Latest news on the Indian Land real estate market in February 2023...
What you need to know...
What it means for you...
The Indian Land, South Carolina (29707 zip code) housing market in the Charlotte region saw it's lowest number of sales in three years in February 2023. At the same time, home prices were up year-over-year and the number of homes for sale were at their lowest level since June 2022, while new listings were almost 41% lower than in February one year ago. Meantime, days on market for Indian Land homes decreased for a third consecutive month, despite an increase year-over-year.
Indian Land Housing Market Highlights: February 2023
NEW LISTINGS DOWN YEAR-OVER-YEAR & MONTH-OVER-MONTH | TOTAL INVENTORY INCREASED YEAR-OVER-YEAR, DECREASED MONTH-OVER-MONTH
New listings in February 2023 were 51, down 8.9% from 56 in January 2023. Compared with February 2022, new listings were down 40.7% from 86 listings. The February 2023 listings were at their lowest level compared with February 2022 (86 listings) and February 2021 (100 listings). With the exception of December 2022, which had 50 new listings, February 2023 saw the lowest number of new listings in three years.
The number of properties for sale in February 2023 was 189, down 7.8% from 205 properties for sale in January 2023. Compared with February 2022, the number of properties for sale increased 32.2% from 143 properties. The number of properties for sale in February 2023 were at their highest level compared with February 2022 and February 2021. Inventory in February 2023 was the lowest since April 2022, when Indian Land had just 165 properties for sale.
AVERAGE & MEDIAN HOME SALE PRICES UP YEAR-OVER-YEAR IN FEBRUARY 2023
Average home sale price in February 2023 was $527,150, 14.1% lower than January's average sale price of $613,572. February's average sale price was 20.5% higher than one year ago in February when the average sale price was $437,499. The February 2023 average sale price was at its highest level compared with February 2022 and February 2021.
Median home sale price in February 2023 was $484,375, down 19.02% from $598,150 in January 2023. Compared with February 2022, home prices increased 16.02% from $417,500. The February 2023 median sale price was at its highest level compared with February 2022 and February 2021.
Price per square foot for Indian Land homes in February 2023 decreased 8.04% to $215/square foot from $199/square foot in January 2023. Year-over-year, the February 2023 price per square foot increased 12.6% from $191/square foot. The February 2023 price per square foot was the highest Indian Land saw in three years.
MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
FEBRUARY 2023 SALES AT THEIR LOWEST LEVEL IN THREE YEARS
Sales decreased in February 2023 by 4.2% from January 2023, with 46 homes sold compared with 48 in the previous month. Year-over-year, sales were down 36.1% from 72 sales in February 2022. The February 2023 sales were at their lowest level compared with February 2022 (72 sales) and February 2022 (79 sales). February 2023 also saw the lowest number of homes sold since February 2020.
INDIAN LAND HOMES SAW LOWER DAYS ON MARKET MONTH-OVER-MONTH FOR THIRD CONSECUTIVE MONTH
Average days on market were 43 days in February 2023, down 8.5% from 47 days in January 2023. February was the third consecutive month of fewer days on market. Days on market were 230.8% higher in February 2023 year-over-year when days on market were 13. The February 2023 days on market were at their highest level compared with February 2022 (13 days) and February 2021 (31 days).
INDIAN LAND HOME SELLERS RECEIVED 98.26% LIST TO SALE PRICE RATIO
Home sellers received a 98.26% of list to sale price, which was equal to the list to sale price ratio in the two previous months. Year-over-year, the list to sale price ratio was 4.38% lower in 2023. compared with January 2022 when it was 102.64%. Indian Land home buyers have a small window of opportunity to negotiate on price.
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 since 1999.
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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