Indian Land, South Carolina housing market unquestionably remained a seller’s market in February 2021. Home prices increased, homes sold quickly with both average and median days on market significantly lower. The months supply of homes was critically low at 0.7 months and housing inventory also dropped by more than 64% year-over-year.
Indian Land, SC Housing Market Snapshot: February 2021
Latest news on the Indian Land real estate market in February 2021 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in February with just 0.7 months supply of inventory overall, down 69.6% from 2.3 months in February 2020. The months supply of resale home inventory was even lower at 0.4 months.
Housing inventory was down 64.1% in February year-over-year, coupled with a 22% decrease in new listings year-over-year. New construction inventory, long a staple of Indian Land housing, was also down 71.3% year-over-year. The months supply of new construction inventory homes were just 0.5 months. Resale home inventory dropped 72.2% year-over-year.
Both average and median sale prices increased in February to $360,693 and $354,940, respectively. Average sale prices increased 5.7% year-over-year and median sale prices increased 8.5% year-over-year.
Closed sales decreased in February by 22.6% year-over-year. Pending sales decreased 8% versus February 2021, due to lack of inventory to buy. Despite the ongoing pandemic, home buyers were out in full force in the Indian Land area in February 2021. Historically low interest rates fueled buyer demand.
Average days on market were 38 days (down 15 days year-over-year). Median days on market were 7 days (down 34 days year-over-year). Because of buyer demand and razor thin inventory, Indian Land homes continued to sell in under one month, on average.
With home sellers receiving a median 100% of asking price in sale price (up 1.7% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in February 2021.
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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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