Indian Land, South Carolina housing market unquestionably remained a seller’s market in June 2021. Home prices increased, homes sold quickly with average days on market significantly lower. The months supply of homes was critically low at 0.8 months, new listings were down by 36+% and housing inventory also dropped by over 60% year-over-year. All this put downward pressure on closed and pending sales in June 2021.
Indian Land, SC Housing Market Snapshot: June 2021
Latest news on the Indian Land real estate market in June 2021 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in June with just 0.8 months supply of inventory overall, down 61.9% from 2.1 months in June 2020 and down from 3.4 months in June 2019.
Housing inventory was down 60.8% in June year-over-year, coupled with a 36.5% decrease in new listings year-over-year. New construction inventory, long a staple of Indian Land housing, was down 80.3% year-over-year. Resale home inventory dropped 66.7% year-over-year.
Both average and median sale prices increased in June 2021 to $437,021 and $420,587, respectively. Average home sale prices increased 18.4% year-over-year and median sale prices increased 14.3% year-over-year. Average home sale prices also increased month-over-month by some $68,000. Median sale prices increased by $52,000 month-over-month. Lack of inventory continues to drive home prices up. New construction inventory was down to just 0.4 months in June 2020, putting additional pressure on sales momentum.
Closed sales decreased in June by 27.7% year-over-year. Pending sales decreased 45.3% versus June 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 15 days (down 26 days year-over-year). Median days on market were 3 days (down 11 days year-over-year and down 19 days versus June 2019). Because of buyer demand and razor thin inventory, Indian Land homes continued to sell in about two weeks, on average.
With home sellers receiving a median 102.1% of asking price in sale price (up 3.0% year-over-year), the negotiating opportunity for home buyers in Indian Land was negligible in June 2021.
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Indian Land Housing Market Highlights
June 2021 Versus June 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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