The Indian Land housing market remained a seller’s market with 2.2 months supply of homes. Corona virus impacted home inventory, months supply of homes, new listings, closed sales negatively. Lack of inventory caused home prices and pending sales to increase.
Indian Land Real Estate Report: May 2020
Latest news on the Indian Land real estate market and what it means for you…
Indian Land, SC (29707 zip code) real estate report for May 2020. The Indian Land housing market remains a seller’s market with just 2.2 months supply of inventory overall, down 40.5% from 3.7 months in May 2019. Housing inventory was down 31.7% in May, overall, with resale inventory down 27.3% and new construction inventory down 48.4%. New construction saw a decrease of 73% in the months supply of inventory down to 1.7 months compared with 6.3 months in May 2019.
Both average and median sale prices increased year-over-year in May to $353,767 and $347,533, respectively. Average sale prices increased 2.7% year-over-year and median sale prices increased 10.3% year-over-year. Average sale prices also increased month-over-month, as did median sale prices. New construction prices were about $88,000 higher, on average, than resale home prices, increasing 14.6% year-over-year.
Closed sales decreased in May by 25.8% year-over-year. Pending sales increased 15.0% year-over-year. A 111.1% increase in home showings in Lancaster County in May 2020 versus April 2020 helped put those pending sales up. With a year-over-year increase in Lancaster County home showings of 4.1% it’s clear buyer demand for homes is high.
Average days on market increased to 55 days (up 14 days year-over-year). Median days on market were 11 days (down 4 days year-over-year) and down 1 day month-over-month.
With home sellers receiving 98.7% of asking price in sale price, the negotiating opportunity for home buyers in Indian Land was negligible in May.
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Indian Land Housing Market Highlights: May 2020 vs May 2019
Median Home Price Trends In Indian Land
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This Charlotte, North Carolina real estate monthly update for Indian Land is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Indian Land/Lancaster County specialists and Charlotte metro area residential real estate experts. We’ve been opening doors for Indian Land area home buyers and sellers for 20+ years.
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- Indian Land Real Estate Report: May 2020
- Indian Land Housing Market Highlights: May 2020 vs May 2019
- Median Home Price Trends In Indian Land
- Find Your Indian Land Dream Home
- What's Your Indian Land Home Worth?
- Search Indian Land Homes For Sale
- Previous Indian Land Housing Market Updates
- Whether You're Buying Or Selling An Indian Land Home...