Fort Mill’s housing market (29715 and 29708 zip codes) remained a home seller’s market in February 2022. Lower inventory and months supply of housing, fewer days on market, higher sale prices, higher list to sale price ratios all characterized the Fort Mill seller’s market in February. Inventory remained low and buyer demand for homes in Fort Mill has not abated.
Fort Mill Housing Market Snapshot: February 2022
Latest news on the Fort Mill real estate market in February 2022 and what it means for you…
Fort Mill’s housing market (29715 and 29708 zip codes) remained a seller’s market in February with lower inventory, fewer months supply of housing, fewer days on market, and higher average and median home sale prices compared with the same month one year ago.
Pending sales in Fort Mill decreased 18.6%. Closed sales increased 9.3% year-over-year in February. Lack of inventory limited the number of pending sales in February.
New listings decreased 25.2% in Fort Mill year-over-year. Housing inventory dropped 35.2% year-over-year. The months supply of homes decreased 25% to 0.6 months from 0.8 months in the same month one year ago and from 1.8 months in the same month two years ago. Fort Mill has been a home seller’s market for at least three years now.
Average days on market decreased 1 day to 20 days versus the same month one year ago and are 19 days lower than they were in February 2020. Median days on market were 4, flat versus the same month one year ago, and decreasing 8 days versus February 2020. Newly listed homes continue to sell as fast as they come on the market.
Pent-up demand for Fort Mill homes was also evident in the number of average showings per listing in February 2022. On average, listed homes had 23.6 showings, up 17.4% from 20.1 showings in February 2021. In February 2020 listed homes had an average of 9.8 showings. It’s a matter of more buyers “chasing” after fewer homes.
Sellers received a median 100.9% of list price, up 0.2% year-over-year. Home buyers had minimal negotiating room for Fort Mill homes.
Average home sale prices increased 31% in February 2022 versus February 2021. Median home sale prices increased 25.3%. Average sale price was $479,609. Average sale price increased month-over-month approximately $23,000. Median sale price was $407,500. Average home sale prices are now approximately $137,000 higher than they were February 2020, while median home prices are now approximately $108,000 higher. Greater demand for homes than supply of homes continues to drive home prices up. Price per square foot increased to $196, up $37/square foot (+23.3%) year-over-year.
FORT MILL HOUSING MARKET HIGHLIGHTS:
FEBRUARY 2022 VS FEBRUARY 2021
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MEDIAN HOME PRICE TRENDS IN FORT MILL, SC
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.
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