Latest news on the Indian Land real estate market in September 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 September 2022 at 1.5 months. Both pending and closed sales dropped in September. Year-over-year, days on market dropped in September 2022 unlike in many other parts of the Charlotte region where days on market have generally been increasing. Average and median home sale prices reached record highs. With a median list to sale price ratio of 100%, Indian Land home sellers remained in the "driver's seat" in September 2022.
Indian Land Housing Market Highlights
September 2022 vs September 2021
NEW LISTINGS DECREASED IN SEPTEMBER 2022, WHILE TOTAL INVENTORY INCREASED
Housing inventory increased 28% in September, year-over-year. Although inventory increased year-over-year, it decreased compared with June, July, August 2022.
The months supply of inventory remained low in September at 1.5 months, despite a year-over-year increase of 0.4 months. Month-over-month, the increase was just 0.1 month.
New listings decreased 6.6% year-over-year, despite a 104.3% increase in new construction inventory. Resale inventory increased 25.5% year-over-year.
AVERAGE & MEDIAN HOME SALE PRICES AT RECORD HIGHS IN SEPTEMBER 2022
Both average and median sale prices increased year-over-year in September 2022 to $576,364 and $599,000, respectively. Both average and median sale prices saw record highs for Indian Land home prices.
Average home sale prices increased 27.7% year-over-year. Month-over-month, home sale prices increased by $13,000 on average. Compared with September 2020, average home prices were about $212,000 higher in September 2022.
Median sale prices increased 44.3% year-over-year. Month-over-month, median home prices were approximately $71,000 higher than in August 2022. Compared with September 2020, median home prices were about $242,000 higher in September 2022.
New construction home prices increased 33.5%, on average, year-over-year. Resale home prices increased 8.8%. In September 2022, prices for new construction homes averaged $700,618 about $210,000 higher than for resale homes. The average resale home sale price of $490,993 was the lowest since February 2022.
Price per square foot for Indian Land homes increased 13.8% to $206/square foot from $181/per square foot in the same month one year ago. Price per square foot also increased month-over-month from $204/square foot.
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 SEPTEMBER 2022
Closed sales decreased in September by 5.6% year-over-year. Pending sales decreased 17.8% versus September 2021.
Foot traffic also decreased, with listed homes seeing 8.1 showings, on average, compared with 11.5 showings in September one year ago. Month-over-month, the number of showings per active listing increased in September from 7.6 months in August. The frenzy we saw in the Indian Land market last summer has clearly abated.
INDIAN LAND HOMES CONTINUED TO SELL QUICKLY
Average days on market were 15 days, down 4 days year-over-year, and down two days month-over-month. Median days on market were 4 days, down one day year-over-year and up one day month-over-month. However you look at it, Indian Land homes sold quickly in September 2022.
INDIAN LAND HOME SELLERS SAW 100% OF LIST TO SALE PRICE IN SEPTEMBER 2022
With home sellers receiving a median 100% of asking price in sale price (down 1.5% year-over-year and flat 0.4% month-over-month), the negotiating opportunity for home buyers in Indian Land remained minimal in September 2022.
MORE INFORMATION ON THE INDIAN LAND, SC HOUSING MARKET'S PERFORMANCE
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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:
"The Right Broker Makes All The Difference."
Read the original blog post at www.GreatHomesInCharlotte.com
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