Indian Land, South Carolina housing market remained a seller’s market in February 2022. Home prices increased and homes sold quickly with average and median days on market significantly lower year-over-year. The months supply of homes was critically low at 0.6 months. Inventory dropped 51% year-over-year. Closed and pending sales were both down year-over-year, as a result.
Indian Land, SC Housing Market Snapshot: February 2021
Latest news on the Indian Land real estate market in February 2022 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 0.6 months supply of inventory overall, down 33.3% from 0.9 months in February 2021 and down from 2.3 months in February 2020.
Housing inventory was down 51% in February year-over-year. New listings decreased 20.6% year-over-year. New construction inventory, however, long a staple of Indian Land housing, was down 66.7% year-over-year.
Both average and median sale prices increased in February 2022 to $436,183 and $417,580 respectively. Average home sale prices increased 20.2% year-over-year. Median sale prices increased 16% year-over-year.
Lack of inventory continued 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 February 2022, listed homes had 17 showings on average. This was an increase of 21.4% from 14 showings in February 2021, as well as an increase from 7.8 showings per listed home in February 2020. It’s very much a case of more buyers “chasing” fewer listings.
Closed sales decreased in February by 16.9% year-over-year. Pending sales decreased 2.9% versus February 2021. Lack of inventory impacted the level of closed and pending sales.
Price per square foot for Indian Land homes increased 23.9% to $192/square foot. This is the second highest price per square foot in Indian Land’s history ($194/per square foot in January 2022).
Average days on market were 71.8% lower at 11 days (down 28 days year-over-year and down 42 days from February 2020). Median days on market were 75% lower at 2 days (down 6 days year-over-year and down 39 days versus February 2020). Both average and median days on market were considerably lower month-over-month, as well.
With home sellers receiving a median 102.2% of asking price in sale price (up 2.2% year-over-year and month-over-month), the negotiating opportunity for home buyers in Indian Land was negligible in February 2022.
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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.
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