Fort Mill, SC Housing Market Report: What Happened In October 2022

By
Real Estate Agent with Coldwell Banker Realty 179530

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

What you need to know...

What it means for you...  

 

Fort Mill real estate in October 2022 (29715 and 29708 zip codes) kept home sellers in the driver's seat with the months supply of homes low at 1.6 months, higher home sale prices year-over-year, fewer new listings. By the same token, it's clear the Fort Mill market is softening with days on market increasing, closed and pending sales down year-over-year, less foot traffic through listed homes, and home prices down from the previous month.

 

FORT MILL HOUSING MARKET HIGHLIGHTS:

October 2022 vs October 2021

 

Fort Mill, SC Housing Market Report: October 2022

 

CLOSED & PENDING SALES BOTH DOWN IN FORT MILL IN OCTOBER

Pending sales in Fort Mill decreased 27.9% year-over-year. Closed sales decreased 18.2% year-over-year in October.  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 dropped to 7.1 showings per listing, on average, in October 2022 versus 15.4 showings in the same month one year ago. Showings dropped slightly from 7.7 showings in September 2022.

 

NEW LISTINGS DOWN FOR A 5TH CONSECUTIVE MONTH IN OCTOBER

New listings decreased 20.9% in Fort Mill year-over-year for a fifth consecutive month in October. Housing inventory increased 16.6% year-over-year.

 

The months supply of homes increased to 1.6 months from 1.1 months in the same month one year ago. Month-over-month, the months supply of homes increased 0.1 months.

 

AVERAGE DAYS ON MARKET DECREASED IN OCTOBER, YEAR-OVER-YEAR & MONTH-OVER-MONTH

Average days on market increased to 23 days from 17 days in the same month one year ago. Average days on market also increased month-over-month by five days. 

 

Median days on market were 17, 13 days higher year-over-year and six days higher month-over-month. This was the highest median days on market in Fort Mill since March 2020.

 

FORT MILL HOMES SOLD BELOW 100% LIST TO PRICE RATIO FOR THE FIRST TIME IN ALMOST TWO YEARS IN OCTOBER

Sellers received a median 98.2% of list price, down 3% year-over-year. Month-over-month. the list to sale price ratio decreased 1.8%. This was the first month that the median list to sold price ratio was less than 100% since December 2020.

 

FORT MILL HOME AVERAGE HOME SALE PRICES INCREASED YEAR-OVER-YEAR IN OCTOBER

Average home sale prices increased 35.4% in October 2022 versus October 2021. October's average sale price of $564,003 was approximately $41,000 lower than in September 2022. Compared with October 2020, the average sale price for Fort Mill homes was approximately $180,000 higher in 2022.

 

Median home sale prices increased 16.9%, year-over-year, but decreased month-over-month. October's median sale price of $450,000 was approximately $9,000 lower than in September 2022. Compared with October 2020, the median sale price for Fort Mill homes was approximately $102,000 higher in 2022.

 

Price per square foot increased to $220, up $36/square foot (+19.6%) 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

Get the properties you want delivered directly to your email for free from greathomesincharlotte.com

 

  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
Blog: News You Can Use From The Greater Charlotte Area
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

Charlotte Magazine 5-Star Customer Satisfaction Award Winner Since 2007

 

 Connect with me also on these sites:  

 

facebook twitterlinkedinpinterest

  

                                                                                                                                          

Oh by the way, I'm never too busy for any of your referrals!

 

Find Your Charlotte Home

 

How Much Is My Home Worth       Free Charlotte Relocation Package

 

 

 

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 (22)

Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your outstanding local real estate reports.

Nov 19, 2022 05:37 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

35% increase, yikes!  Have a wonderful weekend and get out your stretchy pants for the food to be consumed next week. Bill

Nov 19, 2022 05:47 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, 23 days is nothing to sneeze at, and sounds pretty strong for this late in the year.

Nov 19, 2022 06:08 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good Saturday morning, Roy. Thanks for stopping by today. Wishing you a lovely weekend.

Nov 19, 2022 06:40 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bill Salvatore - East Valley thanks, Bill, for stopping by today. Since I don't cook for Thanksgiving, there will be no over-indulging and no need for stretchy pants at my end. 

Nov 19, 2022 06:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... I agree... 23 days on market in a cooling market is nothing to sneeze at.

Nov 19, 2022 06:42 AM
Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs

Happy Saturday. Have a nice blog today. You can see mine as i did it at 840 today.

Nov 19, 2022 06:44 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Eric Bouler good morning, Eric. I've already been to your post today and commented on it. Wishing you a terrific Saturday.

Nov 19, 2022 06:53 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Nina,

Great info to share with consumers. Even with the softening of the market your home prices are continuing to increase.

Nov 19, 2022 07:21 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina and thank you for sharing this blog with us here in the Rain, Make it a great Saturday!   Leaving for Steamboat for the week in about 1 hour.

 

 

Nov 19, 2022 07:55 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

With an inventory of less than 2 months and prices still appreciating The Fort Mills, SC area is a very strong seller's market

Nov 19, 2022 08:17 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- an excellent report once again!!! And the tag line at the end is perfect "The Right Broker makes all the Difference."

Nov 19, 2022 09:29 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Dorie Dillard Austin TX hi Dorie... prices are not accelerating at the same pace as last year, but they are not dropping either. We do see quite a few price reductions, but I think many of those are for listings that were initially priced for last year's market not this year's market.

Nov 19, 2022 02:23 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Will Hamm thanks, Will, for popping by. Enjoy your Thanksgiving break at Steamboat.

Nov 19, 2022 02:23 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Ed Silva hi Ed... not seeing many areas here where months of inventory is over two months (yet). Happy weekend to you.

Nov 19, 2022 02:24 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib thanks, Kathy. That's been my tag line for decades. Have no idea if it really works, but can't find a reason to change it, 

Nov 19, 2022 02:25 PM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Thanks for the market update - you keep us so well informed on what is going on in Fort Mill.   I find the foot traffic number fascinating.  Is that from showingtime? 

Nov 20, 2022 04:51 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lise Howe good morning, Lise... the foot traffic comes from SAM (Statistical Analysis Module) which tracks numbers from our MLS. I would assume they come to SAM through Showing Time.

Nov 20, 2022 05:00 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Nov 20, 2022 07:06 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Myrl Jeffcoat good morning, Myrl... good to see you this Monday morning. Trust you had a lovely weekend.

Nov 21, 2022 03:50 AM