Indian Land Real Estate July 2022
Indian Land, SC Housing Market Snapshot: July 2022
Latest news on the Indian Land real estate market in July 2022 and 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 July 2022 at 1.3 months supply. Both pending and closed sales dropped in July. Average home sale prices reached record highs and with list to sale price ratios at 100.4%, home sellers remained in the “driver’s seat” in July 2022.
Housing inventory increased slightly at 5.8% in July, year-over-year. New listings decreased 23.8% year-over-year, despite a 108% increase in new construction inventory. Resale inventory was down 5.2% year-over-year, however. Tight inventory continued to drive home prices up.
Both average and median sale prices increased in July 2022 to $536,913 and $510,125, respectively, with average sale prices setting a new record high for Indian Land home prices. Average home sale prices increased 26.9% year-over-year. Compared with July 2020, average home prices were about $147,000 higher this July. Median sale prices increased 32.5% year-over-year. Compared with July 2020, median home prices were about $152,000 higher in July 2022. Average and median sales prices also increased month-over-month.
New construction home prices increased 37.5%, on average, year-over-year. Resale home prices increased 28.7%. In July 2022, prices for new construction homes averaged $597,280 about $56,000 higher than for resale homes.
Closed sales decreased in July by 10.1% year-over-year. Pending sales decreased 19.3% versus July 2021. Foot traffic also decreased, with listed homes seeing 8.7 showings, on average, compared with 14.1 showing in July one year ago. Clearly, some of the frenzy we saw in the Indian Land market last summer has abated.
Price per square foot for Indian Land homes increased 15.0% to $199/square foot from $173/per square foot in the same month one year ago.
Average days on market were 11 days, up 3 days year-over-year, but down 3 days month-over-month. Median days on market were 3 days, flat year-over-year and month-over-month. However you look at it, Indian Land homes sold quickly in July 2022.
With home sellers receiving a median 100.4% of asking price in sale price (down 2.8% year-over-year and down 1.1% month-over-month), the negotiating opportunity for home buyers in Indian Land was negligible in July 2022.
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MORE INFORMATION ON THE INDIAN LAND, SC HOUSING MARKET’S PERFORMANCE
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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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FREE Home Seller Guide: “Things To Consider When Selling Your House”
THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE
MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
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 Charlotte metro area, 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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