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
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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
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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, 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:
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