Fort Mill real estate in October 2022 (29715 and 29708 zip codes) saw higher home sale prices, on average, year-over-year and month-over-month. Still a low months supply of inventory at 1.6 months, although increasing year-over-year . New listings down for a fifth consecutive month. List to sale ratio below 100% for the first time since December 2020.
Fort Mill Housing Market Snapshot: October 2022
Latest news on the Fort Mill real estate market in October 2022 and what it means for you…
Fort Mill real estate in October 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. By the same token, it’s clear 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:
October 2022 vs October 2021
CLOSED & PENDING SALES BOTH DOWN IN FORT MILL IN OCTOBER
Pending sales in Fort Mill decreased 27.9% year-over-year. Closed sales decreased 18.2% year-over-year in October. The recent increases in interest rates have prospective home buyers pulling back from purchasing a home while reassessing their options as home affordability continues to diminish for many home buyers.
Buyer foot traffic through listed properties dropped to 7.1 showings per listing, on average, in October 2022 versus 15.4 showings in the same month one year ago. Showings dropped slightly from 7.7 showings in September 2022.
NEW LISTINGS DOWN FOR A 5TH CONSECUTIVE MONTH IN OCTOBER
New listings decreased 20.9% in Fort Mill year-over-year for a fifth consecutive month in October. Housing inventory increased 16.6% year-over-year.
The months supply of homes increased to 1.6 months from 1.1 months in the same month one year ago. Month-over-month, the months supply of homes increased 0.1 months.
AVERAGE DAYS ON MARKET DECREASED IN OCTOBER, YEAR-OVER-YEAR & MONTH-OVER-MONTH
Average days on market increased to 23 days from 17 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 17, 13 days higher year-over-year and six days higher month-over-month. This was the highest median days on market in Fort Mill in 2022 since March 2020.
FORT MILL HOMES SOLD BELOW 100% LIST TO PRICE RATIO FOR THE FIRST TIME IN ALMOST TWO YEARS IN OCTOBER
Sellers received a median 98.2% of list price, down 3% year-over-year. Month-over-month. the list to sale price ratio decreased 1.8%. This was the first month that the median list to sold price ratio was less than 100% since December 2020.
FORT MILL HOME AVERAGE HOME SALE PRICES INCREASED YEAR-OVER-YEAR IN OCTOBER
Average home sale prices increased 35.4% in October 2022 versus October 2021. October’s average sale price of $564,003 was approximately $41,000 lower than in September 2022. Compared with October 2020, the average sale price for Fort Mill homes was approximately $180,000 higher in 2022.
Median home sale prices increased 16.9%, year-over-year, but decreased month-over-month. October’s median sale price of $450,000 was approximately $9,000 lower than in September 2022. Compared with October 2020, the median sale price for Fort Mill homes was approximately $102,000 higher in 2022.
Price per square foot increased to $220, up $36/square foot (+19.6%) year-over-year.
MEDIAN HOME PRICE TRENDS IN FORT MILL, SC
MORE DETAILS ON THE FORT MILL HOUSING MARKET’S PERFORMANCE
Want to know what this would mean for your family if you decide to buy or sell a Fort Mill home?
We can help.
Call us today at 704-779-0813 or contact us here.
There’s absolutely NO OBLIGATION. A consultation with Carolinas Realty Partners is FREE.
Did you know…
Fort Mill has been ranked as the #6 best Charlotte suburb to live in and #7 in the North Carolina region/area as a best suburb to live in?
Why not check out…
THE 6 HOTTEST FORT MILL/TEGA CAY, SC NEIGHBORHOODS
WELCOME TO FORT MILL, SC: VIDEO
SEARCH ALL FORT MILL, SC AREA HOMES HERE
FREE Home Buyer Guide “Things To Consider When Buying A Home”
WONDERING WHAT YOUR FORT MILL AREA HOME IS WORTH?
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.
We’re happy to provide an expert home value analysis with no obligation on your part.
FREE Home Seller Guide: “Things To Consider When Selling Your House”
THINKING OF SELLING YOUR HOME? CHECK OUT THE COLDWELL BANKER MARKETING ADVANTAGE
ASK US ABOUT COLDWELL BANKER’S REALVITALIZE PROGRAM
RealVitalizeSM is an exclusive Coldwell Banker program that helps with improvements and repairs to prepare your home for sale. We cover upfront costs and get paid back when your home sells. No hidden fees, interest charges or markups.
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 20+ 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:
“The Right Broker Makes All The Difference.”