Latest news on the Fort Mill, SC real estate market in March 2023...
What you need to know...
What it means for you...
Fort Mill real estate in March 2023 (29715 and 29708 zip codes) saw a dramatic increase in month-over-month sales and a slight decline year-over-year. Closed sales were also at their highest since June 2022. Although new listings increased over February 2023, they were down year-over-year. Days on market in March were down compared with the prior month, but up over March 2022. At the same time, home prices increased month-over-month, but decreased year-over-year. List to sale price ratio was just under 99%.
FORT MILL HOUSING MARKET HIGHLIGHTS: MARCH 2023
SALES DOWN SLIGHTLY YEAR-OVER-YEAR | UP DRAMTICALLY MONTH-OVER-MONTH
Sales in March 2023 were 123, up 92.2% from 64 in February 2023. Year-over-year sales declined 7.52% from 133 in March 2022. The March 2023 sales were at their lowest level compared with March 2022 (133 sales) and March 2021 (162 sales). At the same time, March's sales were at their highest level since June 2023 when there were 141 closed sales.
NEW LISTINGS DOWN YEAR-OVER-YEAR | UP MONTH-OVER-MONTH
New listings in Fort Mill were 127, increasing 60.8% from 79 in February 2023. New listings were 3.1% lower than the 131 new listings in March 2022. The March 2023 listings were at their lowest level compared with March 2022 (131 new listings) and March 2021 (177 new listings). March's new listings were at their highest level since August 2023, when there were 128 new listings.
FORT MILL INVENTORY UP YEAR-OVER-YEAR
The number of properties for sale in March 2023 was 300, up 5.3% from February 2023. Inventory increased 23.9% compared with March 2022. Inventory in March 2023 was at its highest level compared with March 2022 (232 listings) and March 2021 (249 listings). With the exception of February 2023, this was the lowest level of inventory in Fort Mill since May 2022 when the number of properties for sale stood at 282.
AVERAGE DAYS ON MARKET UP DRAMATICALLY YEAR-OVER-YEAR | DOWN MONTH-OVER-MONTH
Average days on market in Fort Mill were 43 days, down 18.9% from 53 days in February 2023. Days on market were up 29 days compared with March 2022 and up 28 days compared with March 2021.
LIST TO SALE PRICE RATIO JUST UNDER 99%
The March 2023 list to sale price ratio was 98.91%, virtually equal to the ratio in January and February 2023, but down 3.97% from 102.88% in March 2022. It's been some eight months since Fort Mill's list to sale price ratio was 100% or more. Nonetheless, Fort Mill home buyers are not enjoying big discounts on homes.
FORT MILL HOME AVERAGE SALE PRICE INCREASED 11+% MONTH-OVER-MONTH
Average home sale price increased 11.23% to $491,839 month-over-month from $442,195. Year-over-year, the average home price decreased 2.1% from $502,395 in March 2022. Average home price was higher compared with March 2021.
Median home sale price increased 2.14% to $432,560 in March 2023 from $423,500 in February. Year-over-year, the median sale price rose 1.8% from $424,900 in March 2022. The median sale price was at its highest compared with March 2022 and March 2021.
Price per square foot was $211, increasing $12/square foot (+3.43%) month-over-month. Year-over-year, average price per square foot increased 3.43% from $204 per square foot.
MEDIAN HOME PRICE TRENDS IN FORT MILL, SC
(12 Month Rolling Average)
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, Coldwell Banker Realty, Greater Charlotte area residential real estate expert and Fort Mill specialist. I've been opening doors for Fort Mill home buyers and sellers for 24+ 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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