Latest news on the Fort Mill, SC real estate market in December 2022...
What you need to know...
What it means for you...
Fort Mill real estate in December 2022 (29715 and 29708 zip codes) saw a definite softening with lower closed and pending sales, lower list to sale price ratio, higher days on market, less foot traffic through through active listings.
By the same token, home sale prices were up year-over-year, new listings were down (for a seventh consecutive month), months supply of inventory was down month-over-month and still low at 1.3 months. Pending sales were down just 3.4% year-over-year, which could augur well for closed sales in the coming month or two.
FORT MILL HOUSING MARKET HIGHLIGHTS:
December 2022 vs December 2021
CLOSED & PENDING SALES BOTH DOWN IN FORT MILL IN DECEMBER 2022
Pending sales in Fort Mill decreased 3.4% year-over-year. Closed sales decreased 30% year-over-year in December. Interest rate increases have prospective home buyers pulling back from purchasing a home and reassessing their options as home affordability continues to diminish for many home buyers.
Buyer foot traffic through listed properties dropped 57.1% to 6 showings per listing, on average, in December 2022 versus 14 showings in the same month one year ago. Showings were down from 7.1 showings in November 2022. Home buyers are seeing less competition in the Fort Mill market.
NEW LISTINGS DOWN FOR A 7TH CONSECUTIVE MONTH IN DECEMBER 2022
New listings decreased 27.6% in Fort Mill year-over-year for a seventh consecutive month in December. Housing inventory increased 12.9% year-over-year.
The months supply of homes increased to 1.3 months from 0.9 months in the same month one year ago. Month-over-month, the months supply of homes decreased by 0.3 months.
AVERAGE DAYS ON MARKET DOUBLED IN DECEMBER 2022
Average days on market essentially doubled to 37 days from 18 days in the same month one year ago. Average days on market also increased month-over-month by nine days. Median days on market were 18, 14 days higher year-over-year and five days higher month-over-month. No doubt that homes are taking longer to sell.
FORT MILL HOMES SOLD BELOW 100% LIST TO PRICE RATIO FOR A THIRD CONSECUTIVE MONTH IN DECEMBER 2022
Sellers received a median 96.9% of list price, down 3.6% year-over-year. Month-over-month. the list to sale price ratio decreased 0.6%. This was the lowest median list to sold price ratio since December 2020.
FORT MILL HOME AVERAGE HOME SALE PRICES INCREASED YEAR-OVER-YEAR IN DECEMBER | DECREASED MONTH-OVER-MONTH
Average home sale prices increased 11.5% in December 2022 versus December 2021. December's average sale price of $516,197 was approximately $9,000 lower than in November 2022. Compared with December 2020, the average sale price for Fort Mill homes was approximately $125,000 higher in 2022.
Median home sale prices increased 10.3%, year-over-year. December's median sale price of $449,581 was approximately $4,500 higher than in November 2022. Compared with December 2020, the median sale price for Fort Mill homes was approximately $115,000 higher in December 2022.
Price per square foot increased to $211, up $14/square foot (+7.1%) year-over-year. Month-over-month, average price per square foot dropped by $2/square foot.
MEDIAN HOME PRICE TRENDS IN FORT MILL, SC
MORE DETAILS ON THE FORT MILL HOUSING MARKET'S PERFORMANCE
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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, Greater Charlotte area residential real estate experts and Fort Mill specialists. We've been opening doors for Fort Mill home buyers and sellers for 22+ years.
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