Indian Land real estate December 2022 set new records for home prices, despite fewer closed sales. Months supply of homes remained low at 1.2 months, while overall inventory increased, as did days on market. New listings decreased 5.4%, despite a year-over-year 87.5% increase in new construction inventory and a 66.7% increase in resale home inventory. First time since February 2021 list to sale price ratio dropped below 100%.
Indian Land, SC Housing Market Snapshot: December 2022
Latest news on the Indian Land real estate market in December 2022 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market continued to see a low months supply of homes in December 2022 at 1.2 months and significant increases in both average and median home sale prices year-over-year, setting new records.
Year-over-year, closed sales decreeased in December, but not as much as they did in other areas of the Charlotte region. And unlike in other areas of the Charlotte region, pending sales increased in December 2022. Average and median days on market increased compared to one year ago; much of that due to new construction sales/inventory.
With a median list to sale price ratio of 97.7%, Indian Land home buyers saw their first “real” opportunity since February 2021 to negotiate on price.
Indian Land Housing Market Highlights
December 2022 vs December 2021
NEW LISTINGS DECREASED IN DECEMBER 2022 | TOTAL INVENTORY INCREASED
Housing inventory increased 30.9% in December, year-over-year.
The months supply of inventory remained low in December at 1.2 months, despite a year-over-year increase of 0.3 months. Month-over-month, the months supply of inventory decreased by 0.3 months.
New listings decreased 5.4% year-over-year, despite a 87.5% increase in new construction inventory and a 66.7% increase in resale home inventory over the same month in 2021.
AVERAGE & MEDIAN HOME SALE PRICES AT RECORD HIGHS IN DECEMBER 2022
Average home sale prices increased year-over-year 28.2% to $611,084, setting a new record. Month-over-month, the average sale price increased by about $10,000. Compared with December 2020, average home sale prices were about $246,000 higher in December 2022. Average home prices were impacted by a 27.2% increase in new construction sale prices. (Resale home prices increased just 8.1%.)
Median sale prices increased 35% year-over-year. They also increased month-over-month. Compared with December 2020, median home prices were about $273,000 higher in December 2022.
New construction home prices increased 27.2%, on average, year-over-year. Resale home prices increased 8.1%. In December 2022, prices for new construction homes averaged $684,992 about $193,000 higher than for resale homes, which averaged $491,909. Clearly, new construction is a driving force in the much higher home prices Indian Land experienced in December.
Price per square foot for Indian Land homes increased 7.9% to $204/square foot from $189/per square foot in the same month one year ago.
Indian Land homeowners who purchased a home in the past several years are sitting on a lot of equity.
MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
CLOSED SALES DOWN & PENDING HOME SALES UP IN DECEMBER 2022
Closed sales decreased in December by 12.6% year-over-year. Pending sales increased 11.1% versus December 2021.
Buyer foot traffic also decreased, with listed homes seeing 4.5 showings, on average, compared with 11.5 showings in December one year ago. Month-over-month, the number of showings per active listing decreased by two in December from 6.5 showings in November.
INDIAN LAND HOMES SAW HIGHER DAYS ON MARKET IN DECEMBER 2022
Average days on market were 54 days, increasing 12 days year-over-year. Month-over-month, days on market increased 19 days. Median days on market were 30 days, up 27 days year-over-year and up 23 days month-over-month.
INDIAN LAND HOME SELLERS SAW 100% OF LIST TO SALE PRICE IN DECEMBER 2022
Home sellers received a median 97.7% of asking price in sale price in December. As a result, Indian Land home buyers saw their first “real” opportunity since February 2021 to negotiate on price.
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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, Greater Charlotte area residential real estate experts and Indian Land specialists. We’ve been opening doors for Indian Land home buyers and sellers for 20+ years.
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, to exceed your expectations, and to show you why experience matters and how:
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