.6 months from 1.1 months in the same month one year ago. Month-over-month, the months supply of homes increased 0.1 months.
AVERAGE DAYS ON MARKET DECREASED IN OCTOBER, YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average days on market increased to 23 days from 17 days in the same month one year ago. Average days on market also increased month-over-month by five days.
Median days on market were 17, 13 days higher year-over-year and six days higher month-over-month. This was the highest median days on market in Fort Mill since March 2020.
FORT MILL HOMES SOLD BELOW 100% LIST TO PRICE RATIO FOR THE FIRST TIME IN ALMOST TWO YEARS IN OCTOBER
Sellers received a median 98.2% of list price, down 3% year-over-year. Month-over-month. the list to sale price ratio decreased 1.8%. This was the first month that the median list to sold price ratio was less than 100% since December 2020.
FORT MILL HOME AVERAGE HOME SALE PRICES INCREASED YEAR-OVER-YEAR IN OCTOBER
Average home sale prices increased 35.4% in October 2022 versus October 2021. October's average sale price of $564,003 was approximately $41,000 lower than in September 2022. Compared with October 2020, the average sale price for Fort Mill homes was approximately $180,000 higher in 2022.
Median home sale prices increased 16.9%, year-over-year, but decreased month-over-month. October's median sale price of $450,000 was approximately $9,000 lower than in September 2022. Compared with October 2020, the median sale price for Fort Mill homes was approximately $102,000 higher in 2022.
Price per square foot increased to $220, up $36/square foot (+19.6%) year-over-year.
MEDIAN HOME PRICE TRENDS IN FORT MILL, SC
MORE DETAILS ON THE FORT MILL HOUSING MARKET'S PERFORMANCE
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This Greater Charlotte, North Carolina real estate monthly update for Fort Mill, SC is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Greater Charlotte area residential real estate experts and Fort Mill specialists. We've been opening doors for Fort Mill home buyers and sellers for 20+ years.
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