Latest news on the Fort Mill, SC real estate market in July 2022...
What you need to know...
What it means for you...
Fort Mill real estate in July 2022 (29715 and 29708 zip codes) kept home sellers in the driver's seat with the months supply of homes at 1.4 months, fewer days on market, fewer new listings, and higher home sale prices compared with the same month one year ago. Median home prices in Fort Mill set a record high in the month of July 2022.
FORT MILL HOUSING MARKET HIGHLIGHTS:
July 2022 vs July 2021
CLOSED & PENDING SALES BOTH DOWN IN FORT MILL IN JULY
Pending sales in Fort Mill decreased 27.0%. Closed sales decreased 33.5% year-over-year in July. The recent increases in interest rates have many prospective home buyers pulling back from purchasing a home while reassessing their options as home affordability continues to diminish for many home buyers. Buyer foot traffic was down 43.2% in Fort Mill in July with 10.8 average showings per listed home compared with 14.8 showings the same month one year ago.
NEW LISTINGS & HOUSING INVENTORY DOWN IN JULY
New listings decreased 27.1% in Fort Mill, year-over-year, for a second consecutive month. Housing inventory increased 22.5% year-over-year. The months supply of homes increased to 1.4 months from 0.9 months in the same month one year ago and from 1.7 months in the same month two years ago. Fort Mill has been a home seller's market for more than three years and at 1.4 months of inventory remains a home seller's market.
AVERAGE DAYS ON MARKET DECREASED IN JULY YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average days on market decreased two days to seven days versus the same month one year ago and were five days lower than in June 2022. Median days on market were 3, flat year-over-year and month-over-month. However you look at it, Fort Mill homes sold quickly in July.
HOMES CONTINUED TO SELL AT OVER 100% OF LIST PRICE IN JULY
Sellers received a median 101.4% of list price, down 1.3% year-over-year. Month-over-month. the list to sale price ratio dropped 1.8%. Despite the decrease, home buyers had minimal negotiating room for Fort Mill homes and clearly were still willing to pay a premium to purchase a home in Fort Mill in the month of July.
FORT MILL HOME MEDIAN HOME SALE PRICES AT RECORD HIGH IN JULY
Average home sale prices increased 25.2% in July 2022 versus July 2021. Median home sale prices increased 22.6%, setting a new record high. Average sale price was $575,268. Median sale price was $520,000. Average home sale prices are now approximately $179,000 higher than they were July 2020, while median home prices are now approximately $150,000 higher. Fort Mill homeowners continue to sit on considerable equity.
Price per square foot increased to $221, up $38/square foot (+20.8%) year-over-year, setting a new price per square foot record for Fort Mill homes in July 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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