Indian Land, South Carolina housing market unquestionably remained a seller’s market in August 2021. Home prices increased substantially, homes sold quickly with average days on market significantly lower. The months supply of homes was critically low at 0.9 months. Inventory dropped 47.8% year-over-year. All this put downward pressure on closed and pending sales in August 2021.
Indian Land, SC Housing Market Snapshot: August 2021
Latest news on the Indian Land real estate market in August 2021 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in August with just 0.9 months supply of inventory overall, down 40.0% from 1.5 months in August 2020 and down from 3.6 months in August 2019.
Housing inventory was down 47.8% in August year-over-year, while new listings decreased 27.1% year-over-year. New construction inventory, long a staple of Indian Land housing, was down 67.5% year-over-year.
Both average and median sale prices increased in August 2021 to $508,905 and $477,500, respectively. Average home sale prices increased 45.4% year-over-year. Median sale prices increased 43.8% year-over-year. Average home sale prices increased approximately $158,000 since August 2019. Median home sale prices increased by approximately $133,000 since August 2019.
Lack of inventory continues to drive home prices up. One indicator of how much demand there is for Indian Land homes versus supply is the number of showings per listed home. In August 2021 listed homes had 10.5 showings on average. This was an increase of 20.7% from 8.7 showings in August 2020, as well as an increase from 5.7 showings per listed home in August 2019.
Closed sales decreased in August by 23.2% year-over-year. Pending sales decreased 25.7% versus August 2020. It was just a matter of time before the extreme lack of inventory impacted closed and pending sales in Indian Land. You can’t sell what you don’t have to sell!
Average days on market were 72.5% lower at 11 days (down 29 days year-over-year). Median days on market were 75% lower at 3 days (down 9 days year-over-year and down 17 days versus August 2019).
With home sellers receiving a median 102.9% of asking price in sale price (up 2.9% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in August 2021.
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MORE INFORMATION ON THE INDIAN LAND, SC HOUSING MARKET’S PERFORMANCE
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FREE Home Seller Guide: “Things To Consider When Selling Your House”
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This Charlotte, North Carolina monthly real estate update for Indian Land, South Carolina is provided by Nina Hollander and Carolinas Realty Partners, Coldwell Banker Realty, your Charlotte metro area residential real estate experts and Indian Land specialists. We’ve been opening doors for Indian Land home buyers and sellers for 20+ years.
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