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
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 AUGUST
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
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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?
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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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