Indian Land, SC Home Sales Drop To 3-Year Low In February 2023

By
Real Estate Agent with Coldwell Banker Realty 179530

Latest news on the Indian Land real estate market in February 2023...

What you need to know...

What it means for you...  

 

The Indian Land, South Carolina (29707 zip code) housing market in the Charlotte region saw it's lowest number of sales in three years in February 2023. At the same time, home prices were up year-over-year and the number of homes for sale were at their lowest level since June 2022, while new listings were almost 41% lower than in February one year ago. Meantime, days on market for Indian Land homes decreased for a third consecutive month, despite an increase year-over-year.

 

 Indian Land Housing Market Highlights: February 2023

Indian Land, SC (29707 Zip Code) Home Sales Highlights February 2023

NEW LISTINGS DOWN YEAR-OVER-YEAR & MONTH-OVER-MONTH | TOTAL INVENTORY INCREASED YEAR-OVER-YEAR, DECREASED MONTH-OVER-MONTH 

New listings in February 2023 were 51, down 8.9% from 56 in January 2023. Compared with February 2022, new listings were down 40.7% from 86 listings. The February 2023 listings were at their lowest level compared with February 2022 (86 listings) and February 2021 (100 listings).  With the exception of December 2022, which had 50 new listings, February 2023 saw the lowest number of new listings in three years.

 

The number of properties for sale in February 2023 was 189, down 7.8% from 205 properties for sale in January 2023. Compared with February 2022, the number of properties for sale increased 32.2% from 143 properties. The number of properties for sale in February 2023 were at their highest level compared with February 2022 and February 2021. Inventory in February 2023 was the lowest since April 2022, when Indian Land had just 165 properties for sale.

 

AVERAGE & MEDIAN HOME SALE PRICES UP YEAR-OVER-YEAR IN FEBRUARY 2023

Average home sale price in February 2023 was $527,150, 14.1% lower than January's average sale price of $613,572. February's average sale price was 20.5% higher than one year ago in February when the average sale price was $437,499.  The February 2023 average sale price was at its highest level compared with February 2022 and February 2021.

 

Median home sale price in February 2023 was $484,375, down 19.02% from $598,150 in January 2023. Compared with February 2022, home prices increased 16.02% from $417,500. The February 2023 median sale price was at its highest level compared with February 2022 and February 2021. 

 

Price per square foot for Indian Land homes in February 2023 decreased 8.04% to $215/square foot from $199/square foot in January 2023. Year-over-year, the February 2023 price per square foot increased 12.6% from $191/square foot. The February 2023 price per square foot was the highest Indian Land saw in three years.

 

MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC

 

FEBRUARY 2023 SALES AT THEIR LOWEST LEVEL IN THREE YEARS

Sales decreased in February 2023 by 4.2% from January 2023, with 46 homes sold compared with 48 in the previous month. Year-over-year, sales were down 36.1% from 72 sales in February 2022. The February 2023 sales were at their lowest level compared with February 2022 (72 sales) and February 2022 (79 sales). February 2023 also saw the lowest number of homes sold since February 2020. 

 

INDIAN LAND HOMES SAW LOWER DAYS ON MARKET MONTH-OVER-MONTH FOR THIRD CONSECUTIVE MONTH

Average days on market were 43 days in February 2023, down 8.5% from 47 days in January 2023. February was the third consecutive month of fewer days on market. Days on market were 230.8% higher in February 2023 year-over-year when days on market were 13. The February 2023 days on market were at their highest level compared with February 2022 (13 days) and February 2021 (31 days).

 

INDIAN LAND HOME SELLERS RECEIVED 98.26% LIST TO SALE PRICE RATIO 

Home sellers received a 98.26% of list to sale price, which was equal to the list to sale price ratio in the two previous months. Year-over-year, the list to sale price ratio was 4.38% lower in 2023. compared with January 2022 when it was 102.64%.  Indian Land home buyers have a small window of opportunity to negotiate on price.

 

 MORE INFORMATION ON THE INDIAN LAND, SC HOUSING MARKET'S PERFORMANCE 

 

  Want to know what this would mean for your family if you decide to buy or sell an Indian Land area home?

Contact Nina Hollander if you're curious about the Charlotte real estate market

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Hottest Selling Neighborhoods In Indian Land, SC

   

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WONDERING WHAT YOUR INDIAN LAND, SC AREA HOME IS WORTH?

If you're thinking about selling your Indian Land area home, let's get together and discuss the supply conditions in Indian Land neighborhoods and how we can assist you in gaining access to buyers who area ready, willing, and able to buy now.

 

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.

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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 since 1999.

 

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 

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
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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 (22)

Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It sounds like things have slowed down a bit in Indian Land but I am sure it will pick up soon.

Mar 15, 2023 05:24 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox hi Joan... this biggest issue with sales in Indian Land is lack of inventory. You can't sell what isn't there to sell.

Mar 15, 2023 05:40 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Wayne Martin good morning, Wayne... I keep telling people there's no value in waiting... it will cost them to do so.

Mar 15, 2023 05:41 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England hi Brian... Indian Land has slowed down only because of lack of inventory. Days on market have been decreasing month after month and prices increasing. It's certainly not a lack of demand for homes in Indian Land.

Mar 15, 2023 05:42 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the information. Buyers and sellers in your area will benefit from your expertise. Wishing you continued success.  Have a wonderful day and sell a house.  bill

Mar 15, 2023 06:46 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Nina, I'm thinking it probably was due to lower inventory at Indian Land. It still looks like a good market!

Mar 15, 2023 07:05 AM
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hello, Nina Hollander, Broker Nice market reporting on Indian Land. The drop in sales could have been due to the rising interest's rates. 

Mar 15, 2023 07:14 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Jerry Newman thanks, Jerry... the drop in sales in Indian Land is more due to lack of inventory, which keeps dropping. This is a high demand area and there's just not enough inventory.

Mar 15, 2023 07:26 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Bill Salvatore - East Valley good morning and thank you, Bill, for stopping by today. Wishing you a wonderful Wednesday.

Mar 15, 2023 07:27 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 hi Sheila... virtually impossible to find anything under $400K and even from $400-600K, the pickings are so slim.

Mar 15, 2023 07:28 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Nina and as always you are the one that has great market reports to share with us here in the Rain.

Mar 15, 2023 08:49 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Will Hamm thanks, Will, for popping by. Wishing you a wonderful Wednesday and rest of the week.

Mar 15, 2023 10:09 AM
Kathy Streib
Cypress, TX
Home Stager/Redesign

Hi Nina- low sales make sense when there's nothing to sell. I wonder how the rest of the year will go. 

Mar 15, 2023 01:14 PM
Roy Kelley
Retired - Gaithersburg, MD

This is an interesting report to share with prospective home sellers and home buyers.

Mar 15, 2023 01:17 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Kathy Streib hi Kathy... I keep my fingers crossed that more homes will be coming on market this spring and summer but not terribly sanguine about it.

Mar 15, 2023 01:17 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Thank you, Roy... hopefully both buyers and sellers will get the message that inventory is tight. Trust you've been enjoying your week thus far.

Mar 15, 2023 01:18 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina not surprising when there is nothing to sell there is nothing sold, being a little poetic exaggeration but when there are few sales that means there are few listings, Endre

Mar 15, 2023 10:16 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Indian Land home buyers and sellers are certain to value your real estate market report, Nina.

Mar 16, 2023 12:19 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. ha-ha, Endre... we've not run out of all our listings in Indian Land. But the continued lack of new inventory is definitely causing a drop in sales and in days on market.

Mar 16, 2023 04:03 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

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

Mar 16, 2023 04:04 AM