Fort Mill real estate in November 2022 (29715 and 29708 zip codes) saw higher home prices compared with November 2021, but lower prices month-over-month. Still a low months supply of inventory at 1.6 months, although increasing year-over-year. New listings down for a sixth consecutive month. List to sale ratio of 97.5% at lowest level since December 2020.
Fort Mill Housing Market Snapshot: November 2022
Latest news on the Fort Mill real estate market in November 2022 and what it means for you…
Fort Mill real estate in November 2022 (29715 and 29708 zip codes) kept home sellers in the driver’s seat with the months supply of homes at 1.6 months, higher home sale prices, fewer new listings, year-over-year. It’s also evident that 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:
November 2022 vs November 2021
CLOSED & PENDING SALES BOTH DOWN IN FORT MILL IN NOVEMBER 2022
Pending sales in Fort Mill decreased 38.6% year-over-year. Closed sales decreased 25.4% year-over-year in November. 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 51% to 7.1 showings per listing, on average, in November 2022 versus 14.5 showings in the same month one year ago. Showings were flat compared with the most recent month of October.
NEW LISTINGS DOWN FOR A 6TH CONSECUTIVE MONTH IN NOVEMBER 2022
New listings decreased 14.8% in Fort Mill year-over-year for a sixth consecutive month in November. Nonetheless, housing inventory increased 31.7% year-over-year.
The months supply of homes increased to 1.6 months from 0.9 months in the same month one year ago. Month-over-month, the months supply of homes remained flat at 1.6 months.
AVERAGE DAYS ON MARKET DOUBLED IN NOVEMBER 2022
Average days on market doubled to 28 days from 14 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 13, nine days higher year-over-year, but four days lower month-over-month.
FORT MILL HOMES SOLD BELOW 100% LIST TO PRICE RATIO FOR A SECOND CONSECUTIVE MONTH IN NOVEMBER 2022
Sellers received a median 97.5% of list price, down 3.6% year-over-year. Month-over-month. the list to sale price ratio decreased 0.7%. 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 NOVEMBER | DECREASED MONTH-OVER-MONTH
Average home sale prices increased 14.1% in November 2022 versus November 2021. November’s average sale price of $525,104 was approximately $39,000 lower than in October 2022. Compared with November 2020, the average sale price for Fort Mill homes was approximately $136,000 higher in 2022.
Median home sale prices increased 4%, year-over-year, but decreased month-over-month. November’s median sale price of $445,000 was approximately $5,000 lower than in October 2022. Compared with November 2020, the median sale price for Fort Mill homes was approximately $102,000 higher in 2022.
Price per square foot increased to $213, up $30/square foot (+16.4%) year-over-year. Month-over-month, average price per square foot dropped by $7/square foot.
MEDIAN HOME PRICE TRENDS IN FORT MILL, SC
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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, 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 22+ years.
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