Latest news on the Indian Land real estate market in July 2022...
What you need to know...
What it means for you...
The Indian Land, South Carolina (29707 zip code) housing market continued to see a low months supply of homes in July 2022 at 1.3 months supply. Both pending and closed sales dropped in July. With average home sale prices reaching record highs and with list to sale price ratios at 100.4%, Indian Land home sellers remained in the "driver's seat" in July 2022.
Indian Land Housing Market Highlights
July 2022 Versus July 2021
NEW LISTINGS DECREASED IN JULY 2022 | RESALE INVENTORY DOWN
Housing inventory increased slightly at 5.8% in July, year-over-year. New listings decreased 23.8% year-over-year, despite a 108% increase in new construction inventory. Resale inventory was down 5.2% year-over-year, however. Tight inventory continued to drive home prices up.
AVERAGE HOME SALE PRICES AT RECORD HIGHS IN JULY 2022
Both average and median sale prices increased in July 2022 to $536,913 and $510,125, respectively, with average sale prices setting a new record high for Indian Land home prices. Average home sale prices increased 26.9% year-over-year. Compared with July 2020, average home prices were about $147,000 higher this July.
Median sale prices increased 32.5% year-over-year. Compared with July 2020, median home prices were about $152,000 higher in July 2022. Average and median sales prices also increased month-over-month.
New construction home prices increased 37.5%, on average, year-over-year. Resale home prices increased 28.7%. In July 2022, prices for new construction homes averaged $597,28, about $56,000 higher than for resale homes.
Price per square foot for Indian Land homes increased 15.0% to $199/square foot from $173/per square foot in the same month one year ago.
Clearly, Indian Land homeowners who purchased a home in the past several years are sitting on a lot of equity.
MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
CLOSED & PENDING HOME SALES DOWN IN JULY 2022
Closed sales decreased in July by 10.1% year-over-year. Pending sales decreased 19.3% versus July 2021. Foot traffic also decreased, with listed homes seeing 8.7 showings, on average, compared with 14.1 showing in July one year ago. Clearly, some of the frenzy we saw in the Indian Land market last summer has abated.
INDIAN LAND HOMES CONTINUED TO SELL QUICKLY
Average days on market were 11 days, up 3 days year-over-year, but down 3 days month-over-month. Median days on market were 3 days, flat year-over-year and month-over-month. However you look at it, Indian Land homes sold quickly in July 2022.
INDIAN LAND HOME SELLERS SEEING SALES OVER ASKING PRICE
With home sellers receiving a median 100.4% of asking price in sale price (down 2.8% year-over-year and down 1.1% month-over-month), the negotiating opportunity for home buyers in Indian Land was negligible in July 2022.
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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 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:
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