Fort Mill, SC Home Prices And Inventory Up, Sales Down In August 2022

By
Real Estate Agent with Coldwell Banker Realty

Latest news on the Fort Mill, SC real estate market in August 2022...

What you need to know...

What it means for you...  

 

Fort Mill real estate in August 2022 (29715 and 29708 zip codes) kept home sellers in the driver's seat with the months supply of homes at 1.4 months, higher home sale prices and a median list to sale price ratio of 100% compared with the same month one year ago. By the same token, it's clear the Fort Mill market is softening with days on market increasing and closed sales at their lowest level since January of 2020.

 

FORT MILL HOUSING MARKET HIGHLIGHTS:

August 2022 vs August 2021

 

Fort Mill, SC Real Estate Snapshot August 2022

 

CLOSED & PENDING SALES BOTH DOWN IN FORT MILL IN AUGUST

Pending sales in Fort Mill decreased 15.5% year-over-year. Closed sales decreased 35% year-over-year in August. The recent increases in interest rates have 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 through listed properties also dropped to 9.9 showings per listing, on average, in August 2022 versus 13.1 showings in the same month one year ago.

 

NEW LISTINGS DOWN FOR THIRD CONSECUTIVE MONTH IN AUGUST

New listings decreased 18.7% in Fort Mill year-over-year for a third consecutive month in August. Housing inventory increased 15.6% year-over-year. The months supply of homes increased to 1.4 months from one month in the same month one year ago, but was still lower than the 1.7 months in the same month two years ago. Fort Mill has been a home seller's market for more than three years now and at 1.4 months of inventory remains a home seller's market.

 

DAYS ON MARKET INCREASED IN AUGUST, YEAR-OVER-YEAR & MONTH-OVER-MONTH

Average days on market increased to 20 days from 10 days in the same month one year ago. Average days on market also increased month-over-month by 13 days. 

 

Median days on market were 7, four days higher year-over-year and one day higher month-over-month. Although days on market did increase in August (after dropping in July 2022), overall Fort Mill homes are still selling relatively quickly.

 

HOMES CONTINUED TO SELL AT OVER 100% OF LIST PRICE IN JULY

Sellers received a median 100% of list price, down 1.4% year-over-year. Month-over-month. the list to sale price ratio dropped 1.3%. Nevertheless, home buyers still had minimal negotiating room for Fort Mill homes in the month of August., especially in high-demand neighborhoods.

 

FORT MILL HOME HOME PRICES INCREASED YEAR-OVER-YEAR IN AUGUST

Average home sale prices increased 17.4% in August 2022 versus August 2021.  Median home sale prices increased 19.4%, year-over-year. Average sale price was $569,268, down slightly by about $5,000 from July 2022 .  Median sale price was $495,000.

 

Average home sale prices are now approximately $185,000 higher than they were August 2020, while median home prices are now approximately $155,000 higher than they were in the same month two years ago.  Fort Mill homeowners continued to sit on considerable equity.

 

Price per square foot increased to $216, up $30/square foot (+16.1%) year-over-year.

 

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?    

Have questions about Fort Mill real estate? Call Nina Hollander for answers.

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 

 Hottest Selling Neighborhoods In Fort Mill, SC 

 

SEARCH ALL FORT MILL, SC AREA HOMES HERE

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  FREE Home Buyer Guide "Things To Consider When Buying A Home" 

 

WONDERING WHAT YOUR FORT MILL AREA HOME IS WORTH?

  What's My Fort Mill, SC Home 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.

 

Instant Value For Your Fort Mill, SC HOme

 

 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.

 

RealVitalize Home Improvement Program By Coldwell Banker

 

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 

Posted by

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (14)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, although it looks a little soft, still a strong Seller's market in Fort Mill.

Sep 18, 2022 01:21 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... "a little soft" is no where near all the predictions of a crash in the real estate market the headlines keep trumpeting.

Sep 18, 2022 01:34 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nina since inventory is up, hopefully sales will follow as well.

Sep 18, 2022 02:18 PM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- it looks like what you'd expect. No big dip or crash...just some softening. 

Sep 18, 2022 02:38 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Nina Hollander, Broker - no matter what the market is doing, Charlotte always sounds like a charming place to settle down one's roots!

Sep 18, 2022 03:35 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina, yes when Pending sales are down that is very telling, Endre

Sep 18, 2022 03:45 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

George Souto hi George... unfortunately, the cost of homes coupled with higher interest rates is leaving a lot of buyers on the fence despite the increase in inventory.

Sep 19, 2022 03:49 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib good morning, Kathy... all I can say is that the months left in 2022 will be most interesting to watch.

Sep 19, 2022 03:50 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Patricia Feager, MBA, CRS, GRI,MRP good morning, Patricia... that's what we did... put down roots in Charlotte some 24 years ago... and we haven't regretted it in the least.

Sep 19, 2022 03:51 AM
Patricia Feager, MBA, CRS, GRI,MRP

Nina Hollander, Broker - there are many perks and lots of smiles about feeling content where you live. 

Sep 19, 2022 12:46 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. good morning again, Endre... as you might imagine, I'm watching the Charlotte markets very carefully these days.

Sep 19, 2022 03:52 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much, Nina, for sharing your excellent local real estate reports.

Sep 19, 2022 12:07 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

And thank you, Roy, for always taking time to stop by and leave me a nice comment.

Sep 19, 2022 01:25 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Fort Mill home buyers and sellers are sure to value your real estate market report, Nina.

Sep 20, 2022 06:30 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat good morning and thank you, Myrl, for stopping by and taking time to leave me a comment.

Sep 21, 2022 04:03 AM