Indian Land, South Carolina housing market unquestionably remained a seller’s market in January 2021, despite the ongoing pandemic. 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 0.8 months and housing inventory also dropped by more than 60% year-over-year.
Indian Land, SC Housing Market Snapshot: January 2021
Latest news on the Indian Land real estate market in January 2021 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in January with just 0.8 months supply of inventory overall, down 65.2% from 2.3 months in January 2020. The months supply of resale homes in Indian Land was just 0.5 months.
Housing inventory was down 60.3% in January year-over-year, coupled with a 38.9% decrease in new listings year-over-year. New construction inventory, long a staple of Indian Land housing, was also down 67.5% year-over-year. The months supply of new construction inventory homes were just 0.6 months. Resale home inventory dropped 32.4% year-over-year.
Both average and median sale prices increased in January to $376,535 and $369,391, respectively. Average sale prices increased 16% year-over-year and median sale prices increased 11.1% year-over-year.
Closed sales increased in January by 22.6% year-over-year. Pending sales decreased 24.7% versus January 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 January 2021. Historically low interest rates fueled buyer demand.
Average days on market were 27 days (down 40 days year-over-year). Median days on market were 10 days (down 31 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 3.1% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in January 2021.
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Indian Land Housing Market Highlights
January 2021 Versus January 2020
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MEDIAN HOME PRICE TRENDS IN INDIAN LAND, SC
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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