Latest news on the Fort Mill, SC real estate market in May 2022...
What you need to know...
What it means for you...
Fort Mill, South Carolina's average and median home prices reached record highs in May 2022, topping the record high prices in April 2022. Home sellers enjoyed higher list to sale ratios, as well, at 104.2%, up 1.4% year-over-year.
Fort Mill's housing market (29715 and 29708 zip codes) remained a seller's market in May with lower inventory, fewer new listings, fewer average days on market, and higher average and median home sale prices compared with the same month one year ago.
FORT MILL HOUSING MARKET HIGHLIGHTS:
May 2022 vs May 2021
CLOSED & PENDING SALES BOTH DOWN IN FORT MILL IN MAY
Pending sales in Fort Mill decreased 19.8%. Closed sales decreased 12.4% year-over-year in May. While some of this can be attributed to higher interest rates causing home buyers to "take a breather," low inventory also limited the number of closed and pending sales in May.
NEW LISTINGS & HOUSING INVENTORY DOWN IN MAY
New listings decreased 10.8% in Fort Mill year-over-year. Housing inventory dropped 3.9% year-over-year. The months supply of homes increased to 0.7 months from 0.6 months in the same month one year ago and from two months in the same month two years ago. Fort Mill has been a home seller's market for more than three years now.
AVERAGE DAYS ON MARKET CONTINUED TO DROP IN MAY
Average days on market decreased 7 days to 13 days versus the same month one year ago and are 18 days lower than they were in May 2020. Month-over-month, days on market dropped by 12 days. Median days on market were 3, one day more than in the same month one year ago, and decreasing 6 days versus May 2020. Month-over-month, median days on market were flat. No matter how you look at it, Fort Mill homes sold quickly in May.
HOMES CONTINUED TO SELL AT OVER 100% OF LIST PRICE IN MAY
Sellers received a median 104.2% of list price, up 1.4% from 102.8% year-over-year. Home buyers had minimal negotiating room for Fort Mill homes.
FORT MILL HOME PRICES AT RECORD HIGH LEVELS IN MAY
Average home sale prices set new record highs, increasing 12.1% in May 2022 versus May 2021. Median home sale prices increased 9.7%, also setting new record highs. Average sale price was $518,529. Median sale price was $460,750. Month-over-month, average home prices increased approximately $23,000, while median home prices increased almost $11,000. Average home sale prices are now approximately $142,000 higher than they were May 2020, while median home prices are now approximately $136,000 higher. Greater demand for homes than supply of homes continues to drive home prices up.
Price per square foot increased to $213, up $37/square foot (+21.0%) year-over-year. The $213/square foot in May is just under the $215/per square foot set record set in April 2022.
MEDIAN HOME PRICE TRENDS IN FORT MILL, SC
MORE DETAILS ON THE FORT MILL HOUSING MARKET'S PERFORMANCE
Want to know what this would mean for your family if you decide to buy or sell a Fort Mill home?
We can help.
Call us today at 704-779-0813 or contact us here.
There’s absolutely NO OBLIGATION.
A consultation with Carolinas Realty Partners is FREE.
Did you know...
Fort Mill has been ranked as the #6 best Charlotte suburb to live in and #7 in the North Carolina region as a best suburb to live in?
WELCOME TO FORT MILL, SC: VIDEO
Why not check out...
THE 6 HOTTEST FORT MILL/TEGA CAY, SC NEIGHBORHOODS
SEARCH ALL FORT MILL, SC AREA HOMES HERE
FREE Home Buyer Guide "Things To Consider When Buying A Home"
WONDERING WHAT YOUR FORT MILL AREA HOME IS WORTH?
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.
We're happy to provide an expert home value analysis with no obligation on your part.
FREE Home Seller Guide: "Things To Consider When Selling Your House"
THINKING OF SELLING YOUR FORT MILL HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE
ASK US ABOUT COLDWELL BANKER'S REALVITALIZE PROGRAM
RealVitalizeSM is an exclusive Coldwell Banker program that helps with improvements and repairs to prepare your home for sale. We cover upfront costs and get paid back when your home sells. No hidden fees, interest charges or markups.
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.
If you're considering selling or purchasing a home in the Fort Mill area or anywhere in the Charlotte metro region, 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 post at: www.GreatHomesInCharlotte.com
Comments(16)