Latest news on the Indian Land real estate market in November 2021 and what it means for you...
The Indian Land, South Carolina (29707 zip code) housing market remained a home seller's market in November with just 0.8 months supply of inventory overall, down 33.3% from 1.2 months in November 2020 and down from 2.9 months in November 2019.
Housing inventory was down 48.6% in November year-over-year, while new listings decreased 7.9% year-over-year. New construction inventory, long a staple of Indian Land housing, was down 66.7% year-over-year.
Both average and median sale prices increased in November 2021 to $450,580 and $445,000, respectively. Average home sale prices increased 23.4% year-over-year. Median sale prices increased 29% year-over-year.
Lack of inventory continues to drive home prices up. One indicator of how much demand there is for Indian Land homes versus supply is the number of showings per listed home. In November 2021 listed homes had 11.4 showings on average. This was an increase of 56.2% from 7.3 showings in November 2020, as well as an increase from 4.9 showings per listed home in November 2019. It's very much a case of more buyers "chasing" fewer listings.
Closed sales decreased in November by 27.8% year-over-year. Pending sales decreased 33.3% versus November 2020. It was just a matter of time before the extreme lack of inventory impacted closed and pending sales in Indian Land. You can't sell what you don't have to sell!
Price per square foot for Indian Land homes increased 29.5% to $189/square foot from $146/square foot. This is a new record for price per square foot in Indian Land.
Average days on market were 47.6% lower at 22 days (down 20 days year-over-year and down 29 days from November 2019). Median days on market were 66.7% lower at 4 days (down 8 days year-over-year and down 31 days versus November 2019).
With home sellers receiving a median 100.9% of asking price in sale price (up 0.9% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in November 2021.
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MORE INFORMATION ON THE INDIAN LAND, SC HOUSING MARKET'S PERFORMANCE
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If you're thinking about selling your Indian Land area home, let's get together and discuss the supply conditions in Indian Land neighborhoods and how we can assist you in gaining access to buyers who area ready, willing, and able to buy now.
Contact us if you'd like to receive our Neighborhood Analyzer Report on a monthly basis so you can keep track of home sales activity in your neighborhood.
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FREE Home Seller Guide: "Things To Consider When Selling Your House"
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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, your 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:
"The Right Broker Makes All The Difference."
Read the original blog post at www.GreatHomesInCharlotte.com
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