Latest news on the Indian Land real estate market in March 2021 and what it means for you...
The Indian Land, South Carolina (29707 zip code) housing market remained a seller's market in March with just 0.6 months supply of inventory overall, down 76.9% from 2.6 months in March 2020. The months supply of resale home inventory was even lower at 0.4 months down from 2.2 months one year ago.
Housing inventory was down 73.7% in March year-over-year, coupled with a 19.7% decrease in new listings year-over-year. New construction inventory, long a staple of Indian Land housing, was also down 82.7% year-over-year. The months supply of new construction inventory homes were just 0.3 months down from 2.2 months one year ago. Resale home inventory dropped 81.1% year-over-year.
Both average and median sale prices increased in March to $387,593 and $364,262, respectively. Average sale prices increased 15.6% year-over-year and median sale prices increased 11.7% year-over-year. Home sale prices also increased month-over-month. Average home sale prices in March were some $27,000 higher than in February. Median home sale prices in March were some $10,000 higher than in February. Lack of inventory is driving home prices up.
Closed sales decreased in March by 26.2% year-over-year. Pending sales increased 20.5% versus March 2020. Lack of inventory impacted closed number os sales in March. Despite the ongoing pandemic, home buyers were out in full force in the Indian Land area in March 2021. Historically low interest rates fueled buyer demand.
Average days on market were 18 days (down 29 days year-over-year). Average days on market were also down 20 days since the prior month of February. Median days on market were 3 days (down 18 days year-over-year). Median days on market in March 2021 were less than half of what we saw the prior month of February. Because of buyer demand and razor thin inventory, Indian Land homes continued to sell in under three weeks, on average.
With home sellers receiving a median 100% of asking price in sale price (up 1.2% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in March 2021.
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Indian Land Housing Market Highlights
March 2021 Versus March 2020
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MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
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, your Charlotte metro area residential real estate experts and Indian Land specialists. We've been opening doors for Indian Land home buyers and sellers for 20+ years.
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