“Bargains” in the Indian Land housing market have disappeared with average home prices increasing to over $345,000 and catching up to home prices in Fort Mill, SC in August 2018.
Strong Demand For Indian Land Homes Continues, While Availability Of Affordable Homes Declines
Indian Land, SC Housing Market Update & Video: August 2018
August 2018 homes sales in the Indian Land, South Carolina area (29707 zip code) of the Charlotte metro region continued the trends we’ve seen since 2016 with strong demand for homes resulting in continued increases in home prices, coupled with significant decreases in availability of affordable homes priced under $250,000, as well as of inventory in general.
The average sale price of homes sold in the Indian Land area (29707 zip code) in August 2018 increased 13.9% to just under $346,000 compared with August 2017. The median price was $349,000, up 24.7%.
Average days on market for property listings were 52; median days on market were just 19 days in August 2018. However, “affordable” and much in demand resale homes priced under $235,000 saw only 29 average days on market and median days of just 6 days.
Price per square foot also increased by 4.0% to an average of $131/square foot during Agugust. The days when homes in Indian Land in Lancaster County versus adjacent Fort Mill in York County were considerably less expensive are now a thing of the past. In fact, the average price of an Indian Land home in August 2018 exceeded that of the average price of a home in Fort Mill by some $5,000.
Closed sales of homes in Indian Land were down 4.8% versus the same period last year. Meanwhile, pending sales in August 2018 were up 36.8% versus August 2017. An increase in new listings of 8.9% in August helped fuel the increase in pending sales.
The Indian Land area’s months supply of homes in August 2018 decreased 20.5% to 3.1 months versus one year ago. For homes priced under $235,00, the supply of home was lower at 2.5 months.
The median percent of original list price that sellers received for their homes was 98.3%, indicating minimal negotiating room for Indian Land homes.
This Charlotte, North Carolina real estate monthly update for Indian Land, South Carolina is brought to you by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area residential real estate experts and Indian Land specialists.
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, exceed your expectations, and to show you how:
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