Latest news on the Fort Mill, SC real estate market in January 2023...
What you need to know...
What it means for you...
Fort Mill real estate in January 2023 (29715 and 29708 zip codes) saw a definite softening with dramatically lower closed sales year-over-year and month-over-month. Although new listings increased over December 2022, they were down year-over-year. And while inventory increased from January 2022, this was the lowest level of inventory in Fort Mill since June 2022. Days on market in January 2023 were the highest seen since March 2021. At the same time, home prices increased both month-over-month and year-over-year.
FORT MILL HOUSING MARKET HIGHLIGHTS: JANUARY 2023
SALES DOWN DRAMATICALLY IN FORT MILL IN JANUARY 2023
Sales in January 2023 were 57, down from 102 in December 2022 and down from 85 in January 2022. The January 2023 sales were at their lowest level compared with January 2022 and January 2021. January's was the lowest level of sales seen in one month in three years.
NEW LISTINGS DOWN YEAR-OVER-YEAR | INVENTORY UP YEAR-OVER-YEAR
New listings in Fort Mill were 99, up 50% from 66 in December 2022, but 5.7% lower than the 105 new listings in January 2022 and the 128 new listings in January 2021.
The number of properties for sale in January 2023 was 319, down 8.1% from December 2022, but 28.1% higher than 249 in January 2022. Inventory in January 2023 was at its highest level compared with January 2022 and January 2021. Despite the increase in inventory in January 2023, this was the lowest level of inventory in Fort Mill since June 2022.
AVERAGE DAYS ON MARKET UP DRAMATICALLY YEAR-OVER-YEAR
Average days on market in Fort Mill were 47 days, up from 4 days in December 2022. Days on market were up 30 days compared with January 2022 and up 32 days compared with January 2021. Days on market in January 2023 were the highest Fort Mill has seen since March 2021 when the days on market were 52.
LIST TO PRICE RATIO RATIO REMAINED BELOW 100%
The January 2023 list to sale price ratio was 98.5%, equal to the ratio in December 2022 and down 2.88% from 101.36% in January 2022. It's been some six months since Fort Mill's list to sale price ratio was 100% or more.
FORT MILL HOME AVERAGE & MEDIAN HOME SALE PRICES INCREASED YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average home sale prices increased 2.57% to $546,887 month-over-month. Year-over-year, average home prices increased 17.7% from $464,722 in January 2022. The January 2023 average sale price was at its highest level compared to January 2022 and January 2021.
Median home sale prices increased 5.6% to $475,000 in January 2023 over December 2022. Year-over-year, the median sale price rose 7.95% over $440,000 in January 2022. The January 2023 median home sale price was at its highest level compared with January 2022 and January 2021.
Price per square foot was $208, down $4/square foot (-1.89%) month-over-month. Year-over-year, average price per square foot increased 10.64% from $188 per square foot.
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, Greater Charlotte area residential real estate experts and Fort Mill specialists. We've been opening doors for Fort Mill home buyers and sellers for 22+ years.
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