Indian Land, South Carolina housing market unquestionably remained a seller’s market in October 2021. Home prices increased and homes sold quickly with average days on market significantly lower year-over-year and month-over-month. The months supply of homes was critically low at 0.8 months. Inventory dropped 57.1% year-over-year. All this put downward pressure on closed and pending sales in October 2021.
Indian Land, SC Housing Market Snapshot: October 2021
Latest news on the Indian Land real estate market in October 2021 and what it means for you…
The Indian Land, South Carolina (29707 zip code) housing market remained a seller’s market in October with just 0.8 months supply of inventory overall, down 46.7% from 1.5 months in October 2020 and down from 3.0 months in October 2019. The months supply of inventory was also down 0.1 month from September 2021.
Housing inventory was down 57.1% in October year-over-year, while new listings decreased 33.3% year-over-year. New construction inventory, long a staple of Indian Land housing, was down 79.7% year-over-year.
Both average and median sale prices increased in October 2021 to $457,931 and $449,000, respectively. Average home sale prices increased 22.5% year-over-year. Median sale prices increased 21.5% year-over-year. Average and median home sale prices also increased month-over-month.
Lack of inventory continues 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 October 2021 listed homes had 13.6 showings on average. This was an increase of 51.1% from 9 showings in October 2020, as well as an increase from 5.6 showings per listed home in October 2019. It’s more buyers “chasing” fewer listings.
Closed sales decreased in October by 31.1% year-over-year. Pending sales decreased 11.0% versus October 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 61.1% lower at 14 days (down 22 days year-over-year and down 29 days from October 2019). Median days on market were 42.9% lower at 4 days (down 4 days year-over-year and down 13 days versus October 2019). Average days on market were down 5 days month-over-month. Median days on market were down 1 day month-over-month.
With home sellers receiving a median 100% of asking price in sale price, the negotiating opportunity for home buyers in Indian Land was negligible in October 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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