No more “bargains” in the Indian Land housing market with average home prices over $325,000 and steadily increasing and new construction homes averaging over $396,000 in sale price in July 2018.
Strong Demand For Indian Land Homes Continues, While Availability Of Affordable Homes Declines
July 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.
- The average sale price of homes sold in the Indian Land area (29707 zip code) in July 2018 increased 5.4% to just over $325,000 as compared with July 2017.
- Average days on market for property listings were 51. Median days on market were just 20 days in July 2018. It’s worth pointing out that average days on market for resale homes were 45, while for new construction they were 58 days, which skews the DOM number given all the new construction sales in Indian Land. Meantime, “affordable” and much in demand resale homes priced under $235,000 saw only 20 days on market (down 17% compared to July 2017). And days on market for new construction affordable homes stood at 27 days (down 18.2%) — considerably lower than for new construction homes as a whole.
- Price per square foot also increased by 3.2% to an average of $129/square foot during July. 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.
- Closed sales of homes in Indian Land were up 15.5% versus the same period last year. Meanwhile, pending sales in July 2018 were up 16.6% versus July 2017 Increases in both pending and closed sales can be attributed to the increases in new listings (up 14.7%) and inventory (up 14.8%) as compared with the same period last year except for homes priced under $235,000 where both closed (down 6.4%) and pending sales (down 16.8%) were down due to lack of new listings and “thinventory.”
- The median percent of original list price that sellers received for their homes was 98.1%, indicating minimal negotiating room for Indian Land homes.
- The Indian Land area’s months supply of homes in July 2018 increased 3.1% to 3.3 months versus one year ago — but with less than four months, still continuing to indicate a seller’s market in Indian Land, South Carolina.
- New listings were up 14.2%, but it’s worth pointing out that new listings of affordable homes priced under $235,000 were down 0.4% compared with one year ago with just 2.4 months of inventory available. As for resale homes priced under $235,000 the months supply of homes was just 1 month and new listings were down 5.1% compared with July 2017.
Also worth pointing out is that the average sale price of a resale home in Indian Land in July 2018 stood at just over $309,000 (up 4.6% versus July 2017), while the average sale price of a new construction home stood at $396,487 (up 3.0% versus July 2017). No wonder it’s so hard to find homes in Indian Land under $250,000 (new or resale). For buyers looking for new construction, the difference in average price for resale homes versus new homes was $87,489. Anyone looking for new construction bargains in Indian Land, South Carolina will be disappointed.
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 are 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 prove to you that:
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